The Series 65 pass rate is estimated at 65-70%, but this is not an official figure. NASAA does not publish pass rate data. The estimate comes from exam prep companies. Students who complete structured study programs pass at much higher rates (85-98%), meaning preparation matters more than any statistic.
Quick Facts at a Glance
Where the 65-70% Figure Comes From
If you search for “Series 65 pass rate,” you will find nearly every source citing 65-70%. But here is what most do not tell you: this number is not official.
NASAA Does Not Publish Pass Rates
The North American Securities Administrators Association (NASAA), which owns and administers the Series 65 exam, has never published official pass rate statistics. Unlike the bar exam (which publishes detailed pass rates by state and law school), NASAA keeps this data confidential.
The Estimate Comes from Prep Companies
The 65-70% figure originates from exam preparation providers who track their own students’ results and extrapolate to the broader population. While this gives us a rough idea, it has limitations:
- Different providers may define “pass rate” differently
- Self-reported data from students may be incomplete
- The figure may not account for retakers vs first-timers
- Sampling methodology varies between providers
For more on what the exam covers, see our Series 65 overview.
The 65-70% figure is useful as a general benchmark, but do not fixate on it. Your personal odds depend entirely on how well you prepare, not on what happens to the average test-taker.
Comparison to Other Securities Exams
How does the Series 65 compare to other FINRA and NASAA exams? Here is the complete picture:
| Exam | Pass Rate | Questions | Time | Passing Score |
|---|---|---|---|---|
| Series 65 | 65-70%* | 130 scored | 180 min | 71% (92/130) |
| Series 66 | 65-70%* | 100 scored | 150 min | 73% (73/100) |
| Series 63 | 80-85%* | 60 scored | 75 min | 72% (43/60) |
| Series 7 | ~71% | 125 scored | 225 min | 72% (90/125) |
| SIE | 74-82% | 75 scored | 105 min | 70% (53/75) |
*Estimated by prep companies. NASAA does not publish official data.
Key Insights
- Series 65 vs 66: Similar pass rates, but the Series 66 has a higher passing threshold (73% vs 71%). Many find the 66 harder because it is 90% regulatory content.
- Series 65 vs 63: The Series 63 has a higher pass rate but covers less material. It focuses only on state law, while the Series 65 covers investment products, economics, and regulations.
- Series 65 vs 7: The Series 7 is considered harder by most, though pass rates are similar. The Series 7 requires sponsorship and the SIE exam first.
- SIE: The entry-level exam with the highest pass rate (74% first-time, 82% overall). It is a prerequisite for Series 7 but not for Series 65.
Move From 65% Pass Rate to 85%+
The 30-35% who fail often waste time reviewing topics they already know. CertFuel's adaptive algorithm prioritizes your weakest topics, weighted by how heavily each appears on the actual exam. Study smarter, not longer.
Access Free BetaComparison to CFP and CFA
If you are considering the Series 65 alongside other financial credentials, here is how they compare:
| Credential | Pass Rate | Study Time | Difficulty |
|---|---|---|---|
| Series 65 | 65-70% | 50-100 hours | Moderate |
| CFP | 62-68% | 250-300 hours | Moderate-Hard |
| CFA Level 1 | 43-46% | 300+ hours | Hard |
| CFA Level 2 | ~45% | 300+ hours | Very Hard |
| CFA Level 3 | ~50% | 300+ hours | Very Hard |
For a detailed breakdown of how the 50-100 hour range maps to your specific background. Finance professional vs career changer. See our study time guide.
The CFA Level 1 exam has a pass rate of just 43-46%, meaning more people fail than pass. By comparison, the Series 65’s estimated 65-70% pass rate shows it is accessible with proper preparation. The CFP exam (62-68% pass rate) is similar to the Series 65, though it requires significantly more study time and prerequisites.
First-Time vs Retake Pass Rates
One of the most important distinctions in pass rate data is first-time test-takers vs retakers.
What Prep Companies Report
Exam prep providers consistently report that students who complete their programs pass at much higher rates than the general population:
Why the Difference?
The gap between prep company pass rates (85-98%) and the general estimate (65-70%) tells us something important:
- Many test-takers are underprepared. Some rely only on free resources or skip practice exams.
- Structured preparation works. Following a curriculum and taking practice tests dramatically improves outcomes.
- Retakers pull down the average. Someone failing three times counts three times in aggregate statistics.
Instead of asking “What is the pass rate?” ask yourself: “Am I preparing like someone in the 85%+ group or the 65% group?” Your answer determines your odds far more than any statistic.
Factors That Affect Your Chances
Research and prep company data suggest several factors correlate with higher pass rates:
- Finance or economics degree
- CPA, CFA, or similar credentials
- Work experience in financial services
- Completing a structured study program
- Taking 500+ practice questions
- Scoring 75%+ on practice exams
- Studying for 60+ hours
- Rushing to take the exam
- Skipping practice tests
- Passive studying (only reading)
- Ignoring weak topic areas
- Test anxiety without preparation
- Cramming in final days
- Underestimating the regulatory section
The Regulatory Section Matters Most
Laws, Regulations, and Guidelines makes up 33% of the exam. Many candidates with finance backgrounds breeze through investment concepts but struggle with the regulatory section. This is where underprepared candidates often fail.
Understanding these specific regulatory failures is crucial. Our common mistakes guide identifies the top patterns in regulatory questions that trip up even knowledgeable candidates. Helping you avoid the same pitfalls.
How to Put Yourself in the Top Percentile
Here is how to move from the 65-70% average to the 85%+ tier:
Use a Structured Study Program
Follow a curriculum designed by exam experts. Random YouTube videos and free PDFs are not enough. Invest in proven study materials. Our detailed study schedule guide provides 4-week, 6-week, and 8-week timelines with day-by-day breakdowns. The structured curriculum this step recommends.
Take Full-Length Practice Exams
Simulate real exam conditions: 180 minutes, no breaks, no notes. Aim for at least 3 full practice exams before test day. Once you’ve taken multiple practice exams under realistic conditions, our exam day guide prepares you for what to expect on the actual test. From Prometric check-in procedures to time management and anxiety management strategies during those critical 180 minutes.
Target 75%+ on Practice Tests
Since the passing score is 71%, aim for a comfortable margin. Students who consistently score 75%+ on practice exams rarely fail the real thing.
Focus on Your Weak Areas
Do not keep reviewing what you already know. Use adaptive tools or track your practice scores by topic to identify gaps.
Master the Regulatory Section
The Uniform Securities Act and registration requirements trip up many candidates. Do not underestimate this 33% of the exam.
What If You Fail?
Failing is not the end. Many successful advisors passed on their second or third attempt. Here is what you need to know:
For a complete retake strategy guide. Including how to analyze your score report, avoid repeating mistakes, and prepare differently the second time. See our failed Series 65 guide.
Retake Waiting Periods
| Attempt | Waiting Period | Fee |
|---|---|---|
| After 1st failed attempt | 30 days | $187 |
| After 2nd failed attempt | 30 days | $187 |
| After 3rd failed attempt | 180 days (6 months) | $187 |
Score Report Analysis
After a failed attempt, you receive a score report showing your performance by section. Use this to identify weak areas:
- Did you struggle with regulations? Focus there.
- Were investment concepts the issue? Review product characteristics.
- Time management problems? Practice with timed exams.
Common Retake Mistakes to Avoid
- Studying the same way. If your approach did not work, change it.
- Rushing to retake. Use the full 30 days to properly prepare.
- Only studying weak areas. You still need to maintain knowledge in strong areas.
- Skipping practice exams. Take at least two full practice tests before retaking.
The Bottom Line
The pass rate is a blended average that includes underprepared first-timers, multiple retakers, and well-prepared candidates. It does not predict your individual outcome.
The candidates who use structured study programs, take practice exams, and dedicate 50-100 hours to preparation pass at rates of 85-98%.
Your job is not to worry about the 65-70%. Your job is to prepare in a way that puts you in the 85%+ group.