Series 65
Uniform Investment Adviser Law
The state-law and advisory-knowledge exam commonly used by investment adviser representatives who give advice for compensation.
$187
130
3 hours
92 of 130
No sponsor
01 · Career fit
Is this the exam for your job?
Start with the functions you will perform. A title can sit in several regulatory lanes, while two people with similar titles can need different registrations.
When pursuing investment-adviser representative work and Series 66 is not the applicable route.
You can connect investments and portfolio strategies to client needs within an adviser-law framework.
Jobs that commonly point here
- Investment adviser representative
- RIA financial advisor
- Financial planner
- Portfolio adviser
- Investment counselor
- Advisory-firm founder or principal
Before you enroll
- No firm sponsorship required for the exam
- A 120-day enrollment window through TESS or a firm
- State registration or notice process after passing
No sponsor is required to sit. You can enroll directly through TESS or through a firm's Form U4 process.
02 · Exam anatomy
What the questions actually cover.
140 total: 130 scored + 10 unscored · 3 hours
Economic factors and business information
15%
Investment vehicle characteristics
25%
Client recommendations and strategies
30%
Laws, regulations and unethical practices
30%
What it covers
- Economic factors, financial reporting, and analytical methods
- Investment vehicles and their characteristics
- Client recommendations, portfolio strategies, retirement, and tax considerations
- Securities laws, adviser regulation, fiduciary duty, custody, communications, and ethics
What it does not do
- It does not authorize broad brokerage product sales or replace Series 7.
- Passing does not create an IAR registration; the state and firm filing still matter.
- Some professional designations may support a state waiver, but acceptance is jurisdiction-specific.
03 · From decision to test day
How to take it, step by step.
Check the rule in your state
The state where you will do business controls the registration requirement. Confirm the exact path with the state regulator or your firm's registration team before paying for an exam.
Open a 120-day exam window
A firm-associated candidate is normally enrolled through Form U4. An unsponsored candidate can enroll through FINRA's Test Enrollment Services System (TESS) and pay directly.
Book a Prometric test center
NASAA exams are ordinarily delivered at Prometric test centers. Online delivery is limited to candidates with an approved qualifying accommodation, so plan for an in-person appointment.
Study the current NASAA outline
NASAA updates exam questions regularly. Use the current content outline, learn the Uniform Securities Act framework, and practice applying rules to short fact patterns—not just recalling definitions.
Pass, then apply for registration
A passing result is not permission to conduct securities or advisory business. Your firm and state still must approve the relevant registration, filing, fees, and any background requirements.
Where you take it
Prometric test center; online delivery only with an approved qualifying accommodation. Confirm the current delivery and identification rules with the official administrator when you schedule.
04 · The real cost
Who pays—and what to ask first.
Official exam fee
$187
- A self-enrolled candidate pays the $187 fee directly.
- An RIA or other employer may cover the exam, course, and study time, but payment is an employer policy—not an automatic entitlement.
- Ask whether a passing result is required before your start date and whether any costs are repayable if you leave.
- Eligible professional designations may permit a waiver in some states; verify before paying for an unnecessary exam.
Budget beyond the exam
Prep, travel, replacement identification, state registration, fingerprints, and retakes may be separate. Get the employer's policy in writing before assuming any cost is covered.
05 · Study with intent
Build readiness, not just hours.
Balance investment knowledge with law. The two largest sections are client strategy and regulation.
Practice suitability and portfolio questions by identifying the client's time horizon, risk, taxes, liquidity, and constraints first.
Know adviser, IAR, broker-dealer, agent, security, and exempt-transaction definitions precisely.
Use full-length timed practice sessions; three hours demands pacing and concentration.
If you do not pass
For windows opened before January 4, 2027, NASAA applies a 30-day wait after the first and second failures and 180 days after a third or later failure within two years. The third-and-subsequent wait becomes 60 days for windows opened on or after January 4, 2027.
Official preparation resources
Prepare for Series 65.
Start with the official Series 65 exam information and content outline to check the topics you need to study. We have not verified a public FINRA practice test specifically for this exam; the resource below is study guidance, not a mock exam.
06 · After the result
Passing is a milestone—not the finish line.
Your next three actions
- 01Work with the RIA or registration team on Form U4 and state approval.
- 02Confirm whether the state has net-capital, bonding, fingerprint, or other requirements relevant to your role or firm.
- 03Track any IAR continuing-education obligation in the states where you register.
How it commonly fits
- Series 65 can support an advisory-only IAR path without Series 7.
- A valid Series 7 + Series 66 is a common alternative for dual broker/adviser roles.
- CFP, ChFC/MSFS, CFA, PFS, and CIMA designations may support an exam waiver in many states, subject to current state approval.
State-specific. Most states generally use a two-year period when not registered; waivers, designations, and exam-validity programs vary.
07 · Candidate questions
What people ask before they commit.
01Can I take Series 65 before joining an RIA?
Yes. Series 65 does not require sponsorship, so candidates and prospective advisory-firm founders can enroll directly. Passing does not itself register you.
02Is Series 65 harder than Series 63?
It is longer and covers a broader mix of investments, client strategy, economics, and law. Difficulty is personal, but it generally requires a more substantial study plan than Series 63.
03Do CFP or CFA holders need it?
Many states permit waivers for certain current professional designations, including CFP and CFA, but the designation and state conditions must be verified before relying on a waiver.
04Does it let me sell securities?
No. Series 65 supports the state investment-adviser representative path. Brokerage sales require the representative registrations appropriate to the products and activity.
Use the credential in context
