If I work in a state that doesn’t register representatives of investment advisers can the company I want to join make me take the Series 65 exam?
Yes. The company can be more restrictive than state or federal rules if it chooses.
Do I need the Series 65 exam if I’m just getting referral fees from an investment adviser for clients that I soliciting?
Many states require agents, solicitors, and those receiving referral fees to pass the 65 and register with the appropriate state administrators. It’s best to contact the state regulator where you reside and solicit to know the current rules.
I work in a state that doesn’t license representatives of an investment adviser — will my Series 65 exam “expire”?
Yes. After two years of not being licensed in a state requiring the Series 65, your exam will be shown on the CRD record as “expired.”
If you’ve been working as an investment adviser representative in a state that doesn’t require registration, most states have discretion to waive the requirement to retake the exam. […]
If I have passed the Series 65 exam but haven’t completed the registration process, do I have to sit for the exam again?
After you pass the Series 65 test you have two years to become licensed (registered) with a state or the exam expires. Once you are registered, the exam remains effective as long as you stay registered. If you quit your firm, the compliance officer files a Form U-5 showing your end of employment and […]
Why can’t I just sit for the Series 7 and Series 66 exams instead of the Series 65 exam?
The reason you sit for the Series 65 exam is to charge fees for your services; if you sit for the 7 and 66 exams your intent is to charge commissions of the securities your clients buy and sell through you (and your firm) in addition (or in lieu of) fees for your services. […]
Can I extend the 120 day window that is given for the test period?
If you only need more time to study an extension isn’t granted; if you don’t take the test within the 120 day period you’ll have to submit another exam and pay the fee again. If you’ve been injured or have been sick, an extension may be granted.
If I failed the Series 66 can I immediately sit for the Series 65 exam?
You can submit a U-10 form for the Series 65 exam and sit for it as soon as you’re application is processed and your 120 day window is established. The waiting period applies only to the specific exam you did not pass.
If I’m subject to the 180 day waiting period for failing the Series 65 exam, are there any waivers?
If a written request has been submitted by the securities administrator’s office in the state in which the individual is seeking to be licensed is submitted, a waiver may be given.
How many times can I retake the Series 65 exam?
As long as you meet the waiting periods there is no limit.
If I fail the Series 65 exam can I immediately retake it?
No. If you fail the Series 65 exam there is:
a minimum of 30 days after failing the first exam before the second taking;
a minimum of 30 days after failing the exam for the second time before the third taking;
and a minimum of 180 days after failing the exam for a third time before the […]
Are there any waivers for the Series 65 exam?
Form U-4 has a box that can be checked that indicates the certification that you hold. The CRD computers then check databases of all active certificants prepared by the certifying organizations.
Most states will waive the Series 65 exam if you hold one or more of the following professional registrations:
CFP - Chartered Financial Planner (CFP Board […]
Once I pass the Series 65 test am I ready to conduct business?
No. Just passing the Series 65 exam is only one of the steps in becoming registered as an Investment Adviser Representative. Each state has its own requirements and they all must be met before you can solicit. The test center will give you a copy of your scores. Your record of passing the exam […]
Are there any continuing education requirements after I pass the Series 65 exam?
No. At the present time there are no continuing education requirements for those who have passed the Series 65 exam.
Where do I take the Series 65 exam?
Go to our Links page and click on “domestic and international test sites”. That will take you to FINRA’s link showing all Pearson-Vue and Prometric testing centers. There will be an 800 number that you can call to make your appointment and it will show you the address of the nearest center to you.
Do I get a certificate when I pass the Series 65 Exam?
No. Other than the print out of your scores that you are given at the exam site, there is no other notification or certificate.
When you take an exam, your score is permanently recorded in the Central Registration Depository (CRD) maintained by NASD. Employers and regulators have access to the records
Who updates the Series 65 exam, and how often is that done?
Usually every year NASAA reviews the data bank and creates new and revised questions based on changes in law, etc. The questions are then entered into the database on a trial basis. The Series 65 has ten extra questions added to your exam but they do not count towards the final score. NASAA is […]
Do I have to be a U.S. citizen in order to sit for the Series 65 Exam?
No. There are no citizenship limitations on taking the Series 65 exam.
If I’m not a U.S. citizen and don’t have a U.S. social security number how do I sign up for the Series 65 exam?
By using form U-10, and you don’t have a social security number, FINRA will assign an ID number to you […]
Can I get old copies of the test questions?
Series 65 NASAA exam questions are copyright protected and are not disclosed to the public.
What is the passing score on the Series 65 Exam?
89 of the 130 questions on the exam must be answered correctly. This works out to 68.5% The test can include an extra 10 questions that are “sample” questions that NASAA includes for their own research – but they don’t count against you if you miss them.
Are there prerequisites to the Series 65 exam?
No. There are no prerequisites in order to sit for the Series 65 exam.