Everything you need to know about the Uniform Investment Adviser Law Examination: what it is, who needs it, how to register, what to expect, and what comes after.
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The Series 65 is required for:
120 scored, 10 unscored pilot questions (you cannot identify which ones)
3 hours (about 83 seconds per question). No scheduled breaks.
Each question has choices A, B, C, D. No penalty for guessing.
The Series 65 tests knowledge through different question types:
Computer-based testing at Prometric centers nationwide. Immediate pass/fail shown on screen. Official score report within 1-2 business days. On-screen calculator provided (you cannot bring your own).
✓ No prerequisites required - You don't need SIE, Series 7, or any other exam
✓ No educational requirements - High school diploma not required
✓ Age requirement - Must be 18 years or older (in most states)
✓ Sponsorship - Must be sponsored by a firm OR self-sponsor if forming your own RIA
✓ Form U4 - Must complete Uniform Application for Securities Industry Registration through FINRA's CRD system
Must be associated with a registered firm OR file your own Form ADV if forming an RIA
Complete Uniform Application through FINRA's CRD system and pay $175 exam fee
After CRD approval, schedule at Prometric testing center (1-90 days in advance)
Government-issued photo ID + secondary ID + confirmation number
During the Exam:
You can review and change answers, mark questions for later review, and request breaks (but the timer keeps running). You cannot leave your seat without signing out and back in.
Required:
Cannot Bring:
Immediate (on screen): Pass/fail notification only
Within 1-2 business days: Official score report includes:
Important:
NASAA may use scaled scoring to adjust for exam difficulty variations. Your 72% passing threshold remains consistent across all versions. The exact number of questions you need correct may vary slightly.
1-2 business days
Detailed section-by-section performance
3-5 business days
Publicly verifiable registration
2-4 weeks
Firm completes state paperwork, can begin working
After your Series 65 appears on FINRA BrokerCheck:
Your Series 65 opens these roles:
Retake Policy:
Pro Tip: Review your official score report to identify weak sections. Focus your next study cycle on those areas. Most candidates pass on their second attempt if they adjust their study approach.
Read: Failed the Series 65? Here's What to Do Next →| Aspect | Series 65 | Series 66 |
|---|---|---|
| Content | Investment adviser law only | Series 63 + 65 combined |
| Prerequisites | None | Must have Series 7 first |
| Questions | 130 questions | 100 questions |
| Time | 180 minutes (3 hours) | 150 minutes (2.5 hours) |
| Best For | RIA professionals, career changers | Broker-dealer reps who also advise |
| Aspect | Series 65 | Series 7 |
|---|---|---|
| Purpose | Investment adviser qualification | Securities rep qualification |
| Business Model | Fee-based advisory (RIAs) | Commission-based brokerage |
| Prerequisites | None | Must have SIE exam |
| Pass Rate | 65-70% | 60-65% (harder) |
Use this decision framework:
No. The Series 65 has no prerequisites. You don't need any prior exams (like SIE or Series 7), and there's no educational requirement. However, you must be sponsored by a firm or self-sponsor through Form U4.
Moderately difficult. Pass rates hover around 65-70%. The exam tests detailed knowledge of investment adviser regulations and fiduciary standards. Most candidates study 60-100 hours and complete 1,500-2,500 practice questions.
Yes, if you're forming your own RIA. You must file Form ADV with the SEC or your state, then complete Form U4 as self-sponsored. Most candidates, however, are sponsored by their employer.
Series 65 focuses only on investment adviser law and regulations. Series 66 combines Series 63 (state securities law) and Series 65 content into one exam. You must have Series 7 before taking Series 66. If you don't have Series 7, take Series 65.
Indefinitely, as long as you remain registered with a firm or maintain your own RIA registration. If you leave the industry for 2+ years, you may need to retake the exam depending on state rules.
No. The Series 65 must be taken at a Prometric testing center in person. No online proctoring is available for NASAA exams.
You must wait 30 days before retaking (after 1st or 2nd failure) or 180 days (after 3rd failure). You'll pay $175 again and reschedule through Prometric. Your official score report shows section performance to help you identify weak areas.
You can work as an Investment Adviser Representative (IAR) at an RIA firm, start your own RIA, or provide fee-based investment advice. The Series 65 qualifies you to give investment advice under state law. You cannot sell securities (that requires Series 7).
If you have Series 7 + Series 66, you don't need Series 65 (Series 66 includes Series 65 content). If you only have Series 7, you still need Series 65 or Series 66 to give investment advice.
The exam fee is $175, paid to NASAA. Additional costs include prep courses ($199-$1,020), state registration fees (varies by state), and Form U4 filing fees (typically covered by sponsoring firm).
No. You cannot bring your own calculator. Prometric provides an on-screen four-function calculator during the exam.
Calculation questions make up about 10-15% of the exam (13-20 questions). You should memorize 16 core formulas.
72% (94 correct answers out of 130 questions). This accounts for 10 unscored pilot questions that don't count toward your score.
Most candidates study 6-12 weeks before scheduling. Schedule when you consistently score 80%+ on practice exams. Prometric allows scheduling 1-90 days in advance.
Contact Prometric Special Accommodations team. You'll need documentation of your disability and specific accommodations needed (extra time, separate room, etc.). Request accommodations before registering.
Different focus areas. Series 65 is narrower (investment adviser regulations) and shorter (3 hours vs CFP's 6 hours). CFP covers broader financial planning. Series 65 pass rate: ~65-70%. CFP pass rate: ~60-65%. Both require significant study.
Use this guide with our comprehensive study resources to prepare for exam success.