The FINRA Series 7 (General Securities Representative) and Series 66 (Uniform Combined State Law) are the essential licensing exams for anyone who wants to work as a financial advisor, stockbroker, or registered representative in the United States. Together, these two licenses allow you to sell virtually all types of securities (stocks, bonds, mutual funds, options, variable annuities) and provide investment advice for compensation — the foundation of a career in wealth management and financial services.

Series 7 — General Securities Representative Exam

Administered by: FINRA (Financial Industry Regulatory Authority)
Prerequisite: Must be sponsored by a FINRA member firm (broker-dealer) — you cannot self-register
Corequisite: Must also pass the SIE (Securities Industry Essentials) exam, which CAN be taken without sponsorship
Format: 125 scored multiple-choice questions + 10 unscored pretest questions (135 total)
Duration: 3 hours 45 minutes
Passing score: 72%
Exam fee: $245 (paid by sponsoring firm in most cases)
Topics: Equity and debt securities, investment company products, options, municipal securities, direct participation programs, customer accounts, trading and settlement, regulatory requirements

Series 66 — Uniform Combined State Law Exam

Administered by: NASAA (North American Securities Administrators Association)
Prerequisite: Must be associated with a broker-dealer or investment adviser
Format: 100 scored multiple-choice questions + 10 unscored pretest questions (110 total)
Duration: 2 hours 30 minutes
Passing score: 73%
Exam fee: $177
Note: Series 66 combines the Series 63 (state law) and Series 65 (investment adviser) into one exam — more efficient if you need both
Topics: Economic factors and business information, investment vehicle characteristics, client investment recommendations and strategies, laws/regulations/ethics/fiduciary obligations

Top Preparation Providers

Kaplan Financial Education: Industry-leading prep — Series 7+66 combo packages from $259 (Basic) to $489+ (Premium); includes textbooks, QBank with 3,000+ practice questions, performance tracker, practice exams, and pass guarantee
Securities Training Corporation (STC): Premier provider used by many Wall Street firms — packages $300-$600; known for rigorous question banks
Achievable: Modern, mobile-first platform — Series 7 prep from $99; adaptive learning with bite-sized lessons; 95%+ pass rate reported
PassPerfect: Affordable option — $159-$249; comprehensive question bank and study guides
ExamFX: Budget-friendly — $149-$249 for Series 7; video lectures and practice exams

Total Cost Estimate

SIE exam fee: $80
Series 7 exam fee: $245
Series 66 exam fee: $177
Study materials (combo): $259-$600 (depending on provider and package)
Total: $760-$1,100 (exam fees often covered by sponsoring firm)

Study Timeline

SIE: 1-2 months of study
Series 7: 2-3 months of dedicated study (150-200 hours recommended)
Series 66: 1-2 months (80-100 hours recommended)
Total path: 4-7 months from SIE through Series 66 completion

Career Impact

Entry-level salary: $50,000-$70,000 base salary + commissions at wirehouses and broker-dealers
Financial advisor (3-5 years): $80,000-$150,000 with growing book of business
Senior advisor / wealth manager: $150,000-$300,000+; top advisors managing $100M+ in AUM earn $500,000+
Career paths: Financial advisor, registered representative, wealth manager, portfolio manager, investment banker (additional licensing), compliance officer, branch manager
Industry size: 330,000+ registered representatives in the U.S.; financial services sector manages $40+ trillion in client assets

Licensing Structure Explained

SIE + Series 7 + Series 66 = Full authority to sell securities AND provide investment advice in all 50 states
SIE + Series 7 + Series 63 = Can sell securities but NOT provide investment advice for a fee
SIE + Series 65 only = Can provide investment advice (RIA) but NOT sell securities through a broker-dealer
Most financial advisor career tracks require SIE + 7 + 66 as the standard combination

Who It Is For

Aspiring financial advisors and wealth managers; recent finance, economics, or business graduates entering the securities industry; career changers targeting financial services (firms will sponsor you); bank employees transitioning to investment services; insurance agents expanding into securities and advisory services; anyone who wants to build a career managing client investments and providing financial planning.

Finra series 7 and series 66 — securities licensing for financial advisors and registered representatives

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