Why can’t I just sit for the Series 7 and Series 66 exams instead of the Series 65 exam?
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The reason you sit for the Series 65 exam is to charge fees for your services; if you sit for the 7 and 66 exams your intent is to charge commissions of the securities your clients buy and sell through you (and your firm) in addition (or in lieu of) fees for your services. People who have the 7 and 66 exams are generally securities brokers who want to add the ability to charge fees instead of commissions. To sit for the Series 7 exam you have to have a sponsor which is a FINRA (NASD) member firm that has intentions of hiring you. If you’re planning on setting up an RIA and being an Investment Adviser Representative and have no registrations, the state securities administrators want you to sit for the Series 65 exam. Few states sponsor individuals for the 7 and 66 combination.
