Once a prospective registered representative has passed the first core examination, usually the FINRA Series 6 or Series 7, one hurdle remains. That’s the Series 63, 65 or 66.In most states, a new registered securities rep must at least pass the 63 to satisfy state requirements. It has a 75-minute limit and 65 questions, of which 60 count toward the candidate’s score. It focuses on registering persons and securities under the Uniform Securities Act, along with industry ethics. The Series 65 was the first exam that tested individuals wanting to provide fee-based investment advisory. It’s evolved into a 130-question exam with a time limit of 180 minutes. The minimum passing score is 94 correct, and the exam covers economics, investment vehicles, strategies and analysis, in addition to business ethics. Most who take the 65 have yet to pass the Series 7 exam. They are professionals who work in fields related to financing, such as accounting, and those who wish to become investment advisor representatives. The Series 66 combines the 63 and 65. Applicants must pass the Series 7 before taking the Series 66. It’s 100 questions and 150 minutes, and the passing score is 73%. It excludes the product, analysis, and strategy questions that comprise much of the Series 65 exam, since those were covered on the Series 7.