Securities & FINRA20 min read

Series 65 Salary 2026: $55K-$300K+ IAR Career Paths

Series 65 holders earn $55K-$300K+ as investment adviser reps in 2026. See salary by role, RIA vs wirehouse pay, top career paths, and CFP combo value.

Ran Chen, EA, CFP®February 14, 2026

Key Facts

  • The Series 65 exam requires a $187 registration fee payable to FINRA, with no firm sponsorship required (FINRA).
  • The Series 65 exam has 130 scored questions plus 10 pretest questions, with a 180-minute time limit (FINRA).
  • The Series 65 passing score requires correctly answering 92 of 130 scored questions, approximately 70.8% (NASAA).
  • The Series 65 requires no firm sponsorship and no prerequisite exams, making it accessible to career changers (FINRA).
  • Personal financial advisors earned a median annual wage of $102,140 in May 2024, with the top 10% exceeding $239,200 (BLS OEWS).
  • Personal financial advisor employment is projected to grow 10% from 2024 to 2034, much faster than the 3% national average (BLS).
  • The Bureau of Labor Statistics projects approximately 24,100 annual openings for personal financial advisors through 2034 (BLS).
  • Series 65 designation waivers are available for holders of CFA, ChFC, PFS, CFP, MSFS, and CIMA credentials (NASAA, May 2024).
  • CFP professionals earn approximately 10-13% more than non-CFP financial planners after controlling for experience and region (CFP Board).
  • Cerulli Associates projects $84.4 trillion in wealth will transfer through 2045, driving long-term demand for financial advisors (Cerulli).

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Last updated: July 2026 | Data sources: Bureau of Labor Statistics (BLS, May 2024), NASAA, FINRA, CFP Board

Series 65 Career & Salary: What You Can Earn in 2026

The Series 65 exam (Uniform Investment Adviser Law Examination) is your gateway to a career as an Investment Adviser Representative (IAR) — a professional who provides investment advice for compensation. But what can you actually earn, and what career paths does the Series 65 unlock?

The short answer: $55,000 to $300,000+ annually, depending on your role, experience, firm type, and geographic location. The median salary for personal financial advisors is $102,140 (BLS, May 2024), with the top 10% earning over $239,200 and successful firm owners regularly exceeding $500,000.

This guide breaks down every major career path available to Series 65 holders, with verified salary data, growth projections, and strategic advice on which path fits your goals.


Investment Adviser Representative (IAR) Salary Overview

The Series 65 qualifies you to work as an IAR — someone who provides investment advice on behalf of a Registered Investment Adviser (RIA) firm. Here is the full salary spectrum based on Bureau of Labor Statistics data for personal financial advisors (SOC 13-2052).

Salary Distribution (BLS OEWS, May 2024)

PercentileAnnual Wage
10th percentile (entry level)$49,990
25th percentile$70,620
Median (50th percentile)$102,140
Mean (average)$160,210
75th percentile$172,540
90th percentile$239,200+

Note: The mean ($160,210) exceeds the median ($102,140) because a subset of high-earning advisors and firm owners pulls the average upward. OEWS data excludes self-employed advisors, meaning actual earnings for independent RIAs may be higher than shown here.

What Drives the Wide Salary Range?

The gap between $50,000 and $239,000+ is driven by several key factors:

1. Assets Under Management (AUM) The most significant salary driver for fee-based advisors. An advisor managing $50 million in client assets at a 1% fee generates $500,000 in annual revenue, while one managing $5 million generates $50,000.

2. Experience Level Entry-level IARs (0-3 years) typically earn $55,000-$85,000 in total compensation. Mid-career advisors (5-10 years) earn $90,000-$160,000. Senior advisors (10+ years) with established books of business regularly exceed $200,000.

3. Compensation Model Fee-only, fee-based, and commission-based advisors have fundamentally different compensation structures that significantly affect total earnings (detailed breakdown below).

4. Firm Type and Size Large RIA firms, wirehouses, and independent practices offer different compensation levels and career trajectories.

5. Geographic Location Advisors in high-cost-of-living financial hubs earn significantly more than those in smaller markets, though remote advisory work is expanding geographic flexibility.


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Top Career Paths for Series 65 Holders

1. Investment Adviser Representative at an RIA Firm

Salary Range: $60,000 - $200,000+

This is the most common career path for Series 65 holders. You work at a Registered Investment Adviser (RIA) firm providing investment advice to individual clients or institutions.

Typical responsibilities:

  • Building and managing client portfolios based on financial goals
  • Conducting financial planning (retirement, education, estate)
  • Rebalancing portfolios and monitoring performance
  • Meeting with clients quarterly or semi-annually
  • Generating new business through referrals and prospecting

Salary progression:

ExperienceBase SalaryTotal Compensation (with bonuses)
0-2 years (Associate)$55,000-$75,000$60,000-$90,000
3-5 years (Advisor)$75,000-$110,000$90,000-$140,000
5-10 years (Senior Advisor)$100,000-$150,000$130,000-$200,000
10+ years (Lead/Partner)$120,000-$200,000$180,000-$350,000+

Best for: Candidates who want a stable career trajectory with mentorship and established infrastructure.

2. Wealth Manager

Salary Range: $80,000 - $300,000+

Wealth managers serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, providing comprehensive financial advice that goes beyond investment management to include tax planning, estate planning, philanthropic strategies, and multi-generational wealth transfer.

Why it pays more: HNW clients have larger portfolios, generating higher fees. A wealth manager serving 50 clients with an average of $5 million each manages $250 million in AUM. At a 0.75% fee, that generates $1.875 million in annual revenue.

Salary progression:

ExperienceBase SalaryTotal Compensation
0-3 years (Associate)$65,000-$90,000$75,000-$110,000
3-7 years (Wealth Advisor)$90,000-$140,000$120,000-$200,000
7-15 years (Senior Wealth Manager)$130,000-$200,000$180,000-$300,000
15+ years (Managing Director/Partner)$180,000-$300,000$250,000-$500,000+

Best for: Candidates who enjoy deep client relationships and want to work with affluent clients on complex financial situations.

3. Financial Planner

Salary Range: $55,000 - $180,000+

Financial planners take a holistic approach to clients' finances, creating comprehensive plans covering investments, retirement, insurance, taxes, and estate planning. The Series 65 enables the investment advisory component.

Key distinction: Financial planners often focus on the plan rather than managing investments directly. Many charge flat fees or hourly rates for planning services, with separate fees (or referrals) for investment management.

Salary progression:

ExperienceBase SalaryTotal Compensation
0-3 years (Paraplanner)$50,000-$70,000$55,000-$80,000
3-5 years (Financial Planner)$70,000-$100,000$80,000-$120,000
5-10 years (Senior Planner/CFP)$95,000-$140,000$110,000-$170,000
10+ years (Lead Planner/Partner)$120,000-$180,000$150,000-$250,000+

Best for: Candidates who prefer comprehensive financial planning over pure investment management and value the planning process itself.

4. Independent RIA Firm Owner

Salary Range: $100,000 - $500,000+

Starting your own RIA firm is one of the most lucrative paths available to Series 65 holders. As a solo practitioner or small firm owner, you keep a much larger share of the revenue your practice generates.

Economics of an independent RIA:

AUM ManagedFee RateAnnual RevenueOwner Take-Home (est.)
$25 million1.0%$250,000$150,000-$200,000
$50 million1.0%$500,000$250,000-$350,000
$100 million0.85%$850,000$400,000-$550,000
$200 million0.75%$1,500,000$600,000-$900,000+

Timeline to profitability: Most solo RIA practices take 2-4 years to become sustainable, requiring $15-$30 million in AUM to cover overhead and provide a competitive salary. Growth accelerates after the initial client-building phase.

What you need beyond the Series 65:

  • State RIA registration (or SEC registration if AUM exceeds $100 million)
  • Compliance infrastructure (ADV filing, client agreements, disclosures)
  • Technology stack (portfolio management, CRM, financial planning software)
  • Business development skills and a client pipeline

Best for: Entrepreneurial candidates with existing networks, business development skills, and a willingness to build a practice from the ground up.

5. Robo-Advisor and FinTech Advisory Roles

Salary Range: $70,000 - $160,000+

The growing robo-advisory and FinTech sector needs Series 65 holders for compliance, product development, and hybrid advisory roles that combine technology with human advice.

Common roles:

  • Hybrid advisor: Provides human advice augmented by robo-advisory technology ($75,000-$130,000)
  • Advisory product manager: Develops and manages digital advisory products ($90,000-$160,000)
  • Compliance analyst: Ensures FinTech advisory platforms meet regulatory requirements ($70,000-$120,000)
  • Client success manager: Manages HNW client relationships at digital platforms ($80,000-$140,000)

Best for: Candidates who want to combine financial advisory knowledge with technology and innovation.

6. Insurance and Annuity Advisory

Salary Range: $55,000 - $150,000+

Some Series 65 holders specialize in advising clients on insurance products and annuities within a fee-based advisory framework. This is distinct from insurance sales — you provide advice about insurance products rather than earning commissions from selling them.

Best for: Candidates interested in retirement income planning, annuity evaluation, and insurance needs analysis within a fiduciary framework.


Fee-Only vs. Fee-Based vs. Commission-Based Compensation

Understanding the three main compensation models is critical for career planning, as they fundamentally shape your earning potential, client relationships, and professional obligations.

Fee-Only Advisors

How they earn: Flat fees, hourly rates, or a percentage of AUM (typically 0.75-1.25%). No commissions from product sales.

Fee StructureTypical Range
AUM-based fee0.75% - 1.25% of assets
Flat annual fee$2,000 - $10,000 per client
Hourly rate$150 - $400 per hour
Financial plan fee$1,500 - $5,000 per plan

Fiduciary standard: Fee-only advisors operate as fiduciaries, legally required to act in clients' best interests at all times.

Industry trend: Fee-only advisory is the fastest-growing segment of the industry as clients increasingly demand conflict-free advice and regulators push toward fiduciary standards. This growth creates strong job security and earning potential for Series 65 holders.

License requirement: Series 65 (or Series 66 with SIE)

Fee-Based Advisors

How they earn: Combination of fees (AUM-based or flat) and commissions from certain product sales. This hybrid model is common at wirehouses and large broker-dealer-affiliated RIAs.

Typical total compensation: $80,000 - $250,000+ (base + fees + commissions)

Fiduciary consideration: Fee-based advisors act as fiduciaries when providing investment advice but may shift to a suitability standard when selling commission-based products. This dual standard is increasingly scrutinized by regulators.

License requirement: Series 65 (or Series 66) for advisory component, often plus Series 7 for commission-based product sales.

Commission-Based Advisors

How they earn: Commissions from selling financial products (mutual funds, annuities, insurance). No ongoing advisory fees.

Typical total compensation: $50,000 - $200,000+ (highly variable based on sales volume)

Standard of care: Suitability standard (recommendations must be suitable, but not necessarily in the client's best interest)

License requirement: Series 7 (with SIE) for securities sales. Series 65 not typically required unless also providing investment advice for a fee.

Which Model Pays Best Long-Term?

TimeframeHighest-Earning ModelWhy
Years 1-3Commission-basedImmediate earning potential from sales
Years 3-7Fee-basedCombines recurring fee income with sales commissions
Years 7+Fee-onlyRecurring AUM fees compound as client assets grow
Long-term wealthIndependent fee-only RIAHighest revenue retention + practice equity value

The industry trend is clearly toward fee-only. Regulatory pressure, client demand, and the economics of recurring revenue all favor the fee-only model. Series 65 holders are positioned at the center of this shift.


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The Series 65 + CFP Combination

The Series 65 + CFP (Certified Financial Planner) combination is widely considered the gold standard for financial planning and advisory careers. Here is why and how to pursue both.

Why the Combination Matters

CredentialWhat It Provides
Series 65 aloneLegal authority to provide investment advice for compensation
CFP aloneProfessional designation signaling comprehensive planning expertise
Series 65 + CFPLegal authority + professional credibility + higher earning potential

Salary impact: CFP professionals earn approximately 10-13% more than non-CFP financial planners in comparable roles, after controlling for experience, geography, and services offered (CFP Board Compensation Study, 2024-2026). CFP median total compensation was $185,000-$195,000 in recent annual studies, with CFPs holding 20+ years of experience earning a median of $360,000.

CFP Requirements

RequirementDetails
EducationBachelor's degree + CFP Board-registered education program
Exam170-question computer-based exam (6 hours testing + 40-minute break, single day)
Experience6,000 hours of professional experience (or 4,000 hours in apprenticeship)
EthicsBackground check + commitment to CFP Board Code of Ethics
Ongoing30 hours of continuing education every 2 years

Recommended Sequence

Step 1: Pass the Series 65 (4-8 weeks of study, $187 exam fee) This gets you licensed and earning income as an IAR immediately.

Step 2: Start working as an IAR while accumulating CFP experience hours Your Series 65 work counts toward the CFP experience requirement.

Step 3: Complete CFP education program (12-18 months, part-time) Many programs are offered online and designed for working professionals.

Step 4: Pass the CFP exam (typically 250-300 hours of additional study) The CFP exam pass rate was 67% in March 2026. The exam is offered three times per year (March, July, November) with registration fees of $825-$1,025.

Step 5: Apply for CFP certification after meeting all requirements Total timeline from Series 65 to CFP: approximately 2-4 years.

Other Valuable Credential Combinations

CombinationBest ForSalary Impact
Series 65 + CFAInvestment analysis, portfolio management+20-30% over Series 65 alone
Series 65 + CPATax-focused financial planning+15-25% over Series 65 alone
Series 65 + CIMAInstitutional consulting, wealth management+10-20% over Series 65 alone
Series 65 + ChFCInsurance-focused financial planning+8-15% over Series 65 alone
Series 65 + Series 7Full-service advisory + brokerageAccess to commission + fee income

Note: Holders of CFA, ChFC, PFS, CFP, MSFS, or CIMA designations may be exempt from the Series 65 requirement in many states (NASAA-approved waivers, May 2024). Check with your state securities administrator for jurisdiction-specific acceptance.


Series 65 Exam Basics: What You Need to Know

Before diving deeper into career strategy, here are the verified exam facts that affect your career timeline and ROI.

Exam Structure

DetailInformation
Official nameUniform Investment Adviser Law Examination
Administered byFINRA on behalf of NASAA
Exam fee$187 per attempt
Questions130 scored + 10 pretest = 140 total
Time limit180 minutes (3 hours)
Passing score92 of 130 scored questions (approximately 70.8%)
FormatClosed-book, multiple-choice at Prometric test centers
SponsorshipNot required — open to anyone
PrerequisitesNone
Scheduling window120 days after enrollment

Important note on the passing score: The passing grade is not calculated as a percentage. NASAA lowered the threshold from 94 to 92 correct answers (from 72.3% to 70.8%) effective June 12, 2023, while making questions slightly harder. Scoring 70% does not guarantee a pass because sections are weighted differently.

Content Domains (effective June 12, 2023)

DomainWeightApprox. Questions
1. Economic Factors & Business Information15%~20
2. Investment Vehicle Characteristics25%~33
3. Client Investment Recommendations & Strategies30%~39
4. Laws, Regulations, and Guidelines30%~39

Retake Policy

Failed AttemptWaiting Period
1st failure30 days
2nd failure30 days
3rd failure and beyond180 days

There is no limit on retakes as long as waiting periods are met. Each retake requires paying the full $187 exam fee. FINRA proposed shortening these waits to 15/15/60 days in 2026, pending SEC approval.

Estimated Pass Rate

Neither FINRA nor NASAA officially publishes pass rates. Exam prep companies estimate the Series 65 pass rate at approximately 65-70%. Prep providers report higher first-time pass rates among their students (Kaplan cites 88%, Knopman Marks cites 98%), though these figures reflect prepared candidates, not the general testing population.

Score Report

Results are displayed on the computer screen immediately after finishing the exam. Since October 1, 2018, FINRA provides only pass/fail status for passing candidates — no total score or section breakdown. Failed candidates receive a numerical score and a score profile for each major content section to guide further study.


Highest-Paying States for Series 65 Holders

Geographic location significantly impacts earning potential. Based on the most recent BLS OEWS state data available (May 2023), here are the top-paying states for personal financial advisors by annual mean wage.

Top-Paying States (BLS OEWS, May 2023)

RankStateAnnual Mean WageEmployment
1Alaska$226,650120
2New York$205,87027,440
3Louisiana$184,9501,070
4New Jersey$178,3008,320
5Pennsylvania$174,89011,360

Note: Alaska's high mean wage reflects a small advisor population (120) and may not be representative. May 2024 state-level OEWS data was not yet available in HTML format at time of publication; national May 2024 data is used elsewhere in this post.

States With the Most Advisor Positions

For career opportunity (largest employment), the top states are New York, California, Florida, Texas, and Illinois. These states combine high employment with above-average compensation, particularly in major metropolitan financial hubs.

Why Location Matters

Financial hub concentration: New York, Connecticut, and Massachusetts are home to the largest concentration of RIA firms, hedge funds, and wealth management practices. More competition for talent drives salaries up.

High-net-worth client density: States with more affluent populations generate larger AUM for advisors, translating to higher fees and compensation.

Cost of living adjustment: While salaries are higher in financial hubs, cost of living is also elevated. Adjusted for cost of living, states like Texas and Florida (no state income tax) often provide comparable or better purchasing power.

Remote and Hybrid Work Impact

The shift toward remote advisory work has expanded geographic flexibility for Series 65 holders. You can now:

  • Work for a New York-based RIA firm from a lower-cost state
  • Serve clients nationwide through virtual meetings
  • Build an independent RIA practice without being tied to a financial hub

Important note: IAR registration requirements are state-based. If you serve clients in multiple states, you may need to register in each state where you have clients.


Job Growth Outlook: 2024-2034

The employment outlook for Series 65 holders is strong, driven by demographic, regulatory, and market forces.

BLS Projections (2024-2034)

MetricData
Current employment (2024)326,000 personal financial advisors
Projected employment (2034)357,200
Projected growth (2024-2034)10% (much faster than average)
New jobs projected31,200 additional positions
Average annual openings~24,100 (including replacements)
Growth rate vs. all occupationsMore than 3x faster than the 3% national average

What Is Driving This Growth?

1. Aging population and retirement wave Approximately 73 million Baby Boomers are retiring over the next decade, creating massive demand for retirement planning, income distribution strategies, and wealth transfer advice.

2. Shift from pensions to self-directed retirement The ongoing replacement of defined-benefit pension plans with individual retirement accounts means individuals must save and invest for their own retirement, increasing demand for professional advice.

3. Regulatory shift toward fiduciary standards The industry is moving toward fiduciary-standard advice, which requires Series 65 licensure. As more firms adopt fee-only or fee-based models, demand for Series 65 holders increases.

4. The Great Wealth Transfer Cerulli Associates projects $84.4 trillion in wealth will transfer from older generations to heirs and charities through 2045. Financial advisors who can serve both generations — the transferring and the inheriting — will be in high demand.

5. Technology amplifying advisor capacity Technology (robo-advisors, planning software, AI tools) allows advisors to serve more clients, making the profession more scalable and profitable. BLS notes that robo-advisors may partially temper demand but expects only limited impact, as consumers with complex needs continue seeking human advisors.


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Common Job Titles for Series 65 Holders

Here are the specific job titles you can pursue with a Series 65, organized by experience level.

Entry-Level (0-3 years)

Job TitleTypical SalaryDescription
Associate Financial Advisor$55,000-$80,000Supports senior advisors with client service and planning
Junior Investment Adviser Representative$55,000-$75,000Provides basic investment advice under supervision
Financial Planning Associate$50,000-$72,000Prepares financial plans and analysis for lead planners
Client Service Associate (IAR)$48,000-$68,000Manages client relationships and account administration
Paraplanner$50,000-$70,000Creates financial plan drafts and research for CFP planners

Mid-Career (3-10 years)

Job TitleTypical SalaryDescription
Financial Advisor / IAR$85,000-$150,000Manages own book of clients with full advisory authority
Wealth Advisor$95,000-$175,000Serves high-net-worth clients with comprehensive advice
Senior Financial Planner$100,000-$160,000Leads complex financial planning engagements
Portfolio Manager$95,000-$180,000Manages investment portfolios for multiple clients
Vice President, Advisory Services$110,000-$190,000Leads advisory team at an RIA or wealth management firm

Senior-Level (10+ years)

Job TitleTypical SalaryDescription
Managing Director$150,000-$300,000+Oversees advisory operations and top-tier client relationships
Partner / Principal$180,000-$400,000+Equity owner in an RIA firm with profit sharing
Chief Investment Officer$175,000-$350,000+Leads investment strategy and portfolio construction
RIA Firm Owner$100,000-$500,000+Owns and operates an independent advisory practice
Director of Financial Planning$140,000-$250,000Leads planning department at large advisory firm

Is the Series 65 Worth It? ROI Analysis

Let us put hard numbers on the return on investment for earning your Series 65.

Cost to Obtain

ExpenseAmount
Exam fee$187
Study materials (free to premium)$0-$500
State registration (IARD filing)$25-$255
Study time (80-120 hours at opportunity cost)Variable
Total out-of-pocket cost$187-$900

Lifetime Earnings Impact

Scenario10-Year Earnings20-Year Earnings
Without Series 65 (non-advisory role)$500,000-$700,000$1.2M-$1.8M
With Series 65 (IAR at RIA firm)$850,000-$1.5M$2.0M-$3.5M
With Series 65 + CFP (senior advisor)$1.0M-$2.0M$2.5M-$5.0M
With Series 65 (independent RIA owner)$1.2M-$3.0M$3.0M-$8.0M+

Comparison to Other Credentials

CredentialCostTime InvestmentMedian Salary Unlocked
Series 65$187-$90080-120 hours$102,140
CFA Charter$3,000-$5,000900+ hours (3 exams)$126,000
CFP Certification$5,000-$10,000500+ hours + experience$185,000
MBA (top program)$100,000-$200,0002 years full-time$115,000-$150,000
Series 7 + SIE$475150-200 hours$85,000 (registered rep)

The Series 65 offers the highest salary-per-dollar-invested of any professional credential in financial services. At $187-$900 for a $102,140 median salary, the ROI is extraordinary.


Building Your Series 65 Career: A Strategic Roadmap

Year 1: Get Licensed and Start Earning

  1. Pass the Series 65 (4-8 weeks of study)
  2. Join an RIA firm as an associate advisor or IAR
  3. Build foundational skills: client communication, financial planning software, portfolio management
  4. Start building relationships: ask for mentorship, attend industry events, join FPA or NAPFA
  5. Begin CFP education if financial planning is your target

Years 2-3: Develop Your Specialty

  1. Build your own client book through referrals and firm-assigned leads
  2. Choose a specialty: retirement planning, tax planning, estate planning, or investment management
  3. Earn the CFP or other relevant credential (CFA, CPA, ChFC)
  4. Target AUM milestones: $10M managed by Year 2, $25M by Year 3

Years 4-7: Accelerate Growth

  1. Advance to senior advisor or team lead role
  2. Develop business development skills: prospecting, networking, niche marketing
  3. Target AUM milestone: $50M-$100M
  4. Consider partnership track at your firm or beginning independent RIA planning

Years 8+: Maximize Earning Potential

  1. Pursue partnership or firm ownership if entrepreneurially inclined
  2. Build a recognized personal brand in your specialty
  3. Target AUM milestone: $100M+ (for independent advisors)
  4. Consider acquisition: buying retiring advisors' client books to accelerate growth
  5. Diversify revenue: add planning fees, speaking, writing, or consulting

Key Takeaways

  1. Series 65 holders earn $55,000-$300,000+ annually, with the median personal financial advisor salary at $102,140 and top earners exceeding $239,200 (BLS, May 2024)
  2. Six major career paths are available: RIA firm advisor, wealth manager, financial planner, independent RIA owner, FinTech advisory, and insurance advisory
  3. Fee-only advisory is the fastest-growing segment as the industry shifts toward fiduciary standards
  4. The Series 65 + CFP combination is the gold standard for advisory careers, with CFP holders earning 10-13% more than non-CFP planners (CFP Board Compensation Study)
  5. Job growth of 10% through 2034 — more than 3x the national average — means strong demand for Series 65 holders (BLS)
  6. The ROI is extraordinary: $187-$900 in costs for a career with a $102,140 median salary and significant upside potential
  7. The Series 65 requires no sponsorship, no prerequisites, and a $187 fee — making it the most accessible entry point to the advisory profession
  8. Independent RIA ownership offers the highest long-term earning potential, with firm owners managing $50M-$100M+ in AUM earning $200,000-$500,000+ annually

The Series 65 is more than an exam — it is the entry point to one of the most rewarding and in-demand careers in financial services. With no prerequisites, a $187 exam fee, and 80-120 hours of study, it offers an unmatched pathway to a high-earning, high-growth profession.


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