The Series 65 is a securities exam that qualifies you to work as an investment adviser representative (IAR). It lets you give investment advice for compensation, but not sell securities. The exam has 130 scored questions, costs $187, and requires a 71% passing score. No sponsorship or prerequisites required.
What Is the Series 65?
The Series 65, officially known as the Uniform Investment Adviser Law Examination, is a professional licensing exam created by the North American Securities Administrators Association (NASAA) and administered by the Financial Industry Regulatory Authority (FINRA).
Passing this exam qualifies you to become an investment adviser representative (IAR). As an IAR, you can provide personalized investment advice to clients and get paid for it. This is different from stockbrokers who primarily buy and sell securities on behalf of clients. For a complete breakdown of exam fees and total costs, see our cost guide.
Investment advisers give advice about investments. Broker-dealers execute trades. The Series 65 is for advisers. The Series 7 is for brokers. Many financial professionals hold both, but they serve different functions.
The exam tests your knowledge across four major areas: economic concepts, investment products, client strategies, and securities regulations. There are no prerequisites required, and you can even take the exam without employer sponsorship, though a basic understanding of financial concepts will help.
Who Needs the Series 65?
The Series 65 is required for anyone who wants to work as an investment adviser representative. Here are the most common situations:
Financial Advisers
If you work at a registered investment adviser (RIA) firm and provide investment advice to clients, you need the Series 65. This includes wealth managers, financial planners, and retirement specialists.
Career Changers
The Series 65 has no prerequisites or sponsorship requirements. If you are exploring a career in financial services, you can take this exam independently to demonstrate your knowledge to potential employers.
RIA Firm Founders
Planning to start your own investment advisory firm? You will likely need the Series 65 to register as an IAR in most states. Some states also accept the Series 66 with a Series 7.
Investment Professionals
Portfolio managers, research analysts, and other investment professionals who provide advice to clients typically need the Series 65 or an equivalent credential.
You can skip the Series 65 entirely if you hold one of these professional designations: Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Personal Financial Specialist (PFS), or Chartered Financial Analyst (CFA). See our complete exam waivers guide for details. You still need to register as an IAR with your state.
Cover All Four Exam Sections
Economic Factors (15%), Investment Vehicles (25%), Client Recommendations (30%), and Laws & Regulations (30%): CertFuel tracks your accuracy on all 36 NASAA subtopics. Our Smart Study algorithm knows exactly where you need more work.
Access Free BetaWhat the Series 65 Qualifies You to Do
Passing the Series 65 opens specific doors in the financial services industry. Here is exactly what you can and cannot do with this license:
- Provide investment advice for compensation
- Create financial plans and investment strategies
- Manage client portfolios on a [discretionary](/series-65/glossary/discretionary-account/) basis
- Work as an investment adviser representative (IAR)
- Qualify as an [accredited investor](/series-65/glossary/accredited-investor/) ([SEC](/series-65/glossary/sec/) rule since 2020)
- Sell securities (stocks, bonds, [mutual funds](/series-65/glossary/mutual-fund/))
- Execute trades on behalf of clients
- Earn commissions from selling investment products
- Work as a stockbroker or registered representative
To sell securities, you need the SIE exam plus Series 6 or Series 7, which requires employer sponsorship.
Many financial advisers hold both advisory (Series 65 or 66) and brokerage (Series 7) licenses. This lets them provide advice AND execute trades for clients. The path you choose depends on your career goals and employer requirements. See our Series 63 vs 65 vs 66 comparison to understand the differences.
Series 65 Exam Structure
Understanding the exam format helps you prepare effectively. Here are the key details:
| Total Questions | 140 questions (130 scored + 10 unscored pretest) |
| Time Limit | 180 minutes (3 hours) |
| Passing Score | 92 out of 130 correct (approximately 71%) |
| Exam Fee | $187 per attempt |
| Format | Multiple choice, computer-based at Prometric test centers |
| Results | Immediate, shown on screen after completion |
| Scheduling Window | 120 days from registration to complete the exam |
The 10 unscored pretest questions are experimental questions NASAA uses to develop future exams. They are mixed randomly throughout the test, and you will not know which questions are scored vs. unscored. Treat every question as if it counts.
What the Exam Covers
The Series 65 tests your knowledge across four major topic areas. Here is the breakdown based on NASAA’s official test specifications (updated June 2023):
Economic Factors & Business Information
~15% of examBasic economic concepts that affect investment decisions:
- Monetary and fiscal policy, business cycles, inflation
- Financial reporting and analytical methods
- Types of risk (market, interest rate, credit, liquidity)
Investment Vehicle Characteristics
~25% of examUnderstanding different types of investments:
- Cash equivalents, fixed income securities, equities
- Pooled investments (mutual funds, ETFs, hedge funds)
- Derivatives, insurance products, alternative investments
Client Investment Recommendations & Strategies
~30% of examBuilding and managing client portfolios:
- Client profiles, suitability, investment objectives
- Portfolio management, asset allocation, diversification
- Tax considerations, retirement plans, special accounts
Laws, Regulations & Guidelines
~30% of examThe legal framework for investment advisers:
- Uniform Securities Act, Investment Advisers Act of 1940
- Registration requirements, record-keeping, disclosures
- Fiduciary duty, prohibited practices, ethical obligations
Topics 3 and 4 (Client Strategies and Regulations) make up about 60% of the exam. Many candidates focus heavily on memorizing investment products but underestimate the regulatory content. Make sure to allocate study time proportionally to these weights.
Career Paths & Salary Expectations
The Series 65 opens doors to various roles in the investment advisory industry. Here are the most common career paths:
Investment Adviser Representative (IAR)
$60k - $130k+The most direct career path. You work at a registered investment adviser (RIA) firm, providing personalized investment advice to individual and institutional clients.
Financial Planner
$55k - $120k+Help clients with comprehensive financial planning including investments, retirement, estate planning, and insurance. Often combined with CFP certification.
Wealth Manager
$80k - $150k+Work with high-net-worth clients on investment management, tax planning, and multigenerational wealth transfer. Often requires additional experience.
Retirement Specialist
$50k - $100k+Focus on retirement planning, 401(k) rollovers, and income strategies for retirees. High demand as more baby boomers enter retirement.
Salary Overview
Compensation often includes base salary plus bonuses, profit sharing, or fees based on assets under management (AUM). For detailed salary data by experience level and role, see our IAR salary guide.
Career advancement typically follows a path from associate adviser to senior adviser, then potentially to portfolio manager, branch manager, or firm owner. Additional credentials like the CFP or CFA can accelerate advancement and increase earning potential. Compare these options in our Series 65 vs CFP vs CFA guide.
How to Get Started
Ready to pursue the Series 65? Here is the step-by-step process:
Register for the Exam
Create an account on FINRA.org and open an enrollment window. Pay the $187 exam fee. No sponsorship required. See our step-by-step registration guide for details.
Choose a Prep Course
Select a study program that matches your learning style and schedule. Options range from $150 to $600+ depending on features. Choose your timeline (4, 6, or 8 weeks) with our complete study schedule guide showing daily and weekly breakdowns.
Study for 6 to 8 Weeks
Plan for 80 to 100 hours of study time. Most candidates spend 10 to 15 hours per week over 6 to 8 weeks. See our study time guide for detailed schedules. Avoid the 10 most common mistakes that cause one in three candidates to fail.
Schedule Your Exam
Book your test date at a Prometric testing center through FINRA. Schedule at least 1 to 2 weeks in advance to get your preferred time slot.
Pass and Register
After passing, register as an investment adviser representative (IAR) with your state securities regulator. Requirements vary by state.