Series 65 Exam Overview & Requirements

Everything you need to know about the Uniform Investment Adviser Law Examination, including eligibility requirements, exam format, and registration process.

130

Questions

130

Multiple choice questions covering four major areas: Federal Securities Acts, Investment Adviser Regulation, State Securities Acts, and Ethics & Fiduciary Responsibility.

180

Minutes

180

Total time allocated for the Series 65 exam, which equals 3 hours. Time management is important as this averages to approximately 1.4 minutes per question.

72%

Pass Score

72%

Minimum passing score required on the Series 65 exam. You must answer at least 94 out of 130 questions correctly to pass and receive your investment adviser registration.

$180

Exam Fee

$180

Current NASAA exam fee for the Series 65 Uniform Investment Adviser Law examination. Fee is paid directly to NASAA and is non-refundable regardless of exam outcome.

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Series 65 Eligibility Requirements

RIA Firm Sponsorship

You must be sponsored by a registered investment adviser (RIA) firm or be registering your own RIA to take the Series 65 exam. Unlike broker-dealer exams, this focuses on advisory services.

Age Requirement

Must be at least 18 years old to take the Series 65 exam. No maximum age limit exists, and no specific education requirements are mandated by NASAA.

Background Check

Clean regulatory record required. Criminal convictions, regulatory violations, or civil judgments may disqualify candidates or require additional disclosure and approval.

Series 65 Exam Format

Federal Securities Acts (25%)

Securities Act of 1933, Securities Exchange Act of 1934, Investment Advisers Act of 1940, and Investment Company Act of 1940. Focus on registration requirements and compliance.

Investment Adviser Regulation (30%)

Registration, recordkeeping, custody, brochure rules, advertising regulations, and fiduciary obligations. The largest section of the exam focusing on advisory compliance.

State Securities Acts (25%)

State registration requirements, notice filings, regulatory coordination, and enforcement actions. Understanding federal vs state jurisdiction is crucial.

Ethics & Fiduciary (20%)

Fiduciary duty, conflicts of interest, disclosure obligations, and ethical standards. Real-world scenarios testing practical application of principles.

Series 65 Registration Process

Step 1: Obtain Sponsorship

Secure sponsorship from a registered investment adviser (RIA) firm or file Form ADV to register your own RIA. You cannot take the Series 65 exam without proper sponsorship, unlike some other securities exams.

Step 2: Schedule Your Exam

Contact Prometric to schedule your Series 65 exam appointment. Tests are available at Prometric testing centers nationwide. You’ll need to provide your sponsoring firm information and pay the $180 exam fee.

Step 3: Prepare with Study Materials

Use quality prep materials focusing on federal and state regulations, fiduciary duties, and ethical standards. The Series 65 requires understanding of complex regulatory frameworks, not just memorization of facts.

Step 4: Take the Exam

Arrive early at the testing center with two forms of ID. The computer-based exam provides immediate scoring. Results are electronically transmitted to your sponsoring state and firm upon passing.

Ready to Start Your Series 65 Journey?

Understanding the exam format and requirements is the first step. Now discover the best prep courses to help you pass on your first attempt.

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