Series 65 at a glance
Who needs the Series 65
Who needs it: people who will give investment advice for a fee as investment adviser representatives (IARs), including fee-only planners at RIAs. It does not require the SIE or Series 7, which makes it the most common stand-alone license for advisers who will not sell commission products.
What it covers: economics and analysis (15%), investment vehicles (25%), client recommendations and strategies (30%), and laws, regulations and ethics (30%).
Official Series 65 content outline
| Section | Weight | Scored questions |
|---|---|---|
| I. Economic Factors and Business Information | 15% | 20 |
| II. Investment Vehicle Characteristics | 25% | 32 |
| III. Client Investment Recommendations and Strategies | 30% | 39 |
| IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices | 30% | 39 |
Total | 100% | 130 |
How to register and schedule
- Enroll through a firm or via TESS
Unsponsored candidates open an enrollment window through FINRA’s Test Enrollment Services System.
- Pay the $187 fee
Confirm the current fee on FINRA’s Series 65 page.
- Schedule within 120 days
Prometric test center; NASAA offers online exams only by accommodation.
- Sit the exam
140 questions (130 scored + 10 unscored), 180 minutes. Pass = 92 of 130.
- Register as an IAR
Your pass is valid for two years before registration. Registration happens through your adviser firm.
NASAA rule (Series 63/65/66): wait 30 days before a second attempt, 30 days before a third, and 180 days before later attempts within a two-year period. From January 4, 2027 the wait after a third failure drops to 60 days (announced by NASAA on August 10, 2026). The first two 30-day waits are unchanged.
Where it fits in the licensing path
Fee-only path: Series 65 alone. Broker + adviser path: most people take SIE -> Series 7 -> Series 66 instead of 63 + 65; see Series 65 vs 66.
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Frequently asked questions
How many questions are on the Series 65?
130 scored plus 10 unscored questions; you have 180 minutes.
What is the Series 65 passing score?
At least 92 of the 130 scored questions correct (about 71%).
How much does the Series 65 cost?
$187 (verified 2026-09-23 on FINRA’s Series 65 page).
Do I need a sponsor for the Series 65?
No. You can enroll yourself through FINRA’s TESS system. See exams without sponsorship.
Do I need the Series 7 to take the Series 65?
No. The Series 65 has no prerequisite or co-requisite.
Series 65 or Series 66?
Take the 65 if you will only give fee-based advice. Take the 66 if you also hold (or will hold) the Series 7 and need state agent registration too. Details in Series 65 vs 66.
Sources
- FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
- NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- NASAA - Exam FAQs (accessed 2026-09-23)
- NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) (accessed 2026-09-23)