Series 65

Series 65

Offered by NASAA (administered by FINRA)

The Series 65 (Uniform Investment Adviser Law Examination) qualifies individuals as investment adviser representatives under state law. It covers...

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Series 65 exam at a glance

Format

140 multiple-choice questions (130 scored + 10 unidentified pretest)

Duration

180 minutes

Delivery

Prometric test center (FINRA-administered)

Passing score

92 of 130 scored questions correct

Exam cost

$187 USD

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

About the Series 65 certification

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.

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).

Official exam page· Details verified 2026-08

What the Series 65 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%
How to study for the Series 65
  1. 1Download the NASAA Series 65 content outline.
  2. 2Split study between products/recommendations (55%) and law/ethics (30%).
  3. 3Learn fiduciary duty, Form ADV, and state vs. federal adviser registration.
  4. 4Practice 180-minute exams; 92/130 is about 71%.
  5. 5Apply to your state securities regulator after you pass — the exam alone is not a license.
Series 65 — frequently asked questions

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.