Series 65 (Investment Adviser)
NASAA/FINRA
Complete guide to passing the Series 65 (Investment Adviser) exam on your first attempt.
$187
~73%
Ongoing
USA
NASAA/FINRA
$70k-$120k
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Complete Overview
The Series 65, formally the Uniform Investment Adviser Law Examination, is a NASAA exam administered by FINRA that qualifies a candidate to register as an investment adviser representative with a state securities administrator. NASAA lists the fee as $187, paid to FINRA either through an employing firm's electronic Form U4 filing or directly by an unsponsored candidate who opens an enrollment window on FINRA.org.
The exam has 130 scored questions plus 10 unscored pretest questions, a 180-minute limit, and a pass standard of 92 correct out of the 130 scored items. NASAA states the standard as a count rather than a percentage, and its own FAQ addresses candidates who score 70 percent and still fail: 92 of 130 is roughly 70.8 percent, so the margin is narrow enough that rounding in your head during the exam is unreliable. NASAA also warns that averaging your section scores will not reproduce your result, because the four topic areas carry different weights.
Unlike the Series 66, the Series 65 has no co-requisite. You do not need the Series 7, and you do not need a sponsoring firm. That makes it the usual route for people entering fee-only advice from outside a broker-dealer: registered investment adviser staff, accountants moving into wealth management, and career changers who want to register as an investment adviser representative without ever selling a commission product.
The current test specification took effect on June 12, 2023 and splits the exam four ways. Economic factors and business information is 15 percent and 20 scored questions. Investment vehicle characteristics is 25 percent and 32 questions. Client investment recommendations and strategies is 30 percent and 39 questions. Laws, regulations and guidelines including prohibition on unethical business practices is also 30 percent and 39 questions. More than half the exam is therefore client-facing analysis and portfolio work rather than statute, despite the exam's formal name being the Uniform Investment Adviser Law Examination.
Most states will accept one of five professional designations instead of the exam: the CFP, the ChFC or the MSFS from the American College, the CFA, the AICPA's Personal Financial Specialist, and the Certified Investment Management Analyst from the Investments and Wealth Institute. NASAA's membership updated that list in May 2024, and NASAA notes the CPA alone does not qualify because it was reviewed and found not to cover the criteria. Passing the Series 65 also lets a person qualify as an accredited investor under the SEC's August 26, 2020 order, but only while holding the licence in good standing, which means actually registering as an investment adviser representative in a state.
Why Get Series 65 (Investment Adviser) Certified?
The Series 65 has no co-requisite exam. NASAA confirms unsponsored candidates can open an enrollment window on FINRA.org and pay the $187 fee themselves, so you can qualify before you have a job offer.
It is the single exam that a state securities administrator accepts for investment adviser representative registration, which is the licence behind fee-based advice at a registered investment adviser.
The fee is $187 in every state and NASAA sets no citizenship requirement, so where you live changes neither the price nor your eligibility to sit it.
Passing it lets you qualify as an accredited investor under the SEC's August 26, 2020 order, provided you hold the investment adviser representative licence in good standing in your state.
The blueprint is 55 percent investment content: 32 scored questions on investment vehicle characteristics and 39 on client recommendations and strategies, so the material transfers directly into client work rather than sitting in a compliance manual.
In jurisdictions that adopted NASAA's Exam Validity Extension Program for investment adviser representatives, annual continuing education keeps a passed Series 65 valid for up to five years after a registration ends.
If you already hold the CFP, ChFC, MSFS, CFA, PFS or CIMA, most states will waive the exam entirely, which turns the $187 and 180 minutes into a paperwork step on Form U4 Section 8.
Exam Format & Structure
Duration
180 minutes
Questions
140 questions on the form: 130 scored plus 10 unscored pretest questions
Passing Score
92 of the 130 scored questions. NASAA states the standard as a count of scored items and warns that averaging section scores will not reproduce the overall result, because the four areas are weighted differently
Question Types
- Multiple choice, closed book
- Unidentified pretest questions mixed into the form
- Calculation items on time value of money, ratios, valuation multiples and portfolio returns
- Scenario items on client profiling, account ownership and adviser conduct
Delivery Method
Computer-based testing at Prometric test centers. FINRA states the Series 65 is available online only for candidates who require a testing accommodation, and NASAA limits online delivery to candidates who are immunocompromised and at increased risk for severe illness
Exam Domains & Topics
Twenty scored questions covering basic economics, financial reporting, analytical methods and types of risk. The analytical methods block is where the arithmetic lives: internal rate of return, net present value, future value, standard deviation, alpha, beta, Sharpe ratio, correlation and the current, quick and debt-to-equity ratios, plus price-to-earnings and price-to-book.
Key Topics to Master:
- Business cycles, monetary and fiscal policy
- Inflation, interest rates, yield curves and credit spreads
- GDP, employment indicators, trade deficit and CPI
- Income statement, balance sheet and statement of cash flow
- Qualified versus unqualified auditor opinions, cash versus accrual
- Time value of money: IRR, NPV and future value
- Descriptive statistics: mean, median, mode, range, standard deviation, alpha, beta, Sharpe, correlation
- Systematic versus unsystematic risk and capital structure liquidation priority
Thirty-two scored questions on what the products are and how they are valued. Fixed income takes the largest share, from Treasury securities and TIPS to municipal bonds and foreign sovereign debt, with duration, yield to call, yield to maturity and conversion valuation all named in the specification. Digital assets appear here as a defined topic.
Key Topics to Master:
- Insured deposits, commercial paper and Treasury bills
- Treasury securities, TIPS, asset-backed securities, corporate and municipal bonds
- Duration, yield to call, yield to maturity, credit spread and discounted cash flow
- Common, preferred, convertible preferred and floating rate preferred stock
- Open-end and closed-end funds, UITs, ETFs, REITs, hedge funds, private equity and venture capital
- Share classes, net asset value, discounts and premiums, fee structures
- Options, warrants and futures definitions
- Leveraged funds, inverse funds, structured products and exchange traded notes
- Fixed, variable and indexed annuities, whole, term, universal and variable life, commodities and digital assets
Thirty-nine scored questions, tied for the largest area. It runs from identifying the client entity through profiling, capital market theory, portfolio strategy, tax, retirement plans, ERISA, account types, ownership and estate planning, trading mechanics and performance measurement.
Key Topics to Master:
- Individuals, partnerships, LLCs, C and S corporations, trusts, estates, foundations and charities
- Client profiling: goals, cash flow, tax situation, risk tolerance, time horizon, behavioural finance
- CAPM, Modern Portfolio Theory and the Efficient Market Hypothesis
- Strategic and tactical asset allocation, active and passive styles, sector rotation, dollar-cost averaging
- Capital gains, qualified dividends, tax basis, marginal bracket, AMT, RMDs, estate and gift tax
- Traditional and Roth IRAs, Solo 401(k), 401(k), 403(b), 457, SIMPLE, SEP and nonqualified plans
- ERISA fiduciary issues, QDIA, investment policy statement and prohibited transactions
- 529 plans, Coverdell, UTMA and UGMA, HSAs, JTWROS, TIC, TBE, TOD and POD, QDROs, donor advised funds
- Order types, margin and cash accounts, payment for order flow, best execution, time-weighted and dollar-weighted returns
Thirty-nine scored questions on the statutory half of the exam. It covers adviser and adviser representative registration, notice filing, books and records, broker-dealer and agent definitions, securities and issuer registration, administrator remedies, client communications, and a long block on fiduciary and ethical obligations including custody, soft dollars and performance-based fees.
Key Topics to Master:
- Investment adviser and exempt reporting adviser definitions, notice filing, books and records
- Investment adviser representative registration, uniform form updates and continuing education
- Definitions of broker-dealer, agent, security and issuer, and exemptions from registration
- Authority of the state administrator, administrative actions, penalties and liabilities
- Required client disclosures, unlawful representations about registration, performance guarantee prohibition
- Client contracts, correspondence, advertising, social media, email and website communications
- Fees, commissions, performance-based fees, soft dollars and compensation disclosure
- Custody definition and obligations, discretion, trading authorization, standard of care and AML
- Insider trading, selling away, market manipulation, political contributions, personal securities transactions, cyber security and business continuity
Recommended Study Plan
- 1Download the NASAA Series 65 test specifications effective June 12, 2023 and record the four weights: 15, 25, 30 and 30 percent
- 2Study business cycles, monetary and fiscal policy, inflation and interest rate concepts
- 3Work through the income statement, balance sheet and statement of cash flow, plus qualified versus unqualified audit opinions
- 4Learn GDP, employment indicators, trade deficit and CPI as economic indicators
- 5Take a 40-question diagnostic covering topic I only
- 1Drill IRR, NPV and future value until you can do them without hesitating on sign conventions
- 2Memorise and practise standard deviation, alpha, beta, Sharpe ratio and correlation
- 3Work current ratio, quick ratio, debt-to-equity, price-to-earnings and price-to-book on real financial statements
- 4Separate systematic from unsystematic risk and learn capital structure liquidation priority
- 5Answer 50 calculation questions and log every error as either a formula error or a setup error
- 1Study Treasury bills, notes, bonds and TIPS, then asset-backed, corporate and municipal bonds
- 2Learn general obligation versus revenue municipal bonds and the tax treatment of each
- 3Work duration, yield to call, yield to maturity, coupon versus zero coupon and premium versus discount pricing
- 4Study bond ratings, credit spreads and call features
- 5Answer 60 questions restricted to the fixed income sub-topics of topic II
- 1Study shareholder rights, restricted stock, dividends and incentive versus nonqualified employee stock options
- 2Compare technical analysis, fundamental analysis, dividend discount and discounted cash flow valuation
- 3Work open-end versus closed-end funds, UITs, ETFs and REITs, including net asset value and discount or premium pricing
- 4Learn share classes, fee structures and the relative comparison points NASAA names: benchmarks, manager tenure, change in investment policy and style
- 5Study leveraged, inverse and structured products, exchange traded notes, and the digital asset definitions added to the specification
- 1Learn fixed, variable and indexed annuities and whole, term, universal and variable life
- 2Map the client entity types: sole proprietorship, general and limited partnership, LLC, C and S corporation, trusts, estates, foundations
- 3Build a client profile checklist: goals, cash flow, balance sheet, existing investments, tax situation, Social Security and pensions, risk tolerance, time horizon
- 4Study behavioural finance and the nonfinancial considerations NASAA lists, including environmental, social, governance and religious criteria
- 5Answer 50 questions on topic III sub-sections A and B
- 1Study CAPM, Modern Portfolio Theory and the Efficient Market Hypothesis as three separate models with distinct claims
- 2Compare strategic and tactical asset allocation, and active, passive, growth, value, income and capital appreciation styles
- 3Learn diversification, sector rotation, dollar-cost averaging, leverage, volatility management and inverse strategies
- 4Work through risk-adjusted, time-weighted, dollar-weighted, annualised, total, holding period and after-tax returns
- 5Answer 60 questions across topic III sub-sections C, D and K
- 1Study capital gains, qualified dividends, tax basis, marginal brackets, AMT and required minimum distributions
- 2Compare traditional and Roth IRAs, Solo 401(k), 401(k), 403(b), 457, SIMPLE IRA and SEP
- 3Learn ERISA fiduciary issues, the qualified default investment alternative, the investment policy statement and prohibited transactions
- 4Study 529 plans, Coverdell, UTMA and UGMA, HSAs, and the ownership forms JTWROS, TIC, TBE and community property with rights of survivorship
- 5Answer 60 questions on topic III sub-sections E through I
- 1Study the investment adviser definition, the exempt reporting adviser, notice filing and books and records requirements
- 2Learn investment adviser representative registration, exclusions, uniform form updates and the continuing education requirement
- 3Cover broker-dealer, agent, security and issuer definitions at the depth topic IV requires
- 4Map the state administrator's authority, administrative actions, penalties and liabilities
- 5Answer 50 questions on topic IV sub-sections A through F
- 1Study required client disclosures, unlawful representations about registration and the performance guarantee prohibition
- 2Work the compensation block: fees, commissions, performance-based fees, soft dollars and disclosure
- 3Separate custody, discretion and trading authorization, and learn the obligations each triggers
- 4Study insider trading, selling away, market manipulation, political contributions, personal securities transactions, initial holdings and quarterly reports
- 5Cover cyber security, privacy and data protection and the business continuity plan requirements including disaster recovery and succession planning
- 1Sit at least three timed 130-question practice exams in a single 180-minute sitting each
- 2Score each by the four topic areas and compare against the 15, 25, 30, 30 weighting to find where you are losing the most raw questions
- 3Return to any area scoring below 75 percent and rework the underlying material rather than more questions
- 4Confirm the name on your government-issued photo ID matches the name on your exam appointment exactly
- 5Reread the FINRA test center page so the 30-minute arrival, the locker rule and the restroom-only break policy are settled before the day
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Best Study Resources
NASAA Series 65 test specifications (June 2023)
Official blueprint PDFThe full four-area outline with weights and scored question counts, down to named sub-topics such as IRMAA, QDROs and digital assets.
Free
NASAA Series 65 exam content outline page
Official exam pageNASAA's statement of the 130 scored plus 10 pretest questions, the 180-minute limit, the 92-question pass standard and the $187 fee.
Free
FINRA Series 65 exam page
Official exam pageFINRA's exam description, the note that online delivery is limited to candidates requiring a testing accommodation, plus links to investment adviser representative continuing education and the Exam Validity Extension Program.
Free
NASAA exam FAQs
Official FAQCovers the 92 of 130 standard, why averaging section scores fails, the five designations that waive the exam, accredited investor status and retake waiting periods.
Free
NASAA investment adviser representative continuing education FAQ
Official FAQThe 12 credits per year rule, the mandatory split of 6 Products and Practice and 6 Ethics and Professional Responsibility, the $3 per credit reporting fee and how FINRA Regulatory Element can satisfy the products component.
Free
Kaplan Financial Education Series 65 packages
Commercial course and question bankKaplan lists Series 65 packages from a basic self-study option up to a premium package at $289 for OnDemand instruction and $319 for live online. Online access runs five months, with a five-month extension available for $49.
$159 to $319 depending on package
FINRA Prepare for Your Test Center Appointment
Official policy pageArrival, identification, locker and inspection rules, the four-function calculator and note boards supplied, restroom-only breaks with a running clock, and how the score report differs for a pass and a fail.
Free
FINRA testing accommodations guidance
Official accommodations pageThe request form, documentation standards, the roughly 10 business day review, and the aids available including extra time, private room, reader and paper-based delivery.
Free
NASAA study material vendors list
Vendor directoryNASAA's published directory of commercial Series 65 providers. NASAA states it does not endorse any vendor and cannot vouch for the accuracy of commercial study material.
Free
Common Mistakes to Avoid
Preparing for the Series 65 as a law exam.
Only 30 percent of the scored questions, 39 of 130, come from laws and regulations. The other 91 are economics, products, portfolio construction, tax and client profiling. Allocate study time against the 15, 25, 30, 30 split rather than against how the exam sounds.
Assuming 70 percent is the pass mark.
NASAA answers this directly: the passing grade is not 70 percent and is not calculated as a percentage. You need 92 of 130 scored questions, which is about 70.8 percent, and 10 unscored pretest questions sit in the form. Target 100 of 130 on practice exams to leave room.
Averaging practice section scores to predict the result.
NASAA states the parts are weighted differently, so an average of your four section percentages will not equal your overall grade. Convert each section to raw questions instead: 20, 32, 39 and 39, and add the raw counts.
Skipping the arithmetic because it looks like only a slice of topic I.
Calculations run across the exam. Time value of money and ratios sit in topic I, duration and yield to maturity in topic II, and the whole returns list in topic III. Prometric supplies only a four-function calculator, so practise these on a four-function device rather than a financial calculator.
Studying the fiduciary standard as a slogan rather than as specific obligations.
Topic IV names the components separately: compensation disclosure, soft dollars, performance-based fees, custody, discretion, trading authorization, standard of care and anti-money laundering. Learn what each requires in writing and when disclosure has to happen, because that is how the questions are built.
Sitting the exam without checking whether your designation already waives it.
Most states accept the CFP, ChFC or MSFS, CFA, PFS or CIMA instead of the Series 65, and the list was updated by NASAA membership in May 2024. You claim it by checking the box in Section 8 of Form U4, and CRD verifies against the certifying body's records. A CPA alone does not qualify.
Ignoring the retirement plan and account ownership material.
Topic III includes IRAs, Solo 401(k), 403(b), 457, SIMPLE, SEP, ERISA, 529s, Coverdell, UTMA and UGMA, HSAs, JTWROS, TIC, TBE, TOD, POD, QDROs and donor advised funds. That is a large fraction of the 39 questions in the heaviest area and it rewards flat memorisation.
Believing that passing the Series 65 makes you an accredited investor on its own.
The SEC's August 26, 2020 order covers a person holding the Series 65 licence in good standing. NASAA points out that this requires being licensed as an investment adviser representative in your state and complying with that state's requirements, not just holding a passing exam result.
Using study material that predates June 12, 2023.
The current specification took effect that day and added items such as digital assets, IRMAA, high frequency trading, cyber security and business continuity planning, along with SECURE Act 2.0 alignment. Check the effective date printed on any manual or question bank before you rely on it.
Exam Day Tips
- 1
Arrive 30 minutes before your appointment. FINRA will refuse entry if you arrive more than 30 minutes late and no seat can cover your full 180 minutes, and a new enrollment plus another $187 would be required.
- 2
Bring one valid, unexpired, government-issued photo ID carrying your signature. Expired government IDs are no longer accepted, and no electronic, photocopied or faxed ID is allowed. The name must match the appointment exactly.
- 3
Do not bring a financial calculator. Prometric provides a four-function calculator at the station, so practise IRR, NPV, duration and yield questions on that level of tool during your final two weeks.
- 4
Erasable note boards and dry-erase markers are supplied and must be returned. Use the first minutes to write out the formulas you are least confident on before the clock pressure builds.
- 5
Budget the 180 minutes against 140 questions, which is about 77 seconds each. The client recommendations and laws areas carry 39 scored questions apiece, so do not let a long calculation item in topic I eat time that those blocks need.
- 6
Breaks are restroom only, the locker stays shut, and the timer keeps running. Over a three-hour exam that matters more than it does on the shorter Series 63.
- 7
You will agree to the NASAA Qualification Examinations Rules of Conduct at check-in rather than the FINRA version, because the Series 65 is a NASAA exam that FINRA administers.
- 8
The result appears on screen as soon as you submit. A pass shows no score detail. A fail shows your overall score and your performance in each of the four topic areas, which is the diagnostic to build a retake plan around.
- 9
If you want to dispute an item, submit the FINRA Exam Question Challenge Form within 30 days of testing and make the challenge specific. FINRA responds in writing within 20 days of receiving it.
Career Paths & Salary Ranges
Investment adviser representative at a registered investment adviser
The direct use of the licence. An IAR gives advice for a fee under a fiduciary standard and is registered with the state securities administrator rather than with FINRA.
$70k-$120k
Fee-only financial planner
Planners who charge fees rather than earn commissions register as investment adviser representatives, which is why the Series 65 is the entry exam for the fee-only side of the profession.
$70k-$120k
Wealth management associate at an RIA
Associate roles supporting senior advisers on portfolio construction, client profiling and tax-aware planning draw directly on the 39 scored questions in the client recommendations area.
$70k-$120k
Investment adviser compliance analyst
Compliance staff at a state-registered or federal covered adviser apply the topic IV material daily: custody obligations, soft dollars, advertising review, personal securities transactions and books and records.
$70k-$120k
Solicitor or business development officer for an advisory firm
Individuals who solicit advisory clients often fall within the investment adviser representative definition, which puts the Series 65 or a qualifying designation on the hiring checklist.
$70k-$120k
Accountant or CPA moving into personal financial advice
NASAA states the CPA credential alone does not waive the Series 65, so accountants adding investment advice either sit the exam or earn the AICPA Personal Financial Specialist designation.
$70k-$120k
Prerequisites & Requirements
- There are no prerequisite exams. NASAA confirms the Series 65 has no co-requisite, unlike the Series 66 which requires the Series 7.
- No sponsoring firm is required. An unsponsored candidate can open an enrollment window on FINRA.org and pay the $187 fee.
- Once the request is processed, FINRA opens a 120-day window within which the appointment must be taken.
- There is no degree, work experience or age requirement published by NASAA for the Series 65.
- Passing does not permit you to give advice. A state may still require a Form U4 application, a background check, bonding and fee payment before granting registration.
- Holders of the CFP, ChFC, MSFS, CFA, PFS or CIMA can usually skip the exam entirely, subject to the individual state administrator accepting the May 2024 updated list.
Frequently Asked Questions
How many questions are on the Series 65 and how long is it?
The Series 65 form has 140 questions and a 180-minute limit. Of those, 130 are scored and 10 are unscored pretest questions that NASAA and FINRA use to trial items. The pretest questions are not identified.
What score do you need to pass the Series 65?
You need 92 of the 130 scored questions correct. NASAA states explicitly that the passing grade is not 70 percent and is not calculated as a percentage, and its FAQ addresses candidates who computed 70 percent and still received a fail result.
How much does the Series 65 cost?
NASAA lists the fee as $187, paid to FINRA. The fee is the same in every state. Your firm pays it when it files an electronic Form U4, or you pay it directly when opening an enrollment window on FINRA.org as an unsponsored candidate. Commercial prep is separate: Kaplan lists Series 65 packages from $159 to $319.
Do I need the Series 7 before taking the Series 65?
No. The Series 65 has no prerequisite and no co-requisite. That is the main structural difference from the Series 66, where NASAA and FINRA both state the Series 7 is a co-requisite that must be completed before a candidate can apply to register with a state.
What happens if I fail the Series 65?
You see the fail result on screen at the end of the appointment and receive a results report showing your overall score and your performance in each of the four topic areas. A pass gives no score breakdown. To retest, your firm re-requests through CRD or you submit a new request through FINRA, another $187 fee applies, and you receive a fresh 120-day window.
How long do I have to wait before retaking the Series 65?
A minimum of 30 days after a first failure, 30 days after a second, and 180 days after a third failure within a two-year period. Attempts more than two years old do not count toward that calculation. NASAA has approved cutting the third-attempt wait to 60 days for enrollment windows opened on or after January 4, 2027, and states it will not apply the shorter wait to windows already open.
Can I take the Series 65 online?
Only with an accommodation. FINRA states the Series 65 is available online for candidates who require a testing accommodation, and NASAA states its online exams are offered by accommodation only and only to candidates who are immunocompromised and at increased risk for severe illness. Otherwise it is delivered at a Prometric test center.
What calculator can I use on the Series 65?
Prometric provides a four-function calculator at the testing station, along with erasable note boards, dry-erase markers and noise-cancelling headphones, and all of it must be returned. You cannot bring your own calculator, so practise the time value of money, ratio and yield questions on a basic calculator rather than a financial one.
What identification do I need?
One valid, unexpired, government-issued identification with a signature and a photograph, such as a driver's licence, passport or military ID. FINRA no longer accepts expired government IDs and will not accept electronic, photocopied or faxed versions. The name on it must exactly match the name your appointment is booked under.
Which professional designations waive the Series 65?
Most states accept five: the Certified Financial Planner, the Chartered Financial Consultant or Master of Science in Financial Services from the American College, the Chartered Financial Analyst, the AICPA's Personal Financial Specialist, and the Certified Investment Management Analyst from the Investments and Wealth Institute. NASAA membership updated this list in May 2024. You claim the waiver by checking the box in Section 8 of Form U4, and CRD verifies against the certifying body's records.
Why is the CPA not enough to waive the Series 65?
NASAA reviewed what each designation requires and concluded that the AICPA's Personal Financial Specialist met the criteria but the CPA certification alone did not. NASAA's reasoning is that the Series 65 tests both investing principles and the state law governing investment advisers, particularly the ethics provisions of the Uniform Securities Act as modified by NASAA policies and rules.
Does the Series 65 expire?
Most states apply a two-year rule. You have two years from passing to become registered, and two years from the end of a registration to be re-registered, before CRD shows the exam as expired. NASAA's Exam Validity Extension Program for investment adviser representatives lets eligible individuals hold the exam valid for up to five years by completing annual continuing education, in jurisdictions that adopted the model rule.
What continuing education do I need after passing?
Investment adviser representatives registered in a jurisdiction that adopted NASAA's model rule must complete 12 continuing education credits each year: exactly 6 in Products and Practice and 6 in Ethics and Professional Responsibility. The split is mandatory, so 8 and 4 does not satisfy the requirement. A credit is at least 50 minutes of instruction, excess credits do not carry forward, and the reporting fee is $3 per credit. A dually registered person can apply FINRA's Regulatory Element to the six Products and Practice credits, self-reporting through FinPro for $18.
Does passing the Series 65 make me an accredited investor?
Not on its own. The SEC's August 26, 2020 order covers a person holding an investment adviser representative licence, the Series 65, in good standing. NASAA points to the SEC's Small Entity Compliance Guide, which says a person seeking accredited investor status through the Series 65 would also need to be licensed as an investment adviser representative in their state and to comply with all state-specific licensing requirements.
How long do results take?
You are notified of the result immediately on completing the exam, on screen through the PROCTOR system, with a printed pass or fail report at the center. If the report says your score was equated, FINRA has placed it on a common scale with other candidates' scores to adjust for small differences in difficulty between question sets.
Can I get testing accommodations?
Yes. FINRA provides modifications under the Americans with Disabilities Act, including extra administration time scaled to exam length, a private room, a reader or recorder, large print and paper-based delivery at a test center. Submit the FINRA Testing Accommodations Request Form with Part Two completed by a licensed professional who has treated or evaluated you within five years. FINRA typically responds within 10 business days and accommodations must be approved before you schedule.
How does the Series 65 compare with the Series 66?
The Series 66 covers both broker-dealer agent and investment adviser representative registration in one 100-question exam, but it requires the Series 7 as a co-requisite and costs $177. The Series 65 covers only the adviser side, has 130 scored questions and no co-requisite, and costs $187. If you work at a broker-dealer and already need the Series 7, the Series 66 is usually the efficient path. If you are going into fee-only advice with no broker-dealer affiliation, the Series 65 is the exam that fits.
Can I retake the Series 65 as many times as I want?
Yes. NASAA states there is no limit on retakes for its exams as long as the applicable waiting period is observed. Each fee and enrollment window buys a single attempt, and the waiting period applies only to the specific exam you failed.
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