Series exam · Investment adviser
Series 65
Uniform Investment Adviser Law Examination
The Series 65 is a NASAA exam focused on investment adviser law — fiduciary duty, portfolio recommendations, economics, and the regulations that govern registered investment advisers (RIAs) and their representatives (IARs). It does not test product sales mechanics the way the Series 7 does; it tests whether you can legally and ethically advise clients.
- Who it is for
- People who want to become Investment Adviser Representatives (IARs) at an RIA, or who need a standalone adviser qualification in states that accept the Series 65 alone.
- Prerequisites
- No Series 7 required for many RIA-only roles, but state rules vary. Check your state’s requirements before scheduling.
- Typical path
- Often taken after the SIE (recommended, not always required). Some advisers later add Series 66 if they also need combined state and adviser law coverage with a Series 7.
- Administered by
- FINRA (on behalf of NASAA)
- Exam format
- 130 scored questions (+ 10 unscored) · 3 hours · 72% to pass (94 correct)
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