Two Licenses, Two Different Career Paths
When people ask "what license do I need to become a financial advisor?" the answer isn't always the same. The Series 7 and Series 65 are both important licenses in the financial services industry — but they serve very different purposes and open very different doors.
Series 7: General Securities Representative
The Series 7 is the foundational license for anyone who wants to buy and sell securities on behalf of clients. It's the most comprehensive securities license available and is required for most traditional financial advisor roles at broker-dealers.
- Buy and sell stocks, bonds, and ETFs for clients
- Trade options and derivatives
- Sell mutual funds and variable annuities
- Work with municipal securities
- Earn commissions on transactions
You cannot register for the Series 7 on your own. A FINRA-registered firm must sponsor you. This is why finding your firm comes before studying for exams.
Series 65: Investment Adviser Representative
The Series 65 is required for anyone who wants to charge clients a fee for investment advice — rather than earning commissions on transactions. It's the license that allows you to operate as a Registered Investment Advisor (RIA) or work for one.
- Charge clients fees for investment advice
- Operate as a Registered Investment Advisor (RIA)
- Provide fee-based financial planning services
- Act as a fiduciary (legally required to act in clients' best interests)
Unlike the Series 7, you can register for the Series 65 on your own — no firm sponsorship required. This makes it accessible to independent advisors and those who want to start their own RIA.
Which One Do You Need?
Get the Series 7 if...
You're joining a broker-dealer (Edward Jones, Merrill Lynch, Morgan Stanley, etc.), want to earn commissions on investment transactions, or are entering a traditional financial advisor training program.
Get the Series 65 if...
You want to charge fees for investment advice, plan to start your own RIA, or are transitioning from another financial role and want to offer advisory services independently.
Get Both if...
You want maximum flexibility — the ability to earn commissions on transactions AND charge fees for advice. Most full-service financial advisors at major firms hold both licenses (or the Series 7 + Series 66, which combines the Series 65 and Series 63).
Series 66: The Efficient Combination
If you already have the Series 7, you can take the Series 66 instead of the Series 65. The Series 66 combines the content of the Series 65 and Series 63 (Uniform Securities Agent State Law Exam) into a single exam — saving you time and money.
- Series 66: 100 questions, 150 minutes, 73% to pass
- Prerequisite: Must hold the Series 7
- Result: Qualifies you as both a securities agent AND an investment adviser representative
The licensing path that makes the most sense for most new advisors: Series 7 first (through your sponsoring firm), then Series 66 shortly after. This gives you the full toolkit to serve clients in any way they need.
Don't let the licensing process intimidate you. Your sponsoring firm will walk you through every step — what to study, when to register, and how to prepare. Focus on finding the right firm first, and the licensing process will follow naturally.