RIA Glossary / Registration & Formation

IAR Qualification Requirements

Quick Answer
IAR qualification requirements are the exam or designation paths an individual must satisfy to register as an Investment Adviser Representative — most commonly passing the Series 65, or the Series 66 combined with the Series 7, or holding a recognized professional designation such as CFP, CFA, or ChFC that many states accept as a waiver.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed October 8, 2026

What Are the IAR Qualification Requirements?

The Series 65 is the most direct path for individuals entering advisory work without an existing broker-dealer registration. Those who already hold or are pursuing a Series 7 (typically because they also work as a broker-dealer registered representative) can instead pair it with the Series 66 to satisfy both broker-dealer and advisory qualification simultaneously. Certain professional designations are recognized in many — but not all — states as substitutes for the exam requirement, meaning a CFP or CFA holder, for example, may be able to register as an IAR without sitting for the Series 65 at all.

Because designation-based waivers vary by state, firms hiring credentialed individuals should confirm the specific state’s current rules rather than assuming a waiver applies universally.

Check Out >> Top 10 Questions About RIA Registration for more insight into the IAR qualification requirements.

Why it Matters

Choosing the right qualification path — exam versus designation waiver — can significantly affect how quickly a new hire is able to begin registered advisory work, making this a practical hiring and onboarding consideration as much as a compliance one.

Frequently Asked Questions

Is the Series 65 required for everyone?

No — the Series 66 plus Series 7 combination, or a qualifying designation waiver, can satisfy the same requirement depending on the individual’s background and the state involved.

Do designation waivers work the same in every state?

No — recognition of designations like CFP or CFA as exam waivers varies by state and should be confirmed directly.
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Related Terms

Series 65

What Is the Series 65 Exam? Administered by FINRA on behalf of state regulators, the Series

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