How to get a Series 65 license: requirements, registering for the exam, and IAR registration
To get a Series 65 license you pass the Series 65 (Uniform Investment Adviser Law Examination), which has no prerequisites and needs no sponsor, and then register with a state as an investment adviser representative (IAR) within 2 years of the pass. That state registration is the license: no card or certificate is issued, and the advisory firm you work for files it on Form U4.
What a Series 65 license lets you do
A Series 65 pass qualifies you to register as an IAR: the individual who gives investment advice on behalf of an advisory firm and is paid for it, whether that means recommending securities, managing portfolios or supervising people who do. It is the stand-alone route into fee-based advice. It does not let you sell securities for a commission; that is a broker-dealer agent’s job, with different exams.
You will see it searched as the “FINRA Series 65” or the older “NASD Series 65” (NASD was FINRA’s name until 2007). Both labels blur who does what. NASAA develops the exam, FINRA administers it, Prometric delivers it at test centers, and the registration itself comes from your state securities regulator.
- Investment adviser (IA)
- A firm, or a sole proprietor, that advises others on securities for compensation. It registers with a state or, once it is large enough, with the SEC, and files Form ADV. Registered firms are commonly called RIAs.
- Investment adviser representative (IAR)
- An individual who works for an IA and gives the advice, manages the accounts or supervises the people who do. This is the registration the 65 qualifies you for.
- Agent
- An individual who sells securities for a broker-dealer or an issuer. That route is the Series 7 and the Series 63, not the 65.
The route: 8 steps from zero to registered IAR
Steps 1–5 get you the exam result; steps 6–8 turn it into a license, and those are the three most guides skip.
Check whether you need the exam at all
A current CFP, ChFC, CFA, PFS or CIMA replaces it in most states (see the waiver table).
Enroll
Form U10 on your own, or a Form U4 from a hiring firm.
Pay the fee
Currently $187 per FINRA (checked Oct 2026), non-refundable.
Book a Prometric seat inside your window
Currently 120 days from processing.
Pass
92 of the 130 scored questions in 180 minutes, with 10 unscored questions mixed in.
Join or found an advisory firm
Registration always runs through the adviser you will represent.
The firm files your Form U4 through CRD/IARD
It requests IAR registration in your state and claims any designation waiver.
Be registered within 2 years of the pass
Otherwise the result lapses; EVEP can stretch that to up to 5 years in participating jurisdictions.
Series 65 requirements: no prerequisites, no sponsor needed
The entry list is short because almost everything on it is absent. There is no prerequisite exam, no firm sponsorship and no citizenship requirement. You do not need a Social Security number either: FINRA assigns an identifying number to candidates without one. The exam is given in English only, and a candidate with limited English proficiency can ask FINRA for extra time.
Who needs it, then? Anyone who will give securities advice for pay as an IAR without a waiving designation: fee-only planners, portfolio managers at advisory firms, RIA founders, brokers adding an advisory line. Under the Uniform Securities Act, the model state law the exam tests, a lawyer, accountant, engineer or teacher whose advice is solely incidental to that profession falls outside the adviser definition, until they charge separately for advice or hold themselves out as an adviser.
How to register for the Series 65 exam (Form U10 or firm)
Two doors lead to the same exam, the same fee and the same window. Which one you use depends on whether a firm is hiring you right now.
| On your own | Through a firm | |
|---|---|---|
| Form | Form U10 | Form U4 |
| Filed by | You | The firm, through CRD |
| Filed at | FINRA Test Enrollment Services | The firm’s CRD/IARD account |
| Suits | Career changers, job-hunting planners, future RIA founders | New hires at an advisory firm |
| After the pass | You still need a firm to file a Form U4 | The firm moves on to your state registration |
Self-enrolling takes four moves:
Open Test Enrollment Services
testenrollment.finra.org is FINRA’s portal for candidates without a firm; its enroll page has the current screens.
File Form U10 for the Series 65
Select the exam and pay the fee.
Wait for processing
Your window, currently 120 days, opens at processing, not when you start studying.
Book with Prometric
Pick a Prometric test center and a date inside the window.
Scheduling at Prometric and the enrollment window
Once your enrollment is processed you book directly with Prometric, which runs test centers across the US and in other countries. Moving or canceling more than 10 business days ahead costs nothing; inside that, you lose part or all of the fee under FINRA’s cancellation policy (checked Oct 2026).
120 days
enrollment window, currently
10
business days’ notice for a free reschedule
180 min
for 140 questions
92 of 130
scored questions to pass
The exam is closed book; the test center provides erasable note boards and a four-function calculator. You see pass or fail on screen at the end, and a fail shows your result by section, which shows where to aim the next attempt. Format and scoring are on the exam page. A retake is a new enrollment and a new fee, after a waiting period NASAA sets; check its current length before you rebook.
Series 65 exam cost
The Series 65 exam fee is currently $187 per FINRA (checked Oct 2026). It is non-refundable and non-transferable, and it buys one attempt inside one window.
| Event | What it costs |
|---|---|
| Reschedule or cancel more than 10 business days ahead | Nothing |
| Reschedule or cancel inside 10 business days | Part or all of the fee; see FINRA’s cancellation policy |
| Window runs out unused | The fee is gone; you enroll and pay again |
| Retake | A new enrollment and the fee again |
| State IAR registration | Separate from the exam fee and set by each state |
Study spending is the line you control. The 60-question practice test here is free and follows the 15/25/30/30 outline proportions, and the study guide walks the outline section by section.
After you pass: IAR registration within 2 years (and EVEP)
A pass changes nothing on its own. You become an IAR on the day a state registers you, and the filing is always made by the investment adviser you will work for.
Line up the firm
An existing advisory firm, or the one you are founding. Without a firm, nobody can file for you.
Form U4 through CRD/IARD
The firm submits your U4 electronically, requests IAR registration in the state where you will work, and claims any designation waiver on the same form.
State review
Under the Uniform Securities Act the exam tests, a registration takes effect at noon on the 30th day after a complete filing unless the Administrator acts sooner, and it expires on 31 December unless renewed.
The Exam Validity Extension Program (EVEP) extends that to up to 5 years in participating jurisdictions, if you complete continuing education every year while you are out. It is a tool for a career break; where a jurisdiction does not take part, the 2-year rule is all you have.
Registration can also bring continuing education: a growing number of states require annual IAR CE, and the rules differ by state, so ask your regulator or your firm’s compliance team what applies.
Designation waivers: CFP, CFA, ChFC, PFS, CIMA (and the CIC)
In most states a current designation in good standing replaces the exam. The list comes from NASAA’s model rule on exam requirements for IARs, adopted in September 2022 and amended in May and December 2024. Each state adopts it on its own timetable, so a waiver holds only where yours has.
| Designation | Awarded by | Status |
|---|---|---|
| CFP (Certified Financial Planner) | CFP Board | Waives the 65 if current and in good standing |
| ChFC (Chartered Financial Consultant) | The American College | Same; NASAA’s exams FAQ also lists the MSFS |
| CFA (Chartered Financial Analyst) | CFA Institute | Same |
| PFS (Personal Financial Specialist) | AICPA | Same; a CPA license alone does not qualify |
| CIMA (Certified Investment Management Analyst) | Investments & Wealth Institute | Added in May 2024, where the state has adopted the amendment |
| CIC (Chartered Investment Counselor) | — | Dropped in May 2024 and replaced by the CIMA; a state still on the older rule may accept it, so ask first |
Read from the model rule (December 2024 text) and NASAA’s exams FAQ, checked Oct 2026. A designation waives the Series 65 only, never the Series 66.
To claim it, the firm ticks the designation box in Section 8 of your Form U4, and CRD checks the certifying body’s records. The waiver removes the exam and nothing else: you still need the firm, the U4 and the state registration.
Do you also need the Series 63, 66 or 7?
For advice alone, no: the 65 stands on its own. The others come in when you also sell securities for a broker-dealer, or when you reach IAR registration through the 66 instead.
| Your work | What qualifies you |
|---|---|
| Advice for a fee only (IAR) | Series 65, or a waiving designation in most states |
| Commission sales for a broker-dealer (agent) | Series 7 through a sponsoring firm with the SIE, plus the Series 63 |
| Advice and commission sales | Series 7 and SIE, plus either the 63 and the 65, or the Series 66 |
The Series 66 combines the state-law content of the 63 and the 65, but it counts toward IAR registration only with the Series 7. Under the model rule, the 66 and the 7 must each have been passed within 2 years of your registration application, and since the December 2024 amendment the SIE within 4 years. No designation waives the 66. The trade-offs are on Series 65 vs Series 66.
Fee-only planner, no firm yet
No designation, no FINRA exams. Enrolls on Form U10, passes, and the hiring firm files the U4.
Series 65 alone
Broker adding an advisory book
Passed the Series 7 and the SIE in 2025. The 66 works while the 7 is inside 2 years and the SIE inside 4 at application.
Series 66, or the 65
CFA charterholder joining an RIA
Charter current, in good standing, in a state that has adopted the model rule.
Waiver, claimed on the U4
Passed in March 2024, never registered
Has an IAR offer in October 2026. The 2-year window closed in March 2026.
Sit the exam again
Series 65 license FAQ
Can anyone get a Series 65 license?
Anyone can sit the exam: no prerequisites, no sponsor, no citizenship requirement. The license part, IAR registration, needs a firm to file your Form U4 and a state regulator to grant it.
Can I get a Series 65 on my own?
You can take and pass the exam on your own by filing Form U10 through FINRA’s Test Enrollment Services. You cannot register as an IAR without a firm, though: to advise independently, your own advisory firm registers first and then files your U4.
How to schedule to take the Series 65 exam?
Enroll (Form U10 on your own, or a firm’s Form U4), wait for processing, then book a Prometric seat inside your enrollment window, currently 120 days.
How much does a Series 65 test cost?
Currently $187 per FINRA (checked Oct 2026), non-refundable. State IAR registration fees are separate.
Do I need Series 7 if I have Series 65?
Not for advice. You need the Series 7 (with the SIE) only to sell securities for a broker-dealer, or to reach IAR registration through the Series 66 instead of the 65.
Can I take the Series 65 test online?
Only with a testing accommodation, the rule since 1 April 2022. Everyone else sits at a Prometric test center.
Can I be a financial advisor with a Series 65?
Yes, in the investment-adviser sense: once a state registers you as an IAR you can give securities advice and manage portfolios for a fee. Commission sales need a broker-dealer and different exams.
Does the Series 65 license expire?
The pass lapses if you are not registered within 2 years of passing, or within 2 years of leaving a registered role. While you stay registered it remains valid; EVEP can stretch a gap to 5 years in participating jurisdictions.
- The examThe Series 65 exam (Uniform Investment Adviser Law Examination): format, scoring and what’s on it
- Practice testFree Series 65 practice test: 60 questions across all 4 sections
- Study planHow long to study for the Series 65, and a plan that follows the section weights
- 65 vs 66Series 65 vs Series 66: which exam you need, and where the 63 and 7 fit
- Study guideSeries 65 study guide: the 4 sections, their weights, and what to study
Take the pad with you
Series 65 practice on your iPhone, for the commute and the ten minutes before bed.