What is the Series 65 exam?

The Series 65 (Uniform Investment Adviser Law Examination) qualifies you to be an Investment Adviser Representative (IAR). Unlike other exams, no SIE is required.

What's the Series 65 passing score?

The Series 65 passing score is 72%. The exam has 130 questions (120 scored) and takes 3 hours. The exam fee is $187.

Series 65 vs Series 66 - which should I take?

If you already passed the Series 7, take the Series 66 (combines 63 + 65 content). If you don't have Series 7 and want to be an investment adviser only, take Series 65.

How long should I study for the Series 65?

Most candidates study 60-80 hours over 4-6 weeks. The Series 65 is moderately difficult with four main sections covering economics, investment vehicles, client analysis, and regulations. The largest section (Laws and Regulations at 35%) requires significant memorization of compliance rules.

What careers can I pursue with a Series 65 license?

Series 65 holders work as investment adviser representatives, financial planners, wealth managers, and RIA firm employees. Entry-level IARs earn $55,000-$75,000, while experienced advisors managing significant assets earn $100,000-$300,000+. Many fee-only financial planners hold only the Series 65.

What are common mistakes to avoid on the Series 65?

Common mistakes include confusing fiduciary duty rules, misunderstanding registration requirements for IAs vs IARs, mixing up prohibited practices, and overlooking economic indicators. The ethics and regulations sections trip up many candidates. Focus extra time on compliance and fiduciary standards.

What are the prerequisites for the Series 65?

The Series 65 has no prerequisites - no SIE, no firm sponsorship required. Anyone can register and take it independently through NASAA. This makes it popular for career changers, CFPs, CPAs, and attorneys who want IAR status without going through a broker-dealer. You only need valid ID and the exam fee.

What is the Series 65 pass rate?

The Series 65 first-time pass rate is approximately 70-75%, making it one of the more passable securities exams. However, candidates who self-study without structured materials tend to have lower pass rates around 60-65%. The 72% passing threshold on 130 questions means you can miss up to 36 scored questions out of 120, but the advanced content on economics and investment vehicles catches many underprepared test-takers.

What topics are on the Series 65 exam?

The Series 65 covers four sections: Economic Factors and Business Information (15%, 18 questions), Investment Vehicle Characteristics (25%, 30 questions), Client Investment Recommendations and Strategies (30%, 36 questions), and Laws, Regulations, and Guidelines (30%, 36 questions). The two largest sections - Client Recommendations and Laws/Regulations - account for 60% of the exam, so allocate your study time accordingly.

Can I self-study for the Series 65?

Yes, the Series 65 is one of the few securities exams that does not require firm sponsorship, making self-study a popular option. Many candidates successfully pass using a combination of free online resources, practice exams, and study guides over 4-8 weeks. Self-study works especially well for those with finance backgrounds, CFP candidates, or professionals already familiar with investment concepts and regulations.

What's the difference between Series 65 and Series 7?

The Series 65 qualifies you as an Investment Adviser Representative (IAR) who provides investment advice for a fee, while the Series 7 qualifies you as a General Securities Representative who executes trades and sells securities products. The Series 7 requires SIE passage and FINRA member firm sponsorship, whereas the Series 65 has no prerequisites. IARs operate under a fiduciary standard, while Series 7 reps historically followed a suitability standard.

Do I need the Series 65 if I have a CFP?

In many states, holding an active CFP (Certified Financial Planner) designation waives the Series 65 exam requirement for investment adviser representative registration. As of 2026, most states accept the CFP waiver, but some states like Colorado and Iowa have unique requirements. Always verify with your specific state securities regulator before relying on the waiver, and note that you must maintain your CFP in good standing to keep the exemption.

What happens if I fail the Series 65?

If you fail the Series 65 on your first or second attempt, you must wait 30 days before retaking it. After a third failed attempt, the waiting period increases to 180 days (6 months). There is no limit on the total number of retakes, and each attempt costs the full $187 exam fee. Use the waiting period to focus on your weakest sections identified in the score report.

Is the Series 65 harder than the SIE?

Yes, the Series 65 is generally considered harder than the SIE. The Series 65 has a higher passing score (72% vs 70%), more questions (130 vs 75), a longer exam time (3 hours vs 1 hour 45 minutes), and covers more advanced topics including portfolio management, economic indicators, and fiduciary regulations. The SIE is an entry-level exam, while the Series 65 tests adviser-level knowledge expected of licensed professionals.

What is fiduciary duty on the Series 65?

Fiduciary duty is one of the most heavily tested concepts on the Series 65 exam. It requires investment adviser representatives to act in their clients' best interest at all times, placing the client's needs above their own. Key fiduciary obligations include full disclosure of conflicts of interest, seeking best execution on trades, charging reasonable fees, and maintaining confidentiality of client information. Expect 10-15 questions directly or indirectly related to fiduciary standards.

How long is the Series 65 license valid?

The Series 65 license does not expire as long as you maintain active state registration as an investment adviser representative. However, if you leave the industry and your registration lapses for more than 2 years, you must retake and pass the exam to re-register. There are no continuing education requirements specifically for the Series 65, though your state or firm may impose their own ongoing education mandates.

Can I take the Series 65 without a sponsor?

Yes, the Series 65 is unique among NASAA securities exams because it does not require sponsorship from a broker-dealer or investment adviser firm. You can register directly through NASAA's website, schedule the exam at a Prometric testing center, and pay the $187 fee yourself. This independence makes it the go-to exam for aspiring financial planners, RIA firm founders, and career changers entering the advisory profession.

What calculator can I use on the Series 65?

You cannot bring a personal calculator to the Series 65 exam. Prometric testing centers provide a basic on-screen calculator within the exam software for any math-related questions. The exam focuses more on conceptual understanding than complex calculations, but you should practice using a basic calculator for time-value-of-money questions, rate-of-return calculations, and tax-equivalent yield problems that appear in the Economics and Investment Vehicles sections.

What are the hardest topics on the Series 65?

The most challenging Series 65 topics include investment vehicle characteristics (especially options strategies, derivatives, and alternative investments), economic indicators (leading, lagging, and coincident indicators), and modern portfolio theory concepts like alpha, beta, and standard deviation. The Laws and Regulations section also trips up candidates who confuse state vs federal registration thresholds - investment advisers must register with the SEC at $110 million AUM and with states below $100 million AUM.

What is the Uniform Securities Act on the Series 65?

The Uniform Securities Act (USA) is a model state securities law that forms the backbone of the Series 65 Laws and Regulations section, which accounts for 30% of the exam. It covers the registration of securities, broker-dealers, agents, and investment advisers at the state level, along with anti-fraud provisions and the powers of the state Administrator. Understanding the USA's definitions, exemptions, and enforcement provisions is critical - expect 25-30 questions directly tied to Uniform Securities Act concepts.

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Series 65

Uniform Investment Adviser Law

About the Series 65 How to Use This Guide

1.1 Business Cycles 1.2 Monetary Policy 1.3 Fiscal Policy 1.4 Inflation & Deflation 1.5 Interest Rates & Yield Curves 1.6 Global Economic Factors

2.1 Financial Statements Overview 2.2 Accounting Fundamentals 2.3 SEC Filings & Annual Reports 2.4 Financial Ratios 2.5 Time Value of Money 2.6 IRR and NPV 2.7 Descriptive Statistics

3.1 Systematic (Market) Risk 3.2 Unsystematic (Company-Specific) Risk 3.3 Interest Rate & Reinvestment Risk 3.4 Inflation & Currency Risk 3.5 Liquidity Risk & Opportunity Cost 3.6 Risk Measurement & Portfolio Theory

4.1 Cash & Cash Equivalents 4.2 Treasury Securities 4.3 Agency Securities 4.4 Corporate Bonds 4.5 Municipal Bonds 4.6 Bond Pricing & Yields

5.1 Common Stock 5.2 Preferred Stock 5.3 Shareholder Rights & Corporate Actions 5.4 Equity Valuation Methods 5.5 ADRs, REITs & Other Equity Securities

6.1 Mutual Funds 6.2 Mutual Fund Costs & Fees 6.3 Exchange-Traded Funds (ETFs)6.4 Closed-End Funds & UITs 6.5 Hedge Funds & Private Equity

7.1 Options Basics 7.2 Options Strategies 7.3 Alternative Investments 7.4 Annuities 7.5 Life Insurance Products

8.1 Individual Clients 8.2 Business Entity Clients 8.3 Trusts & Estates 8.4 Accredited & Qualified Investors 8.5 Suitability & Know Your Customer

9.1 Modern Portfolio Theory 9.2 Capital Asset Pricing Model (CAPM)9.3 Efficient Market Hypothesis 9.4 Risk & Performance Measures 9.5 Asset Allocation

10.1 Investment Styles 10.2 Portfolio Management Techniques 10.3 Fixed Income Strategies 10.4 Return Calculations

11.1 Capital Gains & Investment Taxes 11.2 Retirement Plans Overview 11.3 Individual Retirement Accounts (IRAs)11.4 Education Savings Plans 11.5 Distributions & RMDs

12.1 ERISA Requirements 12.2 Special Account Types 12.3 Performance Measures & Reporting 12.4 QDROs & Special Situations

13.1 Investment Advisers Act of 1940 13.2 Registration Requirements 13.3 Recordkeeping Requirements 13.4 Custody Requirements 13.5 Exempt Reporting Advisers

14.1 IAR Definition & Requirements 14.2 Registration & Post-Registration 14.3 IARs of Federal Covered Advisers

15.1 Broker-Dealer Definition 15.2 Agent Registration 15.3 Regulation Best Interest

16.1 Uniform Securities Act 16.2 Securities Registration Methods 16.3 Exempt Securities 16.4 Exempt Transactions

17.1 Advertising Rules 17.2 Social Media & Electronic Communications 17.3 Client Agreements & Disclosure 17.4 Proxy Voting & Other Obligations

18.1 Fiduciary Duties 18.2 Prohibited Practices 18.3 Senior & Vulnerable Adult Protection 18.4 AML & Compliance Programs

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Series 65

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Your Study Path

SERIES65 Professional License: Complete Roadmap

Follow this path to maximize your chances of passing on the first try

Economics & Business ConceptsYou are here

Study economic indicators, business cycles, financial reporting, quantitative methods, and time value of money — 15% of the exam.

hours

Investment Vehicles

Master equity, fixed-income, pooled investments (mutual funds, ETFs, hedge funds), derivatives, and alternative investments — 25% of the exam.

hours

Client Recommendations & Strategies

Learn portfolio management, retirement planning (401k, IRA, Roth), estate planning, and tax considerations — 30% of the exam.

hours

Laws, Regulations & Ethics

Study federal/state securities regulation, fiduciary duties, Uniform Securities Act, and ethical practices — 30% of the exam.

hours

Estimated total study time

80 hours

That's about 8 weeks at 10 hours/week

Can You Take the Series 65 Exam?

Check if you meet the basic eligibility requirements

Age

18 years or older

Education

No formal education required (bachelor's degree may help meet state IAR requirements)

Additional Requirements

•No SIE exam required — the Series 65 is a standalone exam
•No firm sponsorship needed to sit for the exam
•Holders of CFP, CFA, ChFC, CIC, or PFS designations may qualify for a waiver in most states
•State registration required after passing to practice as an IAR

Series 65 Quick Facts

Time to Get Licensed

6-10 weeks typical

From start to license in hand

Exam Provider

Prometric

In-Person Only

Schedule Your Exam

Retake Policy

30-day wait after 1st and 2nd failures, 180-day wait after 3rd failure and beyond. No limit on total attempts.

Total Cost Breakdown

Exam Fee$187

Total Estimated Cost$187

Exam Exemptions

Holders of these professional designations may be exempt from all or part of the exam:

CFP

Certified Financial Planner holders are exempt from the Series 65 in most states

CFA

Chartered Financial Analyst holders are exempt in most states

ChFC

Chartered Financial Consultant holders may qualify for exemption

CIC

Chartered Investment Counselor holders may qualify for exemption

PFS

Personal Financial Specialist (CPA/PFS) holders may qualify for exemption

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What You'll Study

19 chapters covering everything you need to pass

Introduction

2 sections

Chapter 1: Economic Factors & Business Cycles

6 sections

Chapter 2: Financial Reporting & Analytical Methods

7 sections

Chapter 3: Types of Risk

6 sections

Chapter 4: Cash Equivalents & Fixed Income Securities

6 sections

Chapter 5: Equity Securities

5 sections

Chapter 6: Pooled Investments

5 sections

Chapter 7: Derivatives, Alternative Investments & Insurance Products

5 sections

Chapter 8: Client Types & Profiles

5 sections

Chapter 9: Portfolio Theory & Capital Markets

5 sections

Chapter 10: Portfolio Management Strategies

4 sections

Chapter 11: Tax Considerations & Retirement Planning

5 sections

Chapter 12: ERISA, Special Accounts & Performance Measures

4 sections

Chapter 13: Regulation of Investment Advisers

5 sections

Chapter 14: Regulation of Investment Adviser Representatives

3 sections

Chapter 15: Regulation of Broker-Dealers & Agents

3 sections

Chapter 16: Securities Registration & Exemptions

4 sections

Chapter 17: Communications & Client Relationships

4 sections

Chapter 18: Ethics & Fiduciary Obligations

4 sections

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Series 65 Exam Details

Uniform Investment Adviser Law Examination

Administered by NASAA

Official Source

70% (92 of 130 correct)

Passing Score

130

Questions

Hours

$187

Exam Fee

Study time: 60-80 hours

Prerequisites: None (no SIE required)

Exam Content Breakdown

Based on the official NASAA content outline

Economic Factors and Business Information15%

Economics, financial reporting, analysis methods

Investment Vehicle Characteristics25%

Equity, debt, pooled investments, derivatives, alternatives

Client Investment Recommendations and Strategies30%

Client profiles, portfolio management, retirement, tax considerations

Laws, Regulations, and Guidelines30%

State/federal regulations, fiduciary duties, ethics

What's Included

19 Chapters

Complete exam coverage

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What's Next After the Series 65?

After passing the Series 65, you can pursue these career paths

CFP

Certified Financial Planner

EA

Enrolled Agent - tax expertise

Series 65 Exam FAQ

Compare the Series 65

Not sure which exam is right for you? Compare side-by-side.

SIE vs Series 65 Series 6 vs Series 65 Series 63 vs Series 65 Series 65 vs Series 66 Series 7 vs Series 65 CFP vs Series 65 EA Enrolled Agent vs Series 65

Official NASAA Resources

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NASAA Series 65 Page Series 65 Content Outline NASAA Exam FAQs & Waivers

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Series 65

1Introduction

2Chapter 1: Economic Factors & Business Cycles

3Chapter 2: Financial Reporting & Analytical Methods

4Chapter 3: Types of Risk

5Chapter 4: Cash Equivalents & Fixed Income Securities

6Chapter 5: Equity Securities

7Chapter 6: Pooled Investments

8Chapter 7: Derivatives, Alternative Investments & Insurance Products

9Chapter 8: Client Types & Profiles

10Chapter 9: Portfolio Theory & Capital Markets

11Chapter 10: Portfolio Management Strategies

12Chapter 11: Tax Considerations & Retirement Planning

13Chapter 12: ERISA, Special Accounts & Performance Measures

14Chapter 13: Regulation of Investment Advisers

15Chapter 14: Regulation of Investment Adviser Representatives

16Chapter 15: Regulation of Broker-Dealers & Agents

17Chapter 16: Securities Registration & Exemptions

18Chapter 17: Communications & Client Relationships

19Chapter 18: Ethics & Fiduciary Obligations

Free Series 65 Exam Prep

Quick Facts

Series 65

SERIES65 Professional License: Complete Roadmap

Economics & Business ConceptsYou are here

Investment Vehicles

Client Recommendations & Strategies

Laws, Regulations & Ethics

Can You Take the Series 65 Exam?

Series 65 Quick Facts

Time to Get Licensed

Exam Provider

Retake Policy

Total Cost Breakdown

Exam Exemptions

Free Series 65 Prep That Actually Works

500+ Practice Questions

AI Tutor Explains Mistakes

Updated for 2026

$0 Forever

What You'll Study

Introduction

Chapter 1: Economic Factors & Business Cycles

Chapter 2: Financial Reporting & Analytical Methods

Chapter 3: Types of Risk

Chapter 4: Cash Equivalents & Fixed Income Securities

Chapter 5: Equity Securities

Chapter 6: Pooled Investments

Chapter 7: Derivatives, Alternative Investments & Insurance Products

Chapter 8: Client Types & Profiles

Chapter 9: Portfolio Theory & Capital Markets

Chapter 10: Portfolio Management Strategies

Chapter 11: Tax Considerations & Retirement Planning

Chapter 12: ERISA, Special Accounts & Performance Measures

Chapter 13: Regulation of Investment Advisers

Chapter 14: Regulation of Investment Adviser Representatives

Chapter 15: Regulation of Broker-Dealers & Agents

Chapter 16: Securities Registration & Exemptions

Chapter 17: Communications & Client Relationships

Chapter 18: Ethics & Fiduciary Obligations

Series 65 Exam Details

Uniform Investment Adviser Law Examination

Exam Content Breakdown

What's Included

19 Chapters

Practice Quizzes

Free to Start

Quality Exam Prep Shouldn't Cost Hundreds

What's Next After the Series 65?

CFP

EA

Series 65 Exam FAQ

What is the Series 65 exam?

What's the Series 65 passing score?

Series 65 vs Series 66 - which should I take?

How long should I study for the Series 65?

What careers can I pursue with a Series 65 license?

What are common mistakes to avoid on the Series 65?

What are the prerequisites for the Series 65?

What is the Series 65 pass rate?