RIA Glossary / Professional Credentials & Licensing

Series 65

Quick Answer
The Series 65 is the Uniform Investment Adviser Law Exam, the most common qualification exam for individuals seeking to register as investment adviser representatives. It covers investment concepts, regulations, and ethical practices specific to advisory (rather than brokerage) business.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed September 19, 2026

What Is the Series 65 Exam?

Administered by FINRA on behalf of state regulators, the Series 65 tests knowledge of economics, investment vehicles, portfolio management concepts, and the laws and regulations governing investment advisers and their representatives. Unlike the Series 7 (which qualifies someone to sell securities as a broker-dealer registered representative), the Series 65 is specifically the advisory-side qualification, and passing it alone — without needing the Series 7 — satisfies the exam requirement for IAR registration in most states.

Certain professional designations, including CFP, CFA, ChFC, and others, may qualify as waivers for the Series 65 requirement in many states, giving credentialed individuals an alternative path to IAR eligibility.

Why it Matters

The Series 65 is typically the most direct path to IAR qualification for people entering advisory work without an existing broker-dealer registration, since it doesn’t require also holding the Series 7.

Frequently Asked Questions

Do I need the Series 7 in addition to the Series 65?

No — the Series 65 alone satisfies the IAR exam requirement in most states; the Series 7 is only needed if also registering as a broker-dealer representative (typically paired with the Series 66 instead).

Can a professional designation replace the Series 65?

In many states, yes — designations like CFP, CFA, and ChFC are commonly recognized as exam waivers, though this varies by state.
Related Terms

Regulation S-P

What Is Regulation S-P? Regulation S-P requires two main things: a privacy notice given to clients

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