The Series 65 exam, also called the Uniform Investment Adviser Law Examination, assesses the knowledge needed to provide investment advice. Passing it is one way to meet the examination requirement for registration as an investment adviser representative (IAR), but it doesn't grant a license on its own.
If you're just beginning this process, use this guide to understand the essential aspects of the Series 65.
The Series 65 is a standardized exam created and maintained by NASAA, the North American Securities Administrators Association, and administered by FINRA, the Financial Industry Regulatory Authority. It assesses the knowledge and skills of those looking to become investment adviser representatives. The exam covers investment products, laws, regulations, and ethics regarding investment advisory services.
“Series 65 license” is commonly used to describe the qualification associated with passing the exam. More precisely, the Series 65 is an exam, while registration is granted through the applicable regulatory process.
People who provide investment advice professionally may need IAR registration, depending on their activities and applicable state rules. Passing the Series 65 can satisfy the exam requirement, but alternatives or waivers may apply. Check with your state securities administrator to confirm the requirements for your circumstances.
After passing the exam and completing the required registration process, you may provide investment advisory services within the scope of your role and registration. This can include financial planning, retirement planning, portfolio management, and other investment-related services.
Passing the Series 65 alone doesn't authorize you to advise clients, sell securities, or operate an investment adviser business. The requirements depend on the activities you intend to perform.
Begin by confirming the IAR registration requirements that apply to you. If the Series 65 is your examination path, enroll for and pass the exam, then complete the required registration process.
Registration commonly involves a Form U4 application and state fees, along with any other applicable requirements. Your firm and state securities administrator can help you determine the correct steps. Exam enrollment and an application for registration are separate processes.
Studying for the Series 65 exam takes a combination of strategic preparation and the right study materials. It demands dedication, focus, and consistency.
ExamFX offers a Series 65 exam prep course and study materials to support your preparation. Compare the package details for practice exams, a study guide, flashcards, and other available tools; inclusions vary by package.
We also have a dedicated blog post covering how to study for the Series 65 exam.
There's a lot to keep in mind on test day. Here are some tips to help you through it:
The Series 65 is a comprehensive, timed exam covering various financial and investment-related topics. This can make it challenging, especially for those who don't dedicate time to preparation. Review and practice can help you identify gaps in your understanding and approach the exam with greater confidence.
Learn more about Series 65 exam difficulty.
The Series 65 covers four content areas:
Review NASAA's Series 65 exam content outline and study guide for the complete test specifications.
The Series 65 exam is 3 hours long (180 minutes).
The Series 65 contains 140 multiple-choice questions: 130 scored questions and 10 unscored pretest questions.
You must answer at least 92 of the 130 scored questions correctly to pass. NASAA specifies the passing requirement as a number of correct answers, not a 70% score.
A passing requirement is different from a pass rate, which describes the share of candidates who pass during a particular reporting period.
Most states generally give you two years after passing to become registered. Once you're registered, the exam generally remains valid while you maintain that registration. If your registration terminates, most states generally allow two years to become registered again before requiring requalification, subject to state rules and possible waivers.
Eligible individuals may extend their exam validity for up to five years through NASAA's Exam Validity Extension Program (EVEP). Participation requires meeting eligibility, annual fee, and continuing education requirements, and the extension is recognized only in participating jurisdictions. It extends exam validity, not an active registration.
Check NASAA's EVEP guidance and confirm your situation with your state securities administrator.
The Series 65 exam fee is $187. Study materials and registration-related fees are separate expenses.
You can enroll directly through FINRA without firm sponsorship. A firm may also enroll a candidate through Form U4.
Begin with FINRA's Series 65 exam information and follow the enrollment instructions. Once your enrollment is approved, take the exam within the 120-day enrollment window. Confirm current scheduling and testing requirements before booking your appointment.