My Journey Through the Unsponsored Licensing Exams: SIE, 63, and 65

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As a 23-year-old recent graduate with a Bachelor’s in BA, no prior finance experience (outside of a few courses and some novice crypto investing), and a 4 month internship as a research analyst at an international securities company in Tokyo, I embarked on a journey to break into the financial industry. My starting point: the unsponsored licensing exams.

I first heard about these exams after my internship in June 2024 and began prepping in August, starting with the SIE to boost my resume. Midway, I discovered the Series 63 was a shorter exam, so I pivoted to tackle it first. With about three weeks of focused study, I passed the 63 on my first attempt and followed it up with the SIE two weeks later in September. While the SIE required more effort (six weeks of study), the overlap in topics like BD and IA registration made the transition smoother.

Feeling confident, I set my sights on the Series 65. Achievable’s textbook and practice materials felt familiar after my prior exams, but the test itself was a reality check. My first attempt in October was a failure, despite feeling well-prepared. The exam included concepts like Form 13F, 8K, insurance policies, and intricate IA/BD registration scenarios that were either unfamiliar or not deeply covered in Achievable’s materials.

Not one to give up, I analyzed where I went wrong and doubled down on my prep. While Achievable’s materials provided clear explanations and were beginner-friendly, I supplemented with Kaplan’s textbook and Q-bank, which dove deeper into the material and mirrored the actual exam’s complexity. My second attempt in December was a success, and the relief of passing after such intense preparation was incredible.

Comprehensive Review of Study Materials

SIE Exam

Material Used: Achievable
Study Time: 150 hours (also used for 63 prep)
Difficulty: 7/10
Achievable’s clear and concise explanations were perfect for a beginner like me. The textbook and practice questions adequately covered the content, making this my sole resource.

Series 63 Exam

Material Used: Achievable
Study Time: 70 hours
Difficulty: 4/10
Achievable’s materials are more than sufficient for the 63. The overlap with the SIE streamlined my preparation, and the manageable question bank made it easier to focus on key concepts.

Series 65 Exam

Material Used: Achievable + Kaplan (Q-bank and textbook)
Study Time: ~92 hours with Achievable + ~40 hours with Kaplan
Difficulty: 10/10 (1st attempt), 7/10 (2nd attempt)
Achievable is excellent for introducing the core concepts but lacks the depth (For me) required for the nuances of the 65. Kaplan’s Q-bank questions were closer in difficulty to the actual exam, and their textbook filled in gaps in Achievable’s coverage, especially for advanced topics.

Final Thoughts
For beginners: Achievable is an outstanding resource for understanding foundational concepts, particularly for the SIE and 63. However, for the 65, Kaplan’s Q-bank and textbook are indispensable for tackling the exam’s more complex and less predictable content.

If you’re preparing for these exams:

Use Achievable for textbooks—it simplifies concepts.
Supplement with Kaplan’s Q-bank, especially for the Series 65. The extra depth could be the difference between passing and failing.
Don’t underestimate the exam’s difficulty. Study strategically and make sure you’re comfortable explaining wrong answers rather than memorizing them.

I hope my journey and insights help you on your path to licensure. Best of luck, and happy studying!

Next up for me: tackling the Series 7 with the same approach—Achievable for the textbook, Kaplan for the questions. Let’s see how it goes!

Happy New Year!

(P.S.: For new graduates, I found that the SIE didn’t significantly increase my interview opportunities for analyst and associate financial advisor positions. However, the 63 provided a slight boost. With the addition of the 65 and my updated resume, I’ve noticed a significant improvement—interview opportunities are now flooding in, and I feel it really helps you stand out as a new grad!)

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Congrats on passing your exam so far and for sharing your thoughts!

We’re looking forward to helping you pass your S7 as well~~

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Wow! Thanks for your post and high level overview of your study and testing experience.

I might just go with SIE/Series 66, and hope to get sponsored for the 7. Maybe 63/65 will be my fallback if I bomb the 66. Your 63/65 covers a lot of bases, especially if you want to go the RIA route instead of B/D…

I had a few questions regarding your experience, if you don’t mind sharing:

  • Since you already have SIE/63/65, what made you decide to go for the 7?
  • On average, how much time did you study per day for the 63? How about the 65?
  • Which of all of the exams do you feel required the most math?
  • If you could go back and do anything different, what would it be?

Congratulations on passing your licensing exams. Your post is incredibly helpful, and I really appreciate your insights!

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Thank you for your kind words! I’m glad you found my post helpful. I’m happy to answer your questions and provide more context about my experience:

Why I decided to pursue the Series 7
I chose to take the Series 7 because it complements my existing licenses (SIE, 63, and 65) and allows me to broaden my capabilities, particularly in purchasing and selling securities products. Since my long-term goal is to do work in global financial services, the Series 7 is one of the most widely recognized licenses globally. It can open doors to international opportunities, as many firms in Japan and other markets look for candidates with this qualification.

Average study time for the 63 and 65
For the Series 63, I studied an average of 3 hours per day, Monday through Sunday. My schedule was flexible since I’m not working yet, so I could dedicate significant time to studying. On some weekends, I only spent about 2 hours doing practice tests and reviewing, and there were four days during the three-week study period where I didn’t study at all, focusing instead on re-reading dump sheets.

For the Series 65, I was more relaxed. I studied Monday through Friday for about 3 hours daily and reserved weekends for dump sheet review or YouTube videos. My first month of studying (before my first attempt) involved about 4 hours daily, but I realized I was focusing more on memorization than understanding. After failing my first attempt, I revised my study schedule to focus more on comprehension.

In the final week before the 65, I studied intensely for about 5 hours over a weekend and used the last 3–4 days for lighter review (1–2 hours/day), focusing on weak areas and practice exams.

Which exam required the most math?
In my experience, the SIE had the most math questions, but they were still minimal—around three in total. These included: A current yield question, Corporate and government bond pricing, & Present value calculations

Beyond that, the SIE mainly involved formula recognition and knowing when to apply calculations based on scenarios.

The 63 and 65 had almost no math. The exceptions were a CAPM question and a risk-adjusted return formula (Do you use Beta or Standard Deviation?)

What I would do differently
If I could go back, I’d make the following adjustments:

For the SIE, I would spend less time on math and options since they appeared infrequently on the exam (2–3 questions). I used 20% of my total study time for this, which I feel was excessive. Just know when a Call or Put is in the money and the Yield See-Saw (premiums and Discounts).

I’d focus more on:
BD/IA registrations and regulations
Primary vs. secondary markets and the securities associated with each
Exemptions for securities and BD/IA registration

For the 63, I’d also prioritize BD/IA registrations and regulations over math and use resources like Kaplan for practice questions. If solely using Achievable, I’d recommend using Series 7 Guru practice tests on YouTube, which provide walkthroughs and explanations. Reading the textbook fully, then reviewing key sections on achievable, was effective for me.

For the 65, I’d focus heavily on the same concepts as the 63, in addition to differentiating between the formulas and understanding their applications:

IRR, Sharpe Ratio, total return, real rate of return, Acid Test Ratio, quick/current ratio, and the Rule of 72. There is a high likelihood you will see questions on ADRs too. I did for all 3 exams. (Do they trade in US dollars or foreign currency? In what currency are dividends paid? What risks are present? Are they issued by foreign or domestic banks?)

Additional Tips
For all exams, dump sheets were incredibly helpful. By the time I finished the 63, I had the dump sheets for the SIE, 63, and 65 memorized, which made studying much easier.

Lastly, practice tests are key. During the final week of preparation, I aimed to take at least one practice test per day to solidify my understanding and identify weak areas. I took 19 for the SIE, 11 for the 63 (+ 2 on YT), and 9 for the 65 (4 were on Kaplan).

I hope this helps, and good luck with your journey—whether you go for the 66, the 63/65 combo, or another route! Feel free to reach out if you have more questions.

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You’re an absolute machine. I appreciate your detailed response.

I’m a hair away from pulling the trigger on the Series 66 prep material via Achievable. Re: the SIE, my experience almost mirrors yours (I passed first attempt, thread here). Along these lines and in response to your post I have a few new thoughts:

  • I did not know the Series 7 was globally recognized and had value in overseas markets. Thanks for educating me on that. The Series 66 has two co-requisites: SIE and Series 7, so I will be taking the 7 if I go the 66 route, as it doesn’t “activate” as a license until you have both SIE and 7. But seeing as Series 7 requires sponsorship. I assume, this means you’ve found a sponsor, or got into a firm? :smiley:

  • I used the dump sheets in a similar manner. By the time I was at the end of the textbook, I used the dump sheets more as a “checklist” than anything. To mean, any concept or info on the dump sheet I didn’t recognize or was unfamiliar with, I automatically knew was a weak area and reinforced with more studying until I understood.

  • You mention you would have changed how you allocated your time. I agree here.
    Not that options aren’t important, but for the time invested in studying versus the proportion of questions in the draw, I wasn’t being efficient with my time. Sinking wayyy too much time into options (actually the options themselves were easy, it was the hedging strategies where I struggled most bc it marries several concepts together). Again, not that they’re not important, but spending 40 hours to study options when the exam only presents 3-4 questions wasn’t efficient. In theory, you could skip / miss every options questions and still pass if you spend your time reinforcing other major testable areas like capital markets, products and their risks, etc. To be clear, I don’t recommend this. The only thing that gave me confidence in doing so is that FINRA released a content outline for the SIE. The knowledge itself is still very valuable. To add, the SIE is also general in nature whereas the other top-offs are more specialized. So I imagine that for more difficult concepts, one will be required to commit their time until they’re able to grasp the testable concepts.

  • I’m happy to know the SIE bleeds over into other Series exams. The overlap will be very useful to reinforce what we’ve already learned.

Overall, I can only express my CONGRATULATIONS on passing your exams. These tests are not a walk in the park for most (especially Series 65), and so your experience and data points are invaluable. I’m positive whichever firm you settle in will be fortunate to have you.

Thanks for paying forward your experience to us who are still in the studying community.

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