Series 65
Uniform Investment Adviser Law Examination
The Series 65 (Uniform Investment Adviser Law Examination) qualifies individuals as investment adviser representatives under state law. It covers economics, investment vehicles, client recommendations, and the laws that prohibit unethical advisory practices.
EXAM AT A GLANCE
Format
140 multiple-choice questions (130 scored + 10 unidentified pretest)
Testing time
180
minutes
Sections
4
Delivery
Prometric test center (FINRA-administered)
Passing score
92
Cost
$187 USD
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What the exam covers
Economic Factors and Business Information
15%
Investment Vehicle Characteristics
25%
Client Investment Recommendations and Strategies
30%
Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices
30%
About the Series 65 exam
Unlike the Series 7, NASAA does not require broker-dealer sponsorship to sit the Series 65 — though a state still must register you before you can advise for compensation.
Who it’s for
People seeking state registration as an investment adviser representative (IAR).
- Passing score
- 92 of 130 scored questions correct
- Validity
- Tied to IAR registration; EVEP may extend validity up to five years in adopting states with required CE
- Prerequisites
- No exam prerequisite; no FINRA-member sponsorship required to sit
Official exam page· Details verified August 2026
Exam details can change. Always confirm current requirements, fees, and exam policies with the certification provider before registering.
How to prepare
01
Download the NASAA Series 65 content outline.
02
Split study between products/recommendations (55%) and law/ethics (30%).
03
Learn fiduciary duty, Form ADV, and state vs
federal adviser registration.
04
Practice 180-minute exams; 92/130 is about 71%.
05
Apply to your state securities regulator after you pass — the exam alone is not a license.
FAQ
Do I need a sponsor for the Series 65?
No. You can sit without a FINRA-member firm. You still cannot act as an IAR until a state registers you.
Series 65 or 66?
Series 65 is the standalone IAR exam. Series 66 is the combined agent + IAR exam and requires the Series 7 (and SIE) as a co-requisite.
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