The Series 65 costs $350 to $1,000+ total. This includes the $187 exam fee, $150 to $500 for study materials, and $25 to $200 for state registration. Most candidates spend around $500 to $600 to get fully licensed.
Series 65 Exam Fee
The official Series 65 exam fee is $187, payable to FINRA when you register. This is the standard fee set by NASAA (North American Securities Administrators Association) and has remained stable for several years.
| Fee Type | Amount | When Paid |
|---|---|---|
| Series 65 Exam | $187 | At registration via FINRA |
| Retake (if needed) | $187 | Each additional attempt |
How the Exam Fee Compares to Other NASAA Exams
| Exam | Fee | Purpose |
|---|---|---|
| Series 63 | $147 | State law exam for agents |
| Series 65 | $187 | Investment adviser representative |
| Series 66 | $177 | Combined state law and adviser (requires Series 7) |
After paying the $187 fee, you have 120 days to schedule and take your exam. If you miss this window, your registration expires and you must pay again. Plan your study schedule accordingly. See our registration guide for step-by-step instructions.
Study Material Costs
Quality study materials are the biggest variable in your total cost. Here is what you can expect to pay:
Budget Option: $150-$250
Basic prep courses with question banks and study guides. Good for self-motivated learners with finance backgrounds. May lack video instruction or adaptive features.
Mid-Range Option: $250-$400
Comprehensive courses with video lectures, practice exams, and some adaptive learning. Best value for most candidates. Includes pass guarantees from some providers.
Premium Option: $400-$600+
Full-featured programs with live instruction, one-on-one tutoring, or extensive question banks. Best for those who need extra support or have failed previously.
Free Resources: $0
Limited free content exists online, but it is not comprehensive. You can supplement paid courses with free flashcards or YouTube videos, but relying solely on free resources is risky.
Popular Study Providers
| Provider | Price Range | Key Features |
|---|---|---|
| Kaplan | $349-$649 | Comprehensive content, QBank, pass guarantee |
| STC | $329-$499 | Video lectures, practice exams, mobile app |
| Achievable | $199 | Adaptive learning, spaced repetition, modern UI |
| Knopman Marks | $350-$500 | Instructor-led, focused content, strong support |
The Series 65 has about a 68% pass rate, meaning roughly one-third of candidates fail. Failing costs you another $187 exam fee plus weeks of additional study time. Investing an extra $100 to $200 in quality prep materials often pays for itself by helping you pass the first time. See our guide on what to do if you fail.
Study Smarter, Not Longer
CertFuel uses FSRS v5 spaced repetition to show you exactly what you need to review. Our adaptive algorithm tracks your performance across all 36 NASAA subtopics so you focus on weak areas, not what you already know.
Access Free BetaState Registration Fees
After passing the Series 65, you must register as an investment adviser representative (IAR) with your state. Registration fees vary significantly by state. For a complete guide to the registration process, see our state registration guide.
Common State Registration Fees
| State | Initial Fee | Annual Renewal |
|---|---|---|
| California | $50 | $50 |
| Texas | $50 | $50 |
| Florida | $50 | $50 |
| New York | $50 | $50 |
| Illinois | $75 | $75 |
| Georgia | $255 | $100 |
| North Carolina | $75 | $75 |
In addition to state fees, there is a $15 IARD (Investment Adviser Registration Depository) system processing fee for each Form U4 submission. This is a one-time fee when you first register.
Multi-State Registration
If you plan to work with clients in multiple states, you will need to register in each state. Fees add up quickly:
- 2-3 states: Add $100-$300 to your total cost
- 10+ states: Can exceed $1,000 in registration fees alone
Most advisers start with one or two states and add more as their client base grows.
Hidden and Optional Costs
Beyond the main expenses, budget for these potential additional costs:
Fingerprinting: $30-$75
Many states require fingerprint-based background checks for IAR registration. This is typically a one-time cost handled through an approved vendor like IdentoGO.
Continuing Education: $100-$300/year
Some states require ongoing CE credits to maintain your registration. Not all states require this, but plan for it if you register in states with CE requirements.
E&O Insurance: $500-$2,000/year
Many RIA firms require or recommend Errors and Omissions insurance. This is typically an ongoing annual cost once you are actively advising clients.
Optional Practice Exams: $50-$150
Some candidates purchase additional practice exams beyond what is included in their prep course. These can be helpful if you want more question variety.
Total Investment Calculator
Here is how the costs add up for a typical candidate:
| Cost Category | Budget Estimate | Mid-Range Estimate | Premium Estimate |
|---|---|---|---|
| Exam Fee | $187 | $187 | $187 |
| Study Materials | $150 | $300 | $500 |
| State Registration | $50 | $75 | $150 |
| IARD Fee | $15 | $15 | $15 |
| Fingerprinting | $30 | $50 | $75 |
| Total | $432 | $627 | $927 |
Many financial services firms reimburse exam fees and study materials, especially if the Series 65 is required for your role. Ask your employer about their policy before paying out of pocket. Some firms pay upfront; others reimburse after you pass.
How to Minimize Your Costs
Pass the First Time
The most expensive outcome is failing. Each retake costs $187 plus weeks of additional study time. Invest in quality prep materials and plan for 50-100 hours of focused study to maximize your chances of passing on the first attempt.
Check for Employer Coverage
Ask your employer if they cover exam fees, study materials, or registration costs. Many firms have education budgets specifically for licensing expenses.
Look for Bundle Discounts
Some prep providers offer discounts when you bundle the Series 65 with other exams or purchase extended access. If you plan to take multiple exams, bundle pricing can save $50-$100.
Use Your Prep Course Fully
Most candidates only use 60-70% of their prep course materials. Use effective study methods like spaced repetition to systematically work through your entire prep course. Make sure you are getting full value from what you paid for before buying additional resources.
Start with One State
You only need to register in one state to begin working. Register where you plan to work first, then add states as needed. This spreads out registration costs over time.
Is the Series 65 Worth the Cost?
- Entry-level advisory salaries: $50,000-$80,000
- Experienced advisers: $100,000-$200,000+
- No sponsorship required to take the exam
- Investment pays for itself within months of employment
- Opens doors to multiple career paths
- Upfront cost of $400-$1,000 before earning income
- 30-35% fail rate means risk of retake costs
- State registration is ongoing annual expense
- May need additional licenses for some roles
For most people pursuing a career as an investment adviser, the Series 65 provides excellent return on investment. The total cost of $400-$1,000 is minimal compared to the earning potential it unlocks. For a detailed ROI analysis, see our guide on whether the Series 65 is worth it.
Exam fee: $187 (paid to FINRA at registration)
Study materials: $150-$500 depending on the provider and features you choose
State registration: $25-$200+ depending on your state
Additional costs: $50-$200 for IARD fees, fingerprinting, and other miscellaneous expenses
Total investment: Plan for $400-$700 for a typical candidate, or up to $1,000+ if you choose premium prep materials or register in multiple states
The best way to minimize costs is to pass the first time. Quality preparation is an investment, not an expense.