Glossary term
Series 65
The Series 65 is the Uniform Investment Adviser Law Exam, a NASAA exam administered by FINRA for investment adviser representative qualification.
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What Is the Series 65?
The Series 65 is the Uniform Investment Adviser Law Exam. It is a NASAA exam administered by FINRA and is generally used for investment adviser representative qualification under state rules.
The Series 65 is tied to advisory activity. It is not the same as a broker-dealer sales exam, and passing it does not by itself create a registered investment adviser business.
Key Takeaways
- The Series 65 is the Uniform Investment Adviser Law Exam.
- It is a NASAA exam administered by FINRA.
- The exam is generally associated with investment adviser representative qualification.
- The Series 66 can substitute for Series 65 exam credit when paired with a valid Series 7.
- Passing the Series 65 is not the same as being fully registered or operating as an RIA.
What the Series 65 Covers
The Series 65 focuses on investment adviser law, ethics, fiduciary obligations, client recommendations, portfolio strategies, securities products, economic factors, and state registration concepts.
It is intended to test knowledge relevant to providing investment advice, not merely executing securities transactions.
Series 65 Versus Series 63 and Series 66
Exam | General role |
|---|---|
Series 63 | State law exam for broker-dealer agents |
Series 65 | Investment adviser law exam for IAR qualification |
Series 66 | Combined state law exam used with a valid Series 7 |
Why It Matters to Investors
The Series 65 helps show that a person has passed an investment adviser law exam. Investors should still verify whether the person is properly registered, whether they act for a Registered Investment Adviser, how they are paid, and what conflicts may apply.
The exam matters, but the ongoing advisory relationship is shaped by registration, disclosures, fiduciary duties, compensation, and services.
The Bottom Line
The Series 65 is a NASAA investment adviser law exam administered by FINRA. It is a key qualification path for investment adviser representatives, but investors should still verify registration and disclosures.