The Series 65 exam is a pivotal factor in achieving licensure as a professional investment adviser representative (IAR). For those who are just beginning this process, we’re here to help by covering all the essential aspects of the Series 65 in our comprehensive guide.
The Series 65 is a standardized exam created and maintained by NASAA, the North America Association of Securities Administrators Association, and administered by FINRA, the Financial Industry Regulatory Authority. It is a test used to assess the knowledge and skills of those looking to become investment adviser representatives. The exam covers investment products, laws, regulations, and ethics regarding investment advisory services.
Those seeking to provide investment advice in a professional capacity are required to obtain a Series 65 license before being allowed to advise clients. This license adds credibility to an adviser’s expertise and can be obtained by passing the Series 65 exam.
After you obtain a Series 65 license, you are able to legally offer investment advice and services to clients. This can include financial planning, retirement planning, portfolio management, and other investment-related financial services.
You can obtain a Series 65 license by passing the Series 65 exam, also known as the Uniform Investment Adviser Law Examination, administered by FINRA
Studying for the Series 65 exam takes a combination of strategic preparation and the right study materials. It demands dedication, focus, and consistency.
ExamFX provides several useful materials along with the Series 65 exam prep to ensure you’re ready for test day. Check them out below:
We also have a dedicated blog post that covers studying for the Series 65 exam that you can check out here.
There’s a lot to keep in mind when you’re in exam mode the day of the test. Here are some tips that will help you get through it:
The Series 65 is a comprehensive, timed exam that covers a variety of financial and investment related topics. This can make the exam challenging especially for those who do not dedicate time to preparing for the test. However, with review and practice, this exam should not feel more difficult than other common industry licensing exams.
The Series 65 covers a variety of topics across four content areas. These are Economic Factors and Business Information, Investment Vehicle Characteristics, Client Investment Recommendations and Strategies, and Laws, Regulations, and Guidelines including Prohibition or Unethical Business Practices.
The Series 65 exam is 3 hours long (180 minutes).
The Series 65 exam is made up of 140 multiple choice questions covering topics related to investing. However, only 130 questions of the 140 are scored.
Pass rates for the Series 65 are not publicly available but they usually vary from year to year. To pass the exam, candidates must answer at least 92 out of the 130 (approximately 70%) of questions scored correctly.
The Series 65 license does not expire as long as you are actively working in the industry. If you were to leave the field, you have a two-year grace period before your license expires, but you can extend it to five years if you elect to participate in the Exam Validity Extension Program (EVEP). Check with your state securities administrator to confirm if it has adopted the EVEP.
The cost to take the Series 65 Exam is $187.
You can directly enroll for the Series 65 exam through the FINRA website. Follow the registration instructions provided on the site and make sure to read everything carefully to make sure you are eligible.