Yes, you can take the Series 65 without a sponsor. Unlike the Series 7 and most other securities exams, the Series 65 allows self-registration through FINRA’s Form U10. This makes it one of the most accessible pathways into the investment advisory profession.
The Short Answer: Yes, and Here’s Why That Matters
The Series 65 is one of the few securities exams that does not require employer sponsorship. You can register independently through FINRA, pay the $187 exam fee yourself, and schedule your test at any Prometric center.
This matters because it means you can:
- Prove your competence before job hunting by having the credential ready when you interview
- Explore the career without committing to a specific firm first
- Start your own RIA firm without needing an employer to sponsor your exam
- Add investment advisory services to an existing practice (CPAs, attorneys, insurance agents)
The Series 65 is a state-level exam administered by NASAA (North American Securities Administrators Association), not FINRA. While FINRA handles the logistics, NASAA designed the exam to be accessible to anyone seeking to become an Investment Adviser Representative, regardless of current employment status.
Why the Series 65 Is Different from Other Exams
Understanding why the Series 65 is unique helps explain why this pathway exists and how to use it to your advantage.
| Exam | Purpose | Sponsor Required? | Self-Registration? |
|---|---|---|---|
| Series 65 | Investment Adviser Representative | No | Yes (Form U10) |
| Series 66 | Combined IAR + Agent | No | Yes (Form U10) |
| Series 63 | State Securities Agent | No | Yes (Form U10) |
| Series 7 | General Securities Rep | Yes | No (Form U4) |
| Series 6 | Investment Company Products | Yes | No (Form U4) |
| SIE | Securities Industry Essentials | Yes* | No (Form U4) |
*The SIE can technically be taken before association with a firm, but FINRA still requires Form U4 registration.
The key distinction is that the Series 65, 66, and 63 are state-level exams (administered through NASAA), while the Series 7, 6, and SIE are FINRA exams. NASAA designed its exams to be accessible to independent candidates. For a detailed comparison of these exams, see our Series 63 vs 65 vs 66 guide.
Who Benefits Most from Self-Registration?
While anyone can self-register, certain candidates find this pathway especially valuable:
Career Changers
Transitioning from another industry? Pass the exam first to demonstrate commitment and competence when interviewing with RIA firms. It shows you’re serious about the career change.
Future RIA Owners
Planning to start your own registered investment adviser firm? You’ll need to pass the Series 65 (or equivalent) to register as an IAR. Getting it done early lets you focus on business setup.
Fee-Only Planners
Want to provide investment advice for fees rather than commissions? The Series 65 is the standard entry point for fee-only advisers. No need to work for a broker-dealer first.
Adjacent Professionals
CPAs, attorneys, and insurance agents often add investment advisory services to their practices. Self-registration lets you earn the credential on your own timeline.
How to Register for the Series 65 Without a Sponsor
Self-registration uses FINRA’s Form U10 (not Form U4, which is for firm-sponsored candidates). Here’s the step-by-step process:
Create a FINRA Account
Visit FINRA.org and create an account for the Test Enrollment Services System (TESS). You’ll need:
- Full legal name (matching your government ID)
- Social Security Number
- Valid email address
- Mailing address
Complete Form U10 Online
Fill out the interactive Form U10, selecting Series 65 as your exam. The form is only available online (no paper version). Be accurate with your personal information as it must match your ID on exam day.
Pay the $187 Exam Fee
Submit payment directly to FINRA. This is the only required fee for registration. Credit and debit cards are accepted.
Wait for Confirmation
FINRA will process your request and send confirmation via email. This typically takes a few business days. Your confirmation includes your 120-day enrollment window.
Schedule at Prometric
Once confirmed, visit Prometric.com to choose your test center and date. Schedule early to secure your preferred date, especially during busy periods.
You have 120 days from FINRA’s confirmation to take the exam. If you’re not ready to test soon, consider waiting to submit your Form U10 until you’ve made significant progress in your studies. Most candidates need 4 to 8 weeks of focused study time. Use self-paced study methods like spaced repetition flashcards to maximize retention without instructor dependency. See our complete registration guide for detailed steps.
Costs Without a Sponsor
When you self-register, you’re responsible for all costs. Here’s what to budget:
| Expense | Cost | Notes |
|---|---|---|
| Exam Fee (FINRA) | $187 | Required, paid during Form U10 submission |
| Study Materials | $99 to $500 | Prep courses vary by provider and features |
| Retake Fee (if needed) | $187 | Same as original exam fee |
| State Registration | $50 to $300 | Paid after passing, varies by state |
Total out-of-pocket cost: $300 to $700 to pass the exam, plus state registration fees after. For a complete breakdown, see our Series 65 cost guide.
Compare this to being sponsored: employers typically pay the exam fee and often cover study materials. However, they may require employment commitments or repayment clauses if you leave within a certain timeframe. Self-funding gives you complete flexibility.
What Happens After You Pass
Passing the Series 65 is a significant milestone, but it’s not the final step. Here’s what comes next:
1. You Have a Passing Score, Not a License
The Series 65 is an exam, not a license. Your passing score qualifies you to register as an Investment Adviser Representative (IAR), but you need to actually register through a firm and with your state to practice.
2. State Registration Required
To work as an IAR, you must register with your state securities regulator. Requirements typically include:
- Application through Form U4 (filed by the RIA firm you work for)
- Background check and fingerprinting
- State registration fee ($50 to $300 depending on the state)
- Passing scores documentation
3. The Two-Year Clock
Here’s the important part: if you go more than two years without being registered as an IAR in any state, most states will require you to retake the exam. This isn’t the exam “expiring.” It’s the state deciding you need to prove current knowledge.
NASAA’s Examination Validity Extension Program (EVEP) allows eligible individuals to maintain exam validity for up to five years by completing annual continuing education. This is valuable if you pass the exam but aren’t immediately ready to register as an IAR.
4. Continuing Education
Once registered, most states require 12 hours of annual continuing education: 6 hours on products and practices, and 6 hours on ethics and professional responsibility. This follows NASAA’s model rule adopted by most states.
Common Misconceptions
I need a finance degree to take the Series 65.
False. There are no educational prerequisites. Anyone can register and take the exam regardless of their background.
Passing the Series 65 lets me immediately start advising clients.
Not quite. You need to register with your state through an RIA firm to legally provide investment advice. The exam is the first step, not the only step.
I should wait until I have a job offer to take the exam.
Not necessarily. Many career changers pass the exam first to demonstrate commitment. However, don’t let your passing scores sit unused for more than two years.
Self-registering is more complicated than going through an employer.
It’s actually straightforward. Form U10 is a simple online form. The process takes about 15 minutes plus a few days for FINRA processing.
If I fail, I have to wait months to retake.
Partially true. After your first or second failure, you wait 30 days. After a third failure (within two years), you wait 180 days. Use this time to study more effectively.