Finance & Insurance / Series 65 Exam
- NASAA
- Securities exam
- Computer-based
- Updated Oct 2026
Series 65 Exam: Cost, Format, Passing Score and How to Register
The Series 65 (Uniform Investment Adviser Law Examination) is NASAA’s state-law exam for people who want to work as investment adviser representatives. FINRA administers it, and you don’t need a firm to sponsor you.
Last updated October 28, 2026 from NASAA requirements
Exam fee
$187
Non-refundable, one attempt per enrollment
Exam length
3 hours
180 minutes, and the clock keeps running during breaks
Questions
130
Scored, plus 10 unscored pretest questions
Passing score
92 of 130
Correct answers, not a percentage
Overview
What is the Series 65 Exam?
The Series 65 is a 140-question multiple-choice exam that tests general finance, economics and investing knowledge plus federal and state securities law. Only 130 questions are scored, and you must answer at least 92 of them correctly to pass. It costs $187, and you get 180 minutes.
Who takes it
- People who want to be licensed as investment adviser representatives under state law
- Financial advisers whose state requires a passing score (or a qualifying designation) before they can register
- Candidates who need the investment adviser exam requirement, where the Series 66 is not the route they chose
- Anyone who wants to take the exam on their own, since no sponsor is required
Who doesn’t need it
- People with a CFP, ChFC, MSFS, CFA, PFS or CIMA designation may be able to use it in place of the Series 65, if their state accepts it
- People who pass the Series 66 receive credit for the Series 65 for investment adviser registration
- A CPA credential alone does not qualify. The PFS designation does
Passing the Series 65 is not a license
NASAA says passing does not in itself give you the right to do securities business in any state. It satisfies part of the registration requirements, so check the rules in each state where you want to work.
Before you sit
The Series 65 Exam, one page
- Check whether your state accepts a designation instead
- Enroll through your firm or FINRA ($187)
- Take the exam within your 120-day window
- Bring valid government-issued photo ID that matches your exam name exactly
- Arrive 30 minutes early
- Aim for at least 92 of the 130 scored questions
Eligibility
Who can take the Series 65 Exam?
The Series 65 has no sponsor requirement, no citizenship rule and no listed prerequisite exam. You enroll with FINRA, which administers the exam for NASAA.
| Requirement | Detail |
|---|---|
| Sponsorship | Not required. People not associated with an investment adviser can open an enrollment themselves through FINRA’s Test Enrollment Services System. |
| Firm candidates | If you work for a firm, your employer schedules you by filing an electronic Form U4 through WebCRD. |
| Citizenship | No citizenship limits. Candidates without a Social Security or CRD number can still enroll, and FINRA assigns a number. |
| Prerequisite exams | None. FINRA lists the corequisite as “None.” |
| Age, education and experience | Not stated. |
| Testing window | Once you are enrolled, FINRA opens a 120-day window in which you must schedule and take the exam. |
| Designation waivers | CFP, ChFC, MSFS, CFA, PFS and CIMA can substitute for the Series 65. You certify this in Section 8 of Form U4, and each state decides whether to accept the designation. |
| ID name match | The name on your government-issued photo ID must exactly match the name your exam is scheduled under. |
Format
What’s on the Series 65 Exam?
The exam has 140 multiple-choice questions, and 130 of them are scored. The other 10 are pretest questions, and you won’t know which they are. NASAA’s test specifications (effective June 2023) split the scored questions into four subject areas.
Format
Multiple choice, closed book, at a Prometric test center
Questions
130 scored, plus 10 unscored
Passing score
92 of 130 scored questions
Exam owner
NASAA, administered by FINRA and delivered at Prometric test centers
| Content area | Questions or weight | Notes |
|---|---|---|
| Economic Factors and Business Information | 20 questions (15%) | Basic economic concepts, financial reporting, analytical methods and types of risk |
| Investment Vehicle Characteristics | 32 questions (25%) | Cash equivalents, fixed income, equities, equity offerings, pooled investments, derivatives and alternative investments |
| Client Investment Recommendations and Strategies | 39 questions (30%) | Client profiles and goals, portfolio strategies, taxes, retirement and education accounts, and estate planning |
| Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices | 39 questions (30%) | Federal and state law, NASAA model rules, adviser duties, compensation, custody and conflicts of interest |
Scoring & content
- 130 scored multiple-choice questions plus 10 unscored pretest questions
- You must answer at least 92 of the 130 scored questions correctly
- The exam is not graded as a percentage, and the four areas are weighted differently
- Questions draw on the Investment Advisers Act of 1940, the Uniform Securities Act of 1956 as amended by NASAA, SEC and FINRA rules, and NASAA model rules
- Two people testing at the same time get different questions of matched difficulty
Retake policy
- Today: wait 30 days after the first failed attempt and 30 days after the second
- Today: wait 180 days after the third failed attempt and each later one
- For enrollment windows opened on or after January 4, 2027, the wait after the third failed attempt drops to 60 days
- Windows opened before January 4, 2027 keep the rules in effect when they opened
- There is no limit on attempts, and each fee covers one attempt within a 120-day window
Steps
How to register and sit for the exam, step by step
- Check your state’s rulesBefore you apply
Passing the Series 65 is normally a prerequisite for state registration, not a license. Ask your state securities regulator whether you need the exam or can use a designation such as the CFP or CFA. - Enroll with FINRA$187 fee
If you work for a firm, your employer files a Form U4. If you don’t, you can open an enrollment yourself through FINRA’s Test Enrollment Services System. - Note your 120-day windowAfter you enroll
FINRA opens a 120-day window. You must schedule and take the exam within it, and extensions are granted only for illness or injury. - Request accommodations if neededBefore you schedule
Disability accommodations are handled through FINRA. Online testing is offered only as an accommodation. - Schedule with PrometricAt least 10 business days ahead if you may change
Book a Prometric test center appointment. Cancelling or rescheduling at least 10 business days ahead avoids fees. Prometric’s number is (800) 578-6273. - Take the examExam day
Arrive 30 minutes early with valid government-issued photo ID. You have 180 minutes for 140 questions. - Get your resultRight after the exam
You are told at the test site whether you passed. If you fail, you see your score in each of the four sections. No certificate is issued, and exams taken through an enrollment window must be added to your record through Form U4.
Scoring
Series 65 Exam passing score and pass rates
To pass, you must correctly answer at least 92 of the 130 scored questions. NASAA calls the Series 65 a criterion-based minimum competency exam, so passing means you met the minimum standard for an investment adviser representative. You are told pass or fail when you finish. If you fail, you also see your score in each of the four sections, but not your results on specific questions.
NASAA and FINRA don’t publish Series 65 pass rates on the pages we reviewed, and we don’t use a third party’s figure.
Exam day
What to expect on exam day
Plan to check in 30 minutes before your appointment at a Prometric test center. The exam is closed book, and the 180-minute timer does not pause for breaks.
What to bring
- One valid, government-issued photo ID with your signature, such as a driver’s license, passport or military ID
- The name on the ID must exactly match the name on your exam appointment
- Photocopies, faxes, electronic copies and expired IDs are not accepted
- Nothing else is needed. Phones, watches, bags, wallets and jewelry go in a locker
Testing rules
- Arrive 30 minutes early. If you’re more than 30 minutes late and no seat is available, you can’t test and need a new enrollment
- No study materials are allowed in the test center
- A four-function calculator and erasable note boards with markers are provided at the station and returned at the end
- Breaks are for the restroom only, and the exam clock keeps running
- Online testing is offered only as an accommodation. Accommodations are handled through FINRA
- The exam is offered only in English. Candidates with limited English proficiency can request extra time through FINRA
Costs
How much does the exam cost?
| Item | Type | Estimate |
|---|---|---|
| Series 65 exam fee | Fixed | $187 |
| Reschedule or cancel at least 10 business days ahead | Fixed | $0 |
| Reschedule or cancel 3 to 10 business days ahead | Variable | Not stated |
| Reschedule or cancel within 2 business days, or no-show | Fixed | $187 (the full exam cost) |
| Retake (new enrollment) | Fixed | $187 |
| Minimum cost | Exam fee only, with no reschedule or retake | $187 |
Fees come from NASAA’s exam FAQs and FINRA’s cancellation policy, checked October 2026. Exam fees are non-refundable.
Prep
Best exam prep, compared
We haven’t compared prep courses for this exam yet. When we do, we’ll test each course with real exam candidates and report what they found.
After you pass
What happens after you pass?
Passing the Series 65 is normally a prerequisite for state registration, not registration itself. Your next step is to register as an investment adviser representative in your state.
Register in your state
Your state securities regulator decides whether you can register as an investment adviser representative. The Series 65 does not by itself let you do business in any state.
Add the result to your record
Exams taken through a FINRA enrollment window appear in a separate database. They must be added to your record through Form U4.
Register within the state window
Most states follow a two-year rule: you need to register within two years of passing. Check your state, because a state may waive the retake requirement.
Consider the Series 63 or 66
Most states require the Series 63 in addition to the SIE and Series 7 for broker-dealer agents. The Series 66 counts as passing both the Series 63 and Series 65, but registering on it requires a valid Series 7.
Keep an eye on exam updates
NASAA is updating questions affected by May 2026 model rule amendments on investment adviser advertising and recordkeeping. The updates are planned for early 2027, with the date to be announced.
Maintain
Keeping your result or credential current
The Series 65 is an exam, not a credential, so it has no renewal. Instead, your pass stays valid for a period tied to your registration.
Renewal cycle
No renewal. The exam stays valid while your registration continues
CE or credits
Annual continuing education under NASAA’s Exam Validity Extension Program (EVEP), where your state has adopted it
Renewal fee
Not stated
Lapse rule
After registration ends, you have two years to re-register before the exam shows as expired in CRD. EVEP can extend validity for up to five years in states that have adopted it
Governance
Who runs the Series 65 Exam?
Exam owner
NASAA (North American Securities Administrators Association)
Website: nasaa.org exams page
Exams team: exams@nasaa.org, 202-737-0900
Address: 750 First Street NE, Suite 990, Washington, DC 20002
Administered by FINRA, with test delivery at Prometric centers, (800) 578-6273
What they handle
- Develops and approves the exam questions and the test specifications
- Sets the passing standard of 92 of 130 scored questions
- Publishes the content outline and study guide
- Runs the Exam Validity Extension Program, while FINRA handles enrollment, scheduling and accommodations
FAQ
Frequently asked questions
How many questions are on the Series 65 exam?
There are 140 multiple-choice questions. Of these, 130 are scored and 10 are unscored pretest questions that you can’t identify.
What is the passing score for the Series 65?
You must answer at least 92 of the 130 scored questions correctly. It is not graded as a percentage.
How much does the Series 65 cost?
The exam fee is $187 and is non-refundable. Cancelling or rescheduling at least 10 business days ahead is free.
How long is the Series 65 exam?
You have 180 minutes. The timer keeps running during restroom breaks.
Do I need a sponsor to take the Series 65?
No. People not associated with an investment adviser can open their own enrollment through FINRA. Citizenship is not required.
Can I skip the Series 65 with a designation?
Possibly. CFP, ChFC, MSFS, CFA, PFS and CIMA can substitute for the Series 65, but each state decides whether to accept them.
How soon can I retake the Series 65 if I fail?
You wait 30 days after the first and second failed attempts and 180 days after the third. For enrollment windows opened on or after January 4, 2027, the wait after the third drops to 60 days.
How long do I have to take the exam after I enroll?
FINRA opens a 120-day window. Extensions are granted only for illness or injury.
Is the Series 65 changing?
NASAA plans to update questions affected by May 2026 model rule amendments on investment adviser advertising and recordkeeping. The updates are planned for early 2027, with the exact date to be announced.
Can I take the Series 65 online?
Only as an accommodation. Otherwise, it is given at Prometric test centers.
Sources
Official sources
- FINRA: Series 65 Exam
- NASAA: Series 65 Exam Study Guide (September 2023)
- NASAA: Exams
- NASAA: General Exam Information
- NASAA: Series 65 Exam Content Outline
- NASAA: Exam FAQs
- NASAA: Exam Validity Extension Program
- FINRA: Prepare for Your Test Center Appointment
- FINRA: Reschedule or Cancel Your Appointment
Last updated October 28, 2026. Spot something out of date? Tell us.
Exam Insiders is an independent guide and is not affiliated with NASAA.