The Series 7 licenses you to sell securities as a broker; the Series 65 licenses you to give investment advice for a fee. Many professionals end up needing both, but they test very different material.
| Series 7 | Series 65 | |
|---|---|---|
| Exam body | FINRA | NASAA |
| Questions | 125 | 130 |
| Time limit | 225 min | 180 min |
| Passing score | 72% | 72% |
| Topics covered | 7 | 4 |
| CertPractice price | $19/mo | $19/mo |
They are not either/or for most careers: the Series 7 is the broker-dealer license, the Series 65 is the adviser license. If you advise for a fee, you need the 65 (or 66).
The gateway license for registered representatives. Required to sell virtually all securities products.
Start studying First chapter freeRequired for investment adviser representatives. No firm sponsorship needed. Gateway to fee-based advisory.
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