The Ultimate Series 65 Exam Guide
Everything you need to know about the Uniform Investment Adviser Law Examination: registration, format, topics, costs, and how to pass on your first attempt.
Last updated: January 2026 | Verified against official FINRA and NASAA sources
📊 Series 65 at a Glance
Self-register without firm backing
Uniform exam accepted nationwide
Moderate difficulty level
What is the Series 65 Exam?
The Series 65, officially known as the Uniform Investment Adviser Law Examination, is a securities license exam that qualifies individuals to work as investment adviser representatives (IARs). If you want to provide investment advice for compensation in the United States, this is typically the exam you need to pass.
The exam is developed and maintained by the North American Securities Administrators Association (NASAA), the organization that represents state and provincial securities regulators across North America. While NASAA creates the exam content and sets the passing standards, FINRA (Financial Industry Regulatory Authority) administers the exam at Prometric testing centers nationwide.
Series 65 vs. Other Securities Exams
The Series 65 is unique among securities exams because it focuses specifically on investment advice rather than securities sales. Here's how it fits into the licensing landscape:
Series 65 (This Exam)
Qualifies you to give investment advice for a fee. Does not allow you to sell securities products. No prerequisite exams required.
Series 66
Combines IA representative qualification with state securities agent registration. Requires passing the Series 7 first.
Series 7
Qualifies you to sell securities products (stocks, bonds, options). Requires firm sponsorship. Does not qualify you to give advice for fees.
SIE (Securities Industry Essentials)
Entry-level exam covering industry basics. Required before Series 7 or Series 6. Not required for Series 65.
Why the Series 65 Exists
The Series 65 was created to ensure that anyone providing investment advice for compensation has demonstrated competency in securities laws, ethical practices, and investment concepts. Before NASAA developed uniform exams, each state had different requirements, making it difficult for advisers to work across state lines. The "Uniform" in the exam's name reflects its acceptance in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
Key Distinction: Advice vs. Sales
The Series 65 licenses you to provide investment advice for compensation. This includes creating financial plans, recommending investment strategies, and managing client portfolios. It does not license you to sell securities products like stocks, bonds, or mutual funds. For that, you would need additional licenses like the Series 7.
What Passing the Series 65 Qualifies You to Do
After passing the Series 65 and registering with your state(s), you can:
- Work as an Investment Adviser Representative (IAR) for a registered investment adviser (RIA) firm
- Provide fee-based financial planning and investment advice to clients
- Manage client portfolios on a discretionary or non-discretionary basis
- Start your own RIA firm (with additional registration requirements)
- Offer comprehensive wealth management services as part of a fee-only or fee-based practice
No Sponsorship Required
Unlike the Series 7 or Series 6, the Series 65 does not require sponsorship from a FINRA member firm. You can register independently, pay the $187 exam fee yourself, and take the exam without being employed in the securities industry. This makes it an accessible entry point for career changers, CFP candidates, and aspiring independent advisers.
Who Needs the Series 65?
The Series 65 is required for anyone who wants to work as an Investment Adviser Representative (IAR) and provide investment advice for compensation. This includes a wide range of financial professionals, from those joining established RIA firms to entrepreneurs starting their own advisory practices.
You Need the Series 65 If You Want To:
Work for an RIA Firm
Join a registered investment adviser as a representative providing advice to clients
Start Your Own RIA
Launch an independent advisory firm and manage client assets
Offer Fee-Based Financial Planning
Charge clients for investment advice, portfolio reviews, or financial plans
Manage Client Portfolios
Make investment decisions on behalf of clients (discretionary management)
Common Career Paths Requiring the Series 65
- Financial Advisors/Planners at fee-only or fee-based firms
- Wealth Managers providing comprehensive investment guidance
- Portfolio Managers making investment decisions for clients
- Retirement Plan Consultants advising on 401(k) and pension investments
- Insurance Professionals expanding into fee-based advisory services
- CPAs and Attorneys adding investment advisory to their practice
- Career Changers entering the financial advisory field
Series 65 Exam Waivers: Professional Designations
If you hold one of the following professional designations in good standing, most states will waive the Series 65 exam requirement:
Note: A CPA license alone does not qualify for an exemption. You need the PFS (Personal Financial Specialist) designation, which is an additional credential for CPAs. Always verify exemption eligibility with your state securities regulator.
Who Does NOT Need the Series 65?
Commission-Only Brokers
If you only sell securities products for commission (not advice fees), you need the Series 7 and Series 63 instead
Dual-Registered Representatives
If you have the Series 7 + Series 66, you're already qualified as an IAR
State Registration Still Required
Passing the Series 65 is just one step. You must also register with your state securities regulator (usually by filing a Form U4), complete a background check, and pay state registration fees before you can legally provide investment advice.
Exam Format and Structure
The Series 65 is a computer-based exam administered at Prometric testing centers across the United States. Understanding the exam format helps you prepare effectively and manage your time on test day.
Exam Structure at a Glance
| Total Questions | 140 multiple-choice questions |
| Scored Questions | 130 questions count toward your score |
| Unscored (Pilot) Questions | 10 questions used for future exam development (unmarked) |
| Time Limit | 180 minutes (3 hours) |
| Time Per Question | ~77 seconds average (most finish with time to spare) |
| Passing Score | 71% (92 out of 130 scored questions) |
| Question Format | Multiple choice with 4 answer options |
About the Unscored Questions
Ten of the 140 questions are "pretest" questions that NASAA uses to evaluate potential future exam questions. These pilot questions are mixed randomly throughout the exam and are not marked. Since you cannot identify them, treat every question as if it counts toward your score.
Testing Center Experience
What You'll Receive:
- ✓ Four-function calculator (provided by testing center)
- ✓ Erasable note board and dry-erase markers
- ✓ Noise-canceling headphones (optional)
- ✓ Locker for personal belongings
What You Cannot Bring:
- ✗ Personal calculators (including phone calculators)
- ✗ Cell phones, smartwatches, or electronic devices
- ✗ Food, drinks, or water bottles
- ✗ Notes, books, or study materials
Testing Interface Features
The Prometric testing interface includes helpful features to manage your exam:
- Flag questions for review before submitting
- Timer display showing remaining time
- Navigation to move forward, backward, or jump to specific questions
- Review screen showing all questions and their status (answered, flagged, skipped)
- Strike-through to eliminate answer choices you've ruled out
Time Management Tip
Most test-takers finish the Series 65 with 20 to 40 minutes remaining. If you're unsure about a question, flag it and move on. Complete all questions first, then return to flagged items. Don't spend more than 2 minutes on any single question during your first pass.
Prometric Test Drive
If you experience test anxiety, Prometric offers a "Test Drive" service (for an additional fee) that allows you to visit a testing center before your actual exam date. You can familiarize yourself with the check-in process, testing room, and computer interface.
Topics Covered on the Series 65
The Series 65 exam covers four main content areas defined by NASAA's official content outline. Understanding the weight of each section helps you allocate study time effectively. As NASAA notes, this is not a "memorization exam" but rather a test of competency that requires deep understanding of the material.
Content Breakdown by Section
| Section | Weight | ~Questions |
|---|---|---|
| I. Economic Factors and Business Information | 15% | 20 |
| II. Investment Vehicle Characteristics | 25% | 32 |
| III. Client Investment Recommendations and Strategies | 30% | 39 |
| IV. Laws, Regulations, and Guidelines | 30% | 39 |
Key Insight: 60% of the Exam is Application-Based
Sections III and IV together make up 60% of your score. These sections test how well you can apply investment strategies to client situations and understand regulatory compliance. Memorizing definitions alone will not be enough.
Section I: Economic Factors and Business Information
This section tests your understanding of macroeconomic concepts and how they affect securities markets. Topics include:
- • Business cycles and their phases (expansion, peak, contraction, trough)
- • Monetary policy (Federal Reserve actions, interest rate effects)
- • Fiscal policy (government spending, taxation)
- • Economic indicators (GDP, CPI, unemployment rate)
- • Financial reporting (balance sheets, income statements, cash flow)
- • Time value of money (present value, future value, compounding)
- • Types of risk (systematic, unsystematic, inflation, interest rate)
- • Quantitative methods (ratios, yields, returns)
Section II: Investment Vehicle Characteristics
The largest section by content variety, this tests your knowledge of different investment products, how they work, and their characteristics:
- • Cash and cash equivalents (money markets, CDs, T-bills)
- • Fixed income securities (government, municipal, corporate bonds)
- • Equity securities (common stock, preferred stock, ADRs)
- • Pooled investments (mutual funds, ETFs, UITs, REITs)
- • Derivatives (options, futures, forward contracts)
- • Alternative investments (hedge funds, private equity, commodities)
- • Insurance products (variable annuities, variable life)
- • Digital assets (cryptocurrency characteristics and risks)
Section III: Client Investment Recommendations and Strategies
This is the most practical section, testing your ability to match investment strategies to client needs. You must understand:
- • Client profiles (financial goals, risk tolerance, time horizon)
- • Portfolio theory (Modern Portfolio Theory, diversification, asset allocation)
- • Investment strategies (growth, value, income, indexing)
- • Tax considerations (capital gains, tax-advantaged accounts, municipal bonds)
- • Retirement planning (IRAs, 401(k)s, pension plans, RMDs)
- • Estate planning (trusts, gifting strategies, beneficiary designations)
- • Performance measurement (benchmarks, risk-adjusted returns, alpha/beta)
- • Trading securities (order types, margin, settlement)
Section IV: Laws, Regulations, and Guidelines
The regulatory section is critical for understanding your legal obligations as an investment adviser representative:
- • Investment Advisers Act of 1940 (registration, exemptions, custody)
- • Uniform Securities Act (state-level regulation)
- • Regulation of broker-dealers (registration, supervision)
- • Securities registration (exempt and non-exempt securities)
- • Fiduciary duty (duty of care, duty of loyalty, best interest)
- • Prohibited practices (churning, front-running, selling away)
- • Client communications (advertising rules, disclosures required)
- • Recordkeeping and reporting (Form ADV, books and records)
June 2023 Exam Updates
NASAA updated the Series 65 exam to reflect current market realities. New topics include:
- Digital assets and cryptocurrency characteristics, risks, and regulatory considerations
- SPACs (Special Purpose Acquisition Companies) and their unique risks
- Senior investor protection and recognizing signs of diminished capacity
- SEC Investment Adviser Marketing Rule (new advertising and testimonial regulations)
Study Strategy Tip
Since Sections III and IV account for 60% of your score, allocate your study time accordingly. Many candidates underestimate the regulations section. Make sure you thoroughly understand prohibited practices, fiduciary duties, and when registration is required. These topics appear frequently on the exam.
How to Register for the Series 65
Unlike many FINRA exams, the Series 65 does not require sponsorship from a broker-dealer or investment adviser firm. You can register on your own through FINRA's enrollment system. There are two registration paths depending on your situation.
Self-Registration (No Sponsor)
Best for career changers, independent advisers, or anyone not currently working at a registered firm.
- 1. Go to FINRA's Test Enrollment Services System (TESS)
- 2. Create an account and complete Form U10
- 3. Pay the $187 exam fee
- 4. Receive your 120-day enrollment window
- 5. Schedule your exam at Prometric
Firm-Sponsored Registration
Best for candidates whose employer (RIA or broker-dealer) is handling registration.
- 1. Your firm files Form U4 through the CRD system
- 2. Provide your Social Security number
- 3. Submit fingerprints for background check
- 4. Firm pays the $187 exam fee
- 5. Receive CRD number and 120-day window
Scheduling Your Exam at Prometric
Once you receive your enrollment confirmation, you have 120 days to schedule and take your exam. Schedule through Prometric's website or by calling 1-800-578-6273.
Scheduling Tips
- • Schedule at least 2 to 3 weeks in advance for best availability
- • Morning appointments tend to have fewer distractions
- • Verify your testing center location before exam day
- • Most urban areas have multiple Prometric centers to choose from
What You'll Need on Exam Day
Required Documents
- • Two forms of valid ID (one must be government-issued with photo)
- • Your appointment confirmation number
- • Names on IDs must match your registration exactly
Acceptable IDs
- • Driver's license or state ID
- • Passport
- • Military ID
- • Credit card with signature (as secondary ID)
Name Mismatch Warning
If the name on your IDs does not exactly match your exam registration (including middle names, suffixes, or hyphenations), you may be turned away at the testing center. Double-check your registration before exam day.
Cost and Scheduling
The Series 65 exam is one of the more affordable FINRA-administered exams. Here's a complete breakdown of costs and scheduling policies.
Exam Fees
| Fee Type | Amount |
|---|---|
| Series 65 Exam Fee | $187 |
| Retake Fee (if needed) | $187 |
| Late Rescheduling (within 10 days) | $35 |
| No-Show or Same-Day Cancel | Full fee forfeited |
Comparison to Other Exams
| Series 63 | $147 |
| Series 66 | $177 |
| Series 65 | $187 |
| Series 7 | $300 |
| SIE | $80 |
Total Investment
Plan for both the exam fee and a prep course:
See our prep course comparison for detailed pricing.
Rescheduling and Cancellation Policies
- ✓ Free rescheduling: More than 10 business days before your exam
- ⚠ $35 late fee: Within 10 business days of your exam
- ✗ Full fee forfeited: No-show or cancellation on exam day
Retake Policy and Waiting Periods
If you don't pass on your first attempt, you can retake the exam after a mandatory waiting period:
Important: The 180-Day Rule
If you fail three times, you must wait six months before your fourth attempt. This can significantly delay your career plans. Invest in proper preparation to pass the first time. See our prep course recommendations if you want to maximize your chances.
Pass Rates and Difficulty
The Series 65 is considered a challenging exam with a reputation for catching candidates off guard. Neither FINRA nor NASAA publishes official pass rate statistics, but industry estimates from prep providers suggest a pass rate between 65% and 72%. That means roughly one in three candidates fails.
How Does It Compare to Other Exams?
The Series 65 falls in the middle range of difficulty among securities exams. Here's how it stacks up:
| Exam | Est. Pass Rate | Passing Score | Difficulty |
|---|---|---|---|
| SIE | ~74% | 70% | Easier |
| Series 63 | ~80% | 72% | Easier |
| Series 65 | ~68% | 71% | Moderate |
| Series 66 | ~68% | 73% | Moderate |
| Series 7 | ~65% | 72% | Harder |
Series 65 vs. Series 66
While the Series 65 covers more material (130 vs. 100 questions), many tutors report that the Series 66 questions are more nuanced and difficult. The Series 65 is often described as "a mile wide but an inch deep," while the Series 66 goes deeper on fewer topics. See our Series 65 vs. 66 comparison for a detailed breakdown.
What Makes the Series 65 Difficult?
Content Challenges
- • Broad scope: Covers economics, investments, portfolio theory, and regulations all in one exam
- • Application questions: Tests how to apply concepts to client scenarios, not just definitions
- • Regulatory detail: Requires memorization of specific rules, thresholds, and exceptions
- • Math components: Time value of money, bond yields, and ratio calculations
Test-Taking Challenges
- • Tricky wording: Questions often include "except," "not," or double negatives
- • Similar answers: Multiple choices may seem correct; must pick the "best" answer
- • Length: 140 questions over 3 hours requires sustained focus
- • Hidden pilot questions: 10 unscored questions are mixed in (you don't know which ones)
Common Reasons Candidates Fail
Underestimating the regulations section
Laws and regulations account for 30% of the exam. Many candidates focus on investment concepts and neglect the Uniform Securities Act, fiduciary duties, and prohibited practices.
Insufficient practice questions
Reading the material is not enough. The exam tests application, and the only way to prepare is by answering hundreds of practice questions under timed conditions.
Not enough study time
Candidates who cram in 2 to 3 weeks often fail. Most successful test-takers study for 4 to 8 weeks with consistent daily practice.
Using outdated or low-quality materials
The exam was updated in June 2023 with new topics (digital assets, SPACs, senior investor protection). Old study guides may not cover these areas.
How to Maximize Your Chances
Candidates who use a structured prep course with updated content have significantly higher pass rates than those who self-study with free materials alone. Most prep providers report first-time pass rates of 80% or higher for students who complete their full programs.
See our prep course comparison to find the right option for your learning style and budget, or check out our detailed pass rates analysis for provider-specific data.
Study Timeline Recommendations
How long should you study for the Series 65? The answer depends on your background, schedule, and learning style. Most successful candidates dedicate 50 to 80 hours of focused study time over 4 to 8 weeks.
Study Hours by Background
Finance Background
CFAs, CFPs, or those with investment experience may need less time. Focus on regulations and state law.
Some Finance Knowledge
Accountants, bankers, or insurance professionals. Familiar with some concepts but need to learn specifics.
Career Changer
No finance background? Plan for extra time to learn investment fundamentals from scratch.
Sample Study Timelines
Accelerated (Finance Background)
2 to 3 hours per day, 6 days per week. Best for candidates with strong finance knowledge or those retaking the exam.
Standard (Most Candidates)
1.5 to 2 hours per day, 5 to 6 days per week. Recommended for working professionals balancing study with their job.
Extended (Career Changers)
1 hour per day, 5 days per week. Best for those new to finance or with limited study time due to work and family.
How to Know You're Ready
Don't schedule your exam until you're consistently hitting these benchmarks:
- ✓ Practice exam scores of 75% or higher on at least 3 full-length practice exams
- ✓ Completed 1,500+ practice questions with review of incorrect answers
- ✓ No weak sections below 70% (check your topic breakdown scores)
- ✓ Can explain key concepts like fiduciary duty, registration requirements, and prohibited practices
Warning: Don't Cram
Candidates who try to cram in 2 to 3 weeks often fail. The Series 65 tests application and understanding, not just memorization. Give yourself adequate time to absorb the material and practice applying it to scenarios.
Looking for Detailed Study Schedules?
See our complete study time guide with week-by-week schedules, daily study plans, and tips for different learning styles.
Best Series 65 Prep Courses
A quality prep course can make the difference between passing and failing. The right course provides structured content, thousands of practice questions, and often a pass guarantee. Here's what to look for:
Key Features to Consider
- • Question bank size: Look for 1,500+ practice questions minimum
- • Updated content: Must include June 2023 exam changes
- • Pass guarantee: Most reputable providers offer money-back guarantees
- • Mobile access: Study on your phone during commutes
Price Ranges
Compare All Prep Courses
We've tested every major Series 65 prep course, including Achievable, Kaplan, STC, and Knopman Marks. See our side-by-side comparison with pricing, features, pros and cons, and honest recommendations.
View Full Comparison →After You Pass: Next Steps
Congratulations on passing! But your journey isn't over yet. Passing the Series 65 is just the first step toward becoming a licensed Investment Adviser Representative (IAR). You still need to complete state registration before you can legally provide investment advice.
Important: 2-Year Window
Your Series 65 exam results are valid for 2 years. You must register with a state within this window, or you'll need to retake the exam.
Step-by-Step: What Happens Next
Choose Your Path
Decide whether you'll join an existing Registered Investment Adviser (RIA) firm or start your own. Most new IARs join an established firm first to gain experience.
File Form U4
Submit Form U4 through the Investment Adviser Registration Depository (IARD) system. This form captures your personal, employment, and disciplinary history, and links your Series 65 results to your firm.
Complete Background Check
Submit fingerprints for an FBI background check. Your state regulator will review your criminal, financial, and regulatory history. Certain offenses (felonies, fraud, securities violations) may disqualify you.
Register with Your State(s)
Each state where you'll advise clients requires separate registration. Pay state registration fees (typically $50 to $300 per state) and meet any state-specific requirements like surety bonds or net worth minimums.
Start Advising Clients
Once your registration is approved, you're officially a licensed Investment Adviser Representative and can begin providing investment advice for compensation.
Your Career Options
Join an Existing RIA Firm
- ✓ Immediate mentorship and training
- ✓ Firm handles compliance and paperwork
- ✓ Access to existing client base
- ✓ Lower startup costs
Start Your Own RIA
- • File Form ADV with SEC or state
- • Create compliance policies and procedures
- • Obtain E&O insurance
- • Set up custody arrangements
Most new advisers gain 2 to 3 years of experience at an established firm before going independent.
Maintaining Your License
Unlike some securities licenses, the Series 65 does not currently require continuing education (CE) to maintain. However, you must:
- • Keep your registration active: If you leave the industry, your license lapses after 2 years
- • Renew state registrations annually: Most states require yearly renewal and fees
- • Update Form U4: Report any changes to your employment, address, or disciplinary history within 30 days
- • Stay compliant: Follow your firm's compliance policies and your fiduciary duties to clients
Frequently Asked Questions
What is the Series 65 exam?
The Series 65, officially called the Uniform Investment Adviser Law Examination, is a securities license exam administered by FINRA. It qualifies individuals to act as investment adviser representatives (IARs) and provide investment advice for compensation. The exam covers securities laws, investment strategies, ethics, and economic concepts.
How many questions are on the Series 65 exam?
The Series 65 exam has 140 total questions: 130 scored questions that count toward your pass/fail result, plus 10 unscored pilot questions used for future exam development. You won't know which questions are unscored, so treat every question as if it counts.
What is the passing score for the Series 65?
You need to correctly answer 92 out of 130 scored questions (71%) to pass the Series 65. This translates to missing no more than 38 questions on the scored portion. The exam does not curve, and all questions are weighted equally.
How long is the Series 65 exam?
You have 180 minutes (3 hours) to complete the Series 65 exam. This gives you approximately 77 seconds per question. Most test-takers finish with 20 to 40 minutes to spare, leaving time to review flagged questions.
How much does the Series 65 exam cost?
The Series 65 exam fee is $187, paid directly to FINRA when you register. If you fail, you must pay the full fee again for each retake. There is a 30-day waiting period between your first and second attempts, and 180 days between subsequent attempts after three failures.
Do I need a sponsor to take the Series 65?
No, the Series 65 does not require firm sponsorship. Unlike the Series 7 or Series 66, you can self-register and pay for the exam independently. This makes it popular for career changers and aspiring independent advisors.
What is the difference between Series 65 and Series 66?
The Series 65 is a standalone exam that qualifies you as an investment adviser representative. The Series 66 combines IA representative qualification with state securities agent registration, but requires passing the Series 7 first. If you don't have the Series 7, take the Series 65.
How hard is the Series 65 compared to other securities exams?
The Series 65 has a pass rate of approximately 68%, making it moderately difficult. It's considered harder than the SIE (pass rate ~74%) but comparable to the Series 7. The difficulty comes from heavy regulatory content, ethics scenarios, and economic concepts rather than complex math.
How long should I study for the Series 65?
Most successful candidates study 50 to 80 hours over 4 to 8 weeks. Those with finance backgrounds may need only 30 to 50 hours, while career changers with no finance experience should plan for 80 to 100 hours. If working full-time, aim for 1.5 to 2 hours per day, 5 to 6 days per week.
What topics are covered on the Series 65 exam?
The Series 65 covers four main areas: Economic Factors and Business Information (15%), Investment Vehicle Characteristics (25%), Client Investment Recommendations and Strategies (30%), and Laws, Regulations, and Guidelines (30%). Ethics and regulatory content make up the largest portion.
Can I use a calculator on the Series 65?
Yes, the testing center provides a basic four-function calculator. You cannot bring your own calculator. The exam has minimal math, mostly involving simple calculations like current yield, return on investment, and basic ratios.
What happens if I fail the Series 65?
If you fail, you must wait 30 days before your second attempt. After three failures, the waiting period extends to 180 days. You'll need to pay the $187 exam fee again for each retake. Most prep courses offer pass guarantees with free extended access if you fail.
Is the Series 65 valid in all states?
The Series 65 is accepted in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. However, you must still register with each state where you want to conduct business. Some states have additional continuing education requirements.
How long is the Series 65 license valid?
The Series 65 exam results do not expire. However, if you don't register with a state within two years of passing, you may need to retake the exam. Once registered, you must maintain your registration and complete any state-required continuing education.
What can I do with a Series 65 license?
With a Series 65, you can work as an investment adviser representative (IAR), providing investment advice for compensation. This includes working for RIAs, starting your own advisory firm, or offering fee-based financial planning. You cannot sell securities products without additional licenses like the Series 7.
Ready to Start Your Series 65 Journey?
Choose the right prep course and create your study plan. Most candidates pass in 6 to 8 weeks with the right preparation.
Series 65 Study Resources
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