Haha. No really.

The 7 allows you to sell securities.  The 65 allows you to give advice.

You’ll also need the 63.

None of these tests are hard.  If you think they’re hard, try the CFP, CPA or CFA (I’ve not done the CFA, but I’m told that it’s the mother of all tests).  The seven is nothing more than a minimum competency test and the only thing I’ve taken that is easier is the life/health license exam.  Some of the sham designations, such as CSA are so easy to pass you could stick a note on a dog’s back.

Just take the Series 66. It's basically the 63 and 65 combined and is about 1/2 the study material. ;)

Thanks alot. I didn’t know the 7 was just about selling and the 65 was just about advice. I thought the 65 allowed a wrap fee or something.

Advice is sold in many different ways:  AUM fee, or an hourly/project fee.  This is determined by your RIA and is found in your ADV part II filing.

To charge fees, you must licensed as an IAR (Invesment Advisor Representative).  To be an IAR, you must have either the Series 65 or 66.  (BTW, most states will exempt you from this exam if you have the CFA, CFP, ChFC or other similar designations).

To sell securities for COMMISSION, you must have 2 licenses for most states.  Either Series 6 or 7 and Series 63.

As stated before, you can just take the Series 66 to satisfy the 63 & 65 requirements into one exam.

BTW, correction for previous poster - it isn't less material to study.  It's less EXAMS to prepare for.

Broker tests are not hard if you actually read the material and study how to take your exam.

Completely comprehensive answer. Thanks skippy.

It took me 2 weeks for the 66, but I did it right after the 7 which I studied 7 weeks for.  There is some overlap.

Questions on the 66 are written by lawyers and the questions are worded in a tricky way.  The 7 is straightforward.  We had some smart people pass the 7 and fail the 66 more than once.

Good luck.