FINRA/NASAA Series 65 — Uniform Investment Adviser Law Exam
The Series 65 qualifies you as an Investment Adviser Representative (IAR), letting you give paid investment advice without needing a broker-dealer affiliation.
What Is This Certification?
The Series 65 covers federal and state investment-adviser law, ethics, portfolio theory, and economics. It is the license for fee-based financial planners and RIA professionals.
Eligibility & Requirements
No sponsorship required — individuals can register and sit the exam directly. A bachelor's is not mandated but helpful.
Exam Format & Structure
140 multiple-choice questions (130 scored), 3 hours, delivered via Prometric.
Cost & Fees
$187 USD (exam fee, paid by the candidate).
Validity & Renewal
Active upon registration with a state or the SEC as an IAR; renew per state requirements and CE rules.
Salary & Career Outlook
IARs and fee-only planners commonly earn $70,000–$130,000+ with AUM-based fees.
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Top Training Providers & Resources
- Kaplan Financial Education
- STC (Securities Training Corp)
- Achievable
- ExamFX
Is FINRA/NASAA Series 65 — Uniform Investment Adviser Law Exam Worth It?
The Series 65 is worth it if you want to give paid investment advice as a fee-only planner or RIA — uniquely, no broker-dealer sponsorship is required, so independents can sit it directly, with IAR comp commonly $70k–$130k+. It is less worth it if you only want to sell securities (Series 7). The trade-off: it is law/ethics-heavy rather than product-heavy. For aspiring independent advisors and planners, it is the cleanest license to start giving advice. Pair with the CFP for planning depth.
How to Prepare
Prep 3–8 weeks. 1) Use a vendor course (Kaplan/STC) covering federal/state adviser law, ethics, and portfolio theory. 2) Emphasize the Investment Advisers Act rules and fiduciary duty — heavily tested. 3) Study economics and asset allocation fundamentals. 4) Take full-length practice exams to build speed for the 3-hour window. 5) Schedule the Series 65 ($187, Prometric) once practice scores are steady. Register as an IAR with your state/SEC after passing.
How to Get FINRA/NASAA Series 65 — Uniform Investment Adviser Law Exam Certified
- Confirm eligibility: no sponsorship needed — register as an individual.
- Download the NASAA Series 65 outline and map it to a study plan.
- Enroll in a vendor course; set a weekly schedule.
- Focus on law, ethics, and portfolio theory via practice questions.
- Take full-length practice exams and target a steady pass-rate. Exam format: 140 questions (130 scored), 3 hours, Prometric.
- Book the Series 65 ($187) at a Prometric center and pass it.
- Register as an IAR with your state or the SEC; add the license to your resume, LinkedIn, and this profile.
- Maintain state registration renewal and applicable CE.
Career Paths & Job Titles
- Investment Adviser Representative (IAR)
- Fee-Only Financial Planner
- RIA Associate
- Wealth Advisor
- Portfolio Consultant
Skills You'll Gain
- Investment-adviser law and compliance
- Fiduciary and ethics standards
- Portfolio theory and asset allocation
- Economic and market analysis
- Client advice and suitability
Who Should Get This Certification?
aspiring independent advisors and fee-only planners
Good fit if…
- You want to give paid advice without a broker-dealer.
- You prefer fee-based over commission income.
- You can self-study and register independently.
- Planning/advising is your career goal.
Maybe skip if…
- You only want to sell securities (Series 7 fits better).
- Advisory work isn't your goal.
- You can't meet state registration requirements.
Frequently Asked Questions
Is the Series 65 worth it?
Yes if you want to give paid advice as a fee-only planner or RIA — unlike the Series 7, no broker-dealer sponsorship is needed. Less worth it if you only want to sell securities (Series 7).
How hard is the Series 65?
Moderate-to-challenging. It is heavy on law, ethics, and portfolio theory; most study 3–8 weeks.
What is the Series 65 and who is it for?
It is administered by NASAA. It qualifies you as an Investment Adviser Representative. It is aimed at individuals wanting to give paid advice without firm sponsorship.
How much does the exam cost?
The exam fee is $187 USD, paid by the candidate directly.
How long is it valid, and how do I renew?
Active upon IAR registration; renew per state and complete applicable CE. Requirements vary by state.
What does the exam format look like?
140 multiple-choice questions (130 scored), 3 hours, Prometric. Ethics and law carry heavy weight.
Am I eligible?
Eligibility: no sponsorship required — you can register as an individual. Review NASAA/state rules before applying.
How long should I study?
Most candidates prepare 3–8 weeks with a vendor course and practice exams.
What is the salary outlook?
IARs and fee-only planners commonly earn $70,000–$130,000+ based on assets under management.
Which comes after the Series 65?
Many pursue the CFP for planning depth, or pair it with the CFA for investment analysis credibility.
Can I take it online?
No — the Series 65 is delivered in-person at Prometric centers.
Do I need a sponsor?
No. One of the Series 65's main advantages is that individuals can sit it without a firm.