PassProfessor’s FINRA exam prep program is part of the expanding PassProfessor catalog. One suite covering the SIE, Series 7, Series 65, and Series 66 is in development — no question bank exists for it yet. Join the notify list and we will email you when enrollment opens; meanwhile, this guide is the full map of the four real exams.
This program is part of the expanding PassProfessor catalog — join the notify list and we’ll email you when enrollment opens.
The four exams, in one paragraph
Four qualification exams gate most securities careers in the United States, and all four are administered by FINRA. FINRA’s own Securities Industry Essentials (SIE) exam — 75 scored questions in 1 hour 45 minutes, a score of 70 to pass, $100 — is the open entry point: anyone 18 or older may take it, with no employer involved. FINRA’s Series 7 (General Securities Representative Exam) — 125 scored questions in 3 hours 45 minutes, $395 — is the broker-dealer representative exam, and it requires firm sponsorship. The other two belong to NASAA, the association of state securities regulators, and are administered by FINRA on NASAA’s behalf: the Series 65 (Uniform Investment Adviser Law Exam) — 130 scored questions in 3 hours, at least 92 correct to pass, $187 — qualifies investment adviser representatives on its own, while the Series 66 (Uniform Combined State Law Exam) — 100 scored questions in 2 hours 30 minutes, at least 73 correct to pass, $177 — combines the agent and adviser law exams and works only alongside a passed Series 7. The companion FINRA exam prep program page shows how PassProfessor’s in-development suite will map its practice to each exam.
Who can take each exam?
The eligibility rules are where the four exams differ most — and where candidates most often plan wrong.
Who can take the SIE?
Almost anyone. Per FINRA:
- You must be at least 18 years old. The SIE is open to individuals aged 18 or older.
- No firm association is required. You do not need to be employed by, associated with, or sponsored by a broker-dealer — you may take the SIE before receiving a job offer, and many candidates take it while still in school or between careers.
- You enroll yourself. Unlike the other exams in this guide, the SIE lets you create your own enrollment, pay the $100 fee, and schedule.
- Passing is not registration. A passed SIE makes you eligible to be registered later; it does not register you, and it authorizes no securities activity by itself.
Who can take the Series 7?
Only candidates inside a firm. Per FINRA:
- You must be associated with and sponsored by a FINRA member firm — or another applicable self-regulatory organization (SRO) member firm — to be eligible. There is no self-enrollment path for the Series 7.
- The SIE is a co-requisite. You must pass both the SIE and the Series 7 to obtain the General Securities Representative registration (FINRA Rules 1210 and 1220(b)(2)). The two exams may be taken in either order, and FINRA permits associated candidates to sit for both on the same day, subject to test-center seating.
- Registration follows the exams. Passing both exams is one part of registration; your firm’s Form U4 filing, background check, and state registrations complete it. You may not perform registered-representative functions until your registration is approved.
Who can take the Series 65?
The Series 65 is NASAA’s exam for the investment adviser representative (IAR) path — the people who provide investment advice for compensation, typically at registered investment adviser firms rather than broker-dealers.
- It stands alone. The Series 65 has no FINRA co-requisite: no SIE and no Series 7 are required, and it does not run through a broker-dealer sponsor. Candidates enroll through FINRA, which administers the exam for NASAA.
- It qualifies; your state registers. Passing the Series 65 satisfies the examination component for IAR registration in the states that require it; the state registration itself, and any state-specific requirements, are separate steps handled with your state regulator and your firm.
Who can take the Series 66?
The Series 66 is NASAA’s combined exam, designed to qualify candidates as both securities agents and investment adviser representatives in one sitting.
- There is no prerequisite — you may take the Series 66 before the Series 7.
- The Series 7 is a co-requisite. Per FINRA and NASAA, the Series 7 must also be passed — and still be valid — before you can register with a state on the Series 66. You may take either exam first, but both must be complete.
- It replaces two exams with one. Passing the Series 66 qualifies an individual as if he or she had passed both the Series 63 (agent state law) and the Series 65 (adviser law) — which is why its content leans so heavily toward law.
The exams, piece by piece
Every exam in this suite is multiple-choice with four answer choices per question, delivered by computer, and seeded with unscored pretest questions you cannot identify. Treat every question as scored; there is no penalty for guessing on FINRA-administered exams, so no question should ever be left blank.
The SIE, piece by piece
FINRA’s SIE content outline (© 2025 FINRA) divides the exam into four sections. Products dominate: nearly half the exam is one section.
| Section | Scored questions | Share |
|---|---|---|
| 1. Knowledge of Capital Markets | 12 | 16% |
| 2. Understanding Products and Their Risks | 33 | 44% |
| 3. Understanding Trading, Customer Accounts and Prohibited Activities | 23 | 31% |
| 4. Overview of the Regulatory Framework | 7 | 9% |
| Scored total | 75 | 100% |
You will actually see 80 questions: the 75 scored items plus 5 unidentified pretest items, randomly distributed, in 1 hour 45 minutes — about 1 minute 20 seconds per question. Section 2 covers equity and debt securities, options, packaged products such as mutual funds and variable contracts, municipal fund securities (529 plans and ABLE accounts), direct participation programs, REITs, hedge funds, and exchange-traded products, together with the risk types attached to each. Section 3 is the working exam: orders, settlement, corporate actions, account types and registrations, and the prohibited activities — market manipulation, insider trading, and the rest — that FINRA tests hardest at every level.
The Series 7, piece by piece
FINRA’s Series 7 content outline (© 2025 FINRA) is organized not by product but by the four major job functions of a general securities representative — and it is the most lopsided outline in this suite.
| Job function | Scored questions | Share |
|---|---|---|
| F1. Seeks Business for the Broker-Dealer from Customers and Potential Customers | 9 | 7% |
| F2. Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 11 | 9% |
| F3. Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 91 | 73% |
| F4. Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions | 14 | 11% |
| Scored total | 125 | 100% |
You will see 130 questions — 125 scored plus 5 unidentified pretest items — in 3 hours 45 minutes, about 1 minute 40 seconds per question. Function 3 is the exam: 91 of 125 questions test whether you can explain investments to customers and make suitable recommendations across corporate securities, municipal securities, investment company products, variable annuities, direct participation programs, options, and government securities — the full product range a passing candidate is qualified to solicit, purchase, and sell. Candidates who study the Series 7 as four equal subjects misread it; it is one large suitability-and-products exam with three smaller job functions around it.
The Series 65, piece by piece
NASAA’s test specifications for the Series 65 (effective June 12, 2023) divide the exam into four content areas, evenly split between investment knowledge and the law of giving advice.
| Content area | Scored questions | Share |
|---|---|---|
| I. Economic Factors and Business Information | 20 | 15% |
| II. Investment Vehicle Characteristics | 32 | 25% |
| III. Client Investment Recommendations and Strategies | 39 | 30% |
| IV. Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices | 39 | 30% |
| Scored total | 130 | 100% |
You will see 140 questions — 130 scored plus 10 unscored — in 180 minutes, about 1 minute 20 seconds per question. Two design facts matter for preparation. First, there is no broker-dealer content to lean on: the exam assumes the adviser model, so fiduciary obligation, adviser regulation under state law and the Investment Advisers Act of 1940, and unethical business practices carry a full 30%. Second, the recommendations section tests judgment, not recall — client profiling, portfolio construction, retirement and tax planning, and performance measurement, all applied to described clients.
The Series 66, piece by piece
NASAA’s test specifications for the Series 66 (effective June 12, 2023) use the same four content areas as the Series 65, re-weighted sharply toward law — because the Series 66 does not re-test the product depth the Series 7 already covers.
| Content area | Scored questions | Share |
|---|---|---|
| I. Economic Factors and Business Information | 8 | 8% |
| II. Investment Vehicle Characteristics | 17 | 17% |
| III. Client Investment Recommendations and Strategies | 30 | 30% |
| IV. Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices | 45 | 45% |
| Scored total | 100 | 100% |
You will see 110 questions — 100 scored plus 10 pretest — in 150 minutes, 1 minute 30 seconds per question. Nearly half the exam is one section: the Uniform Securities Act machinery of registration (of broker-dealers, agents, investment advisers, adviser representatives, issuers, and securities), exemptions, the state Administrator’s powers, and prohibited and unethical practices, alongside the federal acts. A Series 66 candidate who studies it like a shorter Series 65 — balanced across all four areas — is studying the wrong exam.
The passing standards, explained
The four exams use two different kinds of passing standard, and confusing them leads to bad study targets.
- SIE — a score of 70 on an equated scale. FINRA places every SIE result on a common scale from 0 to 100 and statistically adjusts (equates) scores so that slightly harder or easier sets of questions are held to the same standard. A 70 is the passing score — but because of equating, it is not exactly “70% of the questions right,” and there is no reliable way to convert a practice-test percentage into a predicted scaled score. Practice until you are comfortably above the line on full-length sets.
- Series 7 — a score of 72 on an equated scale. The Series 7 uses the same equating method as the SIE: your result is placed on a common scale so every candidate faces the same passing standard regardless of which items they drew. (See the internal verification note in this package’s program page — the load process re-confirms this figure against FINRA’s current publications.)
- Series 65 — at least 92 of the 130 scored questions correct. NASAA states the standard as a raw count, not a scale: 92 correct answers passes; 91 does not. That is roughly 71% of the scored questions.
- Series 66 — at least 73 of the 100 scored questions correct. Again a raw count set by NASAA: 73 correct passes. At 73%, it is proportionally the strictest standard in this suite — you can miss at most 27 scored questions.
What your result shows. NASAA states that Series 66 candidates are notified of their result immediately upon completion, and FINRA candidates likewise receive their pass/fail outcome at the test center — the SIE adds performance feedback for candidates who do not pass. A pass is a pass: passing candidates are not given a score to improve, and a passed exam is not retaken for a better number.
Fees and registration, step by step
Keep two kinds of money separate: the exam fee (paid to FINRA when the enrollment is opened) and any registration or application fees your firm or state charges afterward, which vary and are not set by the exam programs.
| Exam | Exam fee | Paid to | When |
|---|---|---|---|
| SIE | $100 | FINRA | When you self-enroll |
| Series 7 | $395 | FINRA | When your sponsoring firm opens the enrollment |
| Series 65 | $187 | FINRA | When the enrollment window is opened |
| Series 66 | $177 | FINRA | When the enrollment window is opened |
Exam fees current as of October 2026, per FINRA’s qualification exams page.
The sequence, in order:
- Open the enrollment. For the SIE, you enroll yourself on FINRA’s site and pay by card or ACH. For the Series 7, your sponsoring firm files the Form U4 and requests the exam — you cannot open it yourself. For the Series 65 and Series 66, an enrollment window is opened through FINRA (by a firm filing a Form U4, or by the individual opening a window and paying the fee, per NASAA).
- Schedule inside the window. FINRA opens a 120-day window in which the exam must be scheduled and taken. Exam appointments include an additional 30 minutes for the computer tutorial and the post-exam survey — that time is not testing time and cannot be used to answer questions.
- Choose your delivery. The SIE is available at Prometric test centers and online. The Series 65 and Series 66 are test-center exams: NASAA ended general online delivery of its exams on April 1, 2022, and they remain available online only for candidates who require a testing accommodation (NASAA describes the exception as medical proof that the candidate cannot test at a center).
- Take the exam and get your result. Arrive early — FINRA directs candidates to arrive at the testing center 30 minutes before the appointment. Results are given at completion.
- Complete the registration the exam feeds into. For the Series 7, your firm’s registration must be approved — including state registrations — before you perform representative functions. For the Series 65 and Series 66, passing satisfies the exam component; your state registration is a separate step, and passing an exam does not by itself convey the right to transact business.
Retakes and score validity
- FINRA exams (SIE, Series 7) — current waits. After a first or second unsuccessful attempt, the waiting period is 30 days; after a third unsuccessful attempt, it is 180 days, and 180 days between any further attempts. Announced change: FINRA has amended Rule 1210 to shorten these waits to 15 days after the first and second attempts and 60 days after the third, effective January 19, 2027 (Regulatory Notice 26-18).
- NASAA exams (Series 65, Series 66) — current waits. 30 days after the first and second unsuccessful attempts, and 180 days after the third. Announced change: for enrollments opened on or after January 4, 2027, the wait after a third unsuccessful attempt drops from 180 days to 60 days; the 30-day waits after the first and second attempts are unchanged.
- The exam fee applies to each attempt. A failed attempt is not a discount on the next one — budget for the full fee per sitting, which is the practical argument for scheduling only when timed practice says you are ready.
- SIE validity: four years. A passing SIE result stays valid for four years from the date you pass it. If you become associated with a broker-dealer inside that window, you need only the qualification exam (such as the Series 7) to register; after four years, the SIE must be retaken.
- Qualification-exam validity. FINRA exam credit generally requires you to obtain an approved registration in the corresponding category within two years of the exam date (four years for the SIE), or the exam’s validity expires. After registration ends, FINRA’s Maintaining Qualifications Program (MQP) can extend eligibility for up to five years for those who enroll and complete its continuing education — see FINRA’s MQP page for the current conditions.
Test day
- Arrive 30 minutes early. FINRA’s instruction is explicit, and late arrival risks a forfeited appointment and a forfeited fee — FINRA states it has no hardship policy for missed appointments, and a missed exam’s cost is not refunded or applied to a new one.
- The appointment is longer than the exam. Your slot includes the exam time plus 30 minutes for the tutorial and post-exam survey. Learn the testing software in the tutorial; it is the only free practice with the real interface you will get.
- Closed book, no exceptions. No reference materials may be brought into the testing session (NASAA states the same rule for its exams). FINRA and NASAA both impose severe penalties for cheating or attempting to compromise exam content — including, for NASAA exams, action by state administrators.
- Answer everything. There is no penalty for guessing on these exams, and the pretest questions are indistinguishable from scored ones. A blank answer is the only answer guaranteed to earn nothing.
- Pace to the total, not the scored count. Your clock covers the pretest items too: 80 items in 105 minutes on the SIE, 130 in 225 on the Series 7, 140 in 180 on the Series 65, 110 in 150 on the Series 66. Flag-and-return is a necessity on the Series 7 and Series 65 in particular.
- Results are immediate. You leave knowing whether you passed. If you did not, use the wait period — 30 days at minimum — as a study block aimed at the sections your performance feedback identifies, not as a countdown to the same preparation.
How to study for these exams
The outlines are the syllabi — FINRA and NASAA publish exactly what each exam covers and how it is weighted, and the tables above are question counts, not suggestions. A plan built on that structure:
- Sequence the exams the way the industry does. Pre-career: SIE first, while no employer is required, and bank the four-year validity. Sponsored: Series 7 next, because everything else in the broker-dealer path hangs off it. Adviser path: decide between the Series 65 (standalone) and the Series 66 (with the Series 7) based on whether you will also work as an agent — the exams overlap in content but not in what they unlock.
- Study the weights, not the table of contents. Products and their risks are 44% of the SIE; Function 3 is 73% of the Series 7; law and ethics are 45% of the Series 66 and 30% of the Series 65. Allocate hours roughly in those proportions, then re-allocate toward whatever your drills say is weak.
- Learn products comparatively. At every level, these exams test products against each other — how a bond’s price moves against its yield, what a mutual fund breakpoint does that a letter of intent does not, when a variable annuity fits and when it cannot. Side-by-side comparison is the skill; isolated definitions are the trap.
- Treat the law sections as memorization with a deadline. Registration categories, exemption conditions, the Administrator’s powers, prohibited practices: this material is concrete, finite, and heavily weighted on the NASAA exams. It rewards direct, repeated recall work more than any other part of the suite.
- Practice at full length, against the clock. 130 questions in 225 minutes (Series 7) and 140 in 180 (Series 65) are endurance formats. Short quizzes build knowledge; only full-length timed sittings build the pacing and flag discipline the real sittings demand.
- Respect the sponsorship clock. If your firm has opened a Series 7 window, your 120 days are already running. Build the study plan backward from the window’s end, and sit for the exam in the back half of the window — prepared, not merely scheduled.
PassProfessor’s FINRA suite — one program with a section for each of these four exams, practice built on the same outlines tabulated above — is in development. The FINRA exam prep program page carries the notify list; join it and the launch email will bring the final scope and price.
Frequently asked questions
What is the SIE exam? FINRA’s Securities Industry Essentials exam: an introductory-level, multiple-choice exam of 75 scored questions (plus 5 unscored pretest questions) in 1 hour 45 minutes, passing score 70, fee $100. It tests basic securities industry knowledge — products and their risks, market structure, regulatory agencies, and prohibited practices — and it is a co-requisite for FINRA representative registrations such as the Series 7.
Who is eligible for the SIE? Anyone 18 or older, per FINRA. No employment, firm association, sponsorship, or job offer is required, and you may take it before entering the industry. Online and in-person testing are both available. A passing result is valid for four years, but passing the SIE alone does not register you or authorize any securities business.
What score do I need to pass the Series 7? A score of 72. FINRA equates Series 7 scores onto a common scale so that different sets of questions are held to the same passing standard, which means 72 is a scaled standard rather than a simple count of correct answers. You will see 130 questions in 3 hours 45 minutes — 125 scored and 5 unscored pretest questions.
Can I take the Series 7 without a sponsor? No. Per FINRA, candidates must be associated with and sponsored by a FINRA member firm or another applicable SRO member firm to take FINRA representative-level qualification exams. Your firm files the Form U4 and opens the enrollment; there is no individual enrollment path for the Series 7.
Do I have to pass the SIE before the Series 7? You have to pass both, but not in that order. The SIE is a co-requisite to the Series 7: FINRA requires a passing result on each before the General Securities Representative registration can become effective. Associated candidates may take both exams, and FINRA permits taking them on the same day where test-center seating allows.
How many questions are on the Series 65, and what do I need to pass? 140 questions appear on screen in 180 minutes: 130 scored and 10 unscored. Per FINRA’s Series 65 page, you pass by correctly answering at least 92 of the 130 scored questions. The exam fee is $187. The Series 65 is a NASAA exam, administered by FINRA, and it is the standalone qualification exam for investment adviser representatives.
How many questions are on the Series 66, and what do I need to pass? 110 questions appear on screen in 150 minutes: 100 scored and 10 unscored pretest questions. Per FINRA and NASAA, you pass by correctly answering at least 73 of the 100 scored questions. The exam fee is $177. Laws, regulations, and ethics make up 45 of the 100 scored questions — the largest single section on any exam in this suite.
Should I take the Series 65 or the Series 66? It depends on the job you are registering for. Take the Series 65 if you will register only as an investment adviser representative — it stands alone. Take the Series 66 if you will register as both a broker-dealer agent and an adviser representative: it qualifies you as if you had passed both the Series 63 and Series 65, but it requires the Series 7 as a co-requisite, passed and still valid, before a state can register you on it.
Can I take the Series 65 or Series 66 online? Generally, no. NASAA ended online delivery of its exams on April 1, 2022; since then the Series 65 and Series 66 are taken at test centers, and are available online only for candidates who require a testing accommodation. The SIE, by contrast, is offered both online and at test centers.
How long do I have to take the exam after enrolling? FINRA opens a 120-day scheduling window for the exam enrollment; the exam must be scheduled and taken inside that window. Your appointment itself includes the exam time plus an additional 30 minutes for the tutorial and post-exam survey.
If I fail, how soon can I retake? For FINRA exams (SIE, Series 7): 30 days after the first and second failed attempts, 180 days after the third — shortening to 15 days and 60 days respectively for attempts under the rule change effective January 19, 2027. For NASAA exams (Series 65, Series 66): 30 days after the first and second attempts; the third-attempt wait is 180 days now and drops to 60 days for enrollments opened on or after January 4, 2027. The full exam fee is due again for each attempt.
How long is a passing SIE score valid? Four years from the date you pass, per FINRA. If you become associated with a broker-dealer and register within those four years, the SIE requirement stays satisfied; if the four years lapse first, you must pass the SIE again.
Does passing one of these exams give me a license? No. These exams satisfy examination requirements; registration or licensure is a separate approval — by FINRA and the states for broker-dealer representatives (through your firm’s filings), and by your state securities regulator for investment adviser representatives. NASAA is explicit that passing the Series 66, for example, does not convey the right to transact business before a state grants registration.
Disclaimer
PassProfessor is an independent exam-preparation provider and is not affiliated with, endorsed by, or acting on behalf of FINRA, NASAA, the SEC, or any state securities regulator. FINRA administers the exams described here; the Series 65 and Series 66 are NASAA examinations. This guide is general information about the exams, current as of October 2026; FINRA’s and NASAA’s official publications govern if anything here differs from them.