There are no prerequisites for the Series 65 exam. No degree, no work experience, no prior exams, no employer sponsorship. Anyone can register through FINRA’s Form U10, pay the $187 fee, and schedule their exam at a Prometric testing center.
The Simplest Licensing Path
The Series 65 stands out among securities exams for its accessibility. While most FINRA exams require employer sponsorship and sometimes prior exams, the Series 65 requires nothing but your motivation and the $187 exam fee.
This makes it the most accessible entry point into the investment advisory profession. For a complete overview of what the exam covers, see our What Is the Series 65? guide.
The lack of prerequisites means you can prove your competence before job hunting. Many career changers and aspiring advisers pass the Series 65 first, then use the credential to stand out when interviewing with RIA firms. Learn more in our taking the exam without a sponsor guide.
How the Series 65 Compares to Other Exams
Most securities exams have prerequisites. The Series 65 is a notable exception:
| Exam | Prerequisites | Sponsor Required? |
|---|---|---|
| Series 65 | None | No |
| Series 66 | Series 7 (or taken concurrently) | No |
| Series 63 | None | No |
| Series 7 | SIE exam | Yes |
| Series 6 | SIE exam | Yes |
| SIE | None | No (but uses Form U4) |
The Series 65 is a NASAA exam (state-level), while the Series 6 and Series 7 are FINRA exams. NASAA designed its exams to be accessible to independent candidates who want to work as investment advisers. For a detailed breakdown of how these exams differ, see our Series 63 vs 65 vs 66 comparison.
What You Do NOT Need
Let’s be explicit about what the Series 65 does not require:
No College Degree
No educational requirements of any kind. You can take the exam without a high school diploma, college degree, or any formal education in finance.
No Work Experience
No prior experience in financial services, investment management, or any related field. Complete beginners pass this exam regularly.
No Prior Exams
Unlike the Series 7 (which requires the SIE), the Series 65 has no prerequisite exams. It’s completely standalone.
No Employer Sponsorship
You can self-register through FINRA’s Form U10. No need to be employed at a financial firm or have a job offer.
What Helps (But Isn’t Required)
While there are no formal prerequisites, certain backgrounds can give you a head start:
Finance or Economics Background
If you’ve studied or worked in finance, accounting, or economics, you’ll recognize many exam concepts. About 40% of the exam covers investment products, client strategies, and economic factors.
Legal or Regulatory Experience
Approximately 30% of the exam covers laws and regulations. Attorneys, compliance professionals, and those familiar with regulatory frameworks often find this section more intuitive.
Quantitative Skills
The exam includes some math (present value, yield calculations, portfolio statistics). If you’re comfortable with basic algebra and financial formulas, these questions are straightforward.
Strong Study Habits
Ultimately, your preparation matters more than your background. Candidates from non-finance fields pass regularly by following structured study plans and using quality prep materials.
Your background might make some topics easier, but it won’t make or break your success. Focused study time and good preparation strategies matter more than any prerequisite could. Most candidates need 50-100 hours of study time over 4-8 weeks.
Your Background Doesn't Limit You
CertFuel's adaptive algorithm learns your strengths and weaknesses across all 36 NASAA subtopics. Whether you're from finance or another field entirely, our spaced repetition system focuses your study time where it matters most.
Access Free BetaWhen to Take the Series 65
Without prerequisites blocking your path, timing becomes a strategic choice:
Career Changers
Pass the exam before applying to RIA firms. Having the credential demonstrates commitment and reduces your employer’s onboarding time and cost.
Current Finance Professionals
Take it when your firm requires IAR registration, or proactively to open up fee-based advisory roles and career advancement.
Future RIA Firm Owners
Pass early in your business planning process. You’ll need the credential to register as an IAR when your firm launches.
Adjacent Professionals
CPAs, attorneys, and insurance agents often add the Series 65 to expand their services. Take it when you’re ready to offer investment advice.
Credentials That Waive the Exam
If you already hold certain professional designations, you may not need to take the Series 65 at all:
| Credential | Full Name | Waiver Status |
|---|---|---|
| CFP | Certified Financial Planner | Waives Series 65 in most states |
| CFA | Chartered Financial Analyst | Waives Series 65 in most states |
| ChFC | Chartered Financial Consultant | Waives Series 65 in most states |
| PFS | Personal Financial Specialist | Waives Series 65 in most states |
| CIC | Chartered Investment Counselor | Waives Series 65 in most states |
Waiver acceptance varies by state. Most states follow NASAA’s model rule, but always check with your state securities regulator. You’ll still need to register as an IAR through Form U4 even with a waiver. See our complete exam waivers guide for state-by-state details.
Common Misconceptions
- Anyone can take the Series 65 regardless of background
- Career changers frequently pass on their first attempt
- No degree, certification, or experience is required
- Self-study with quality materials is often sufficient
- The exam tests your preparation, not your pedigree
- "You need a finance degree to understand the material"
- "Only people already in finance can pass"
- "You need the SIE exam first"
- "You must work at a firm to take it"
- "It's only for experienced professionals"
Registration Is Straightforward
Without prerequisites, registration is simply:
- Create a FINRA account at FINRA.org
- Complete Form U10 online (about 15 minutes)
- Pay the $187 exam fee via credit or debit card
- Wait for confirmation (2-3 business days)
- Schedule at Prometric within your 120-day window
That’s it. No approvals to wait for, no prerequisites to complete, no sponsors to find. For detailed instructions, see our step-by-step registration guide.
Required Prerequisites: None
Helpful Backgrounds (not required):
- Finance, economics, or accounting knowledge
- Legal or regulatory experience
- Quantitative/math comfort
- Strong study habits
Exam Waivers Available For:
- CFP, CFA, ChFC, PFS, CIC holders
To Register:
- $187 exam fee
- Valid ID
- 120 days to schedule and take the exam
The Series 65 is one of the most accessible professional credentials in financial services. Your background is less important than your commitment to preparing well and avoiding common mistakes.