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Investment Adviser Representative Licenses

  1. Series 65

    Uniform Investment Adviser Law Examination (Series 65)

    State registration qualification for investment adviser representatives. No prerequisites or sponsoring firm required.

    Level
    Investment adviser representative (IAR) state registration qualification
    Format
    130 scored multiple-choice questions plus 10 unscored (pretest) questions, 180 minutes, closed-book
    Passing score
    92 of 130 scored questions correct (approximately 71%)
    Number of questions
    140 total (130 scored + 10 unscored/pretest)
    Prerequisites
    None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement — candidates can register independently.
    Who it's for
    Individuals seeking registration as investment adviser representatives (IARs) under state law, including independent RIAs and dually-registered advisor/broker professionals. Commonly taken by financial planners and advisors who are not otherwise exempt via other designations (e.g., CFP, CFA in some states).

    Series 65 exam detailsSeries 65 practice questions

  2. Series 66

    Uniform Combined State Law Examination (Series 66)

    Dual registration as a securities agent and an investment adviser representative. The Series 7 is a co-requisite for the agent side.

    Level
    Dual registration exam — qualifies candidates as both a securities agent (broker-dealer representative) and an investment adviser representative (IAR)
    Format
    100 scored multiple-choice questions plus 10 unscored pretest questions (110 total), 150 minutes, closed-book, computer-based
    Passing score
    73% (must correctly answer at least 73 of the 100 scored questions)
    Number of questions
    100 scored questions + 10 unscored pretest questions = 110 total
    Prerequisites
    No prerequisite required to sit for the Series 66 itself. FINRA Series 7 is a co-requisite exam that must also be passed before a candidate can register with a state as a securities agent in addition to an investment adviser representative.
    Who it's for
    Financial professionals seeking dual state registration as both a broker-dealer agent and an investment adviser representative, typically paired with the Series 7.

    Series 66 exam detailsSeries 66 practice questions

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