Series 65 (Uniform Investment Adviser Law)
The dominant entry path for fee-based investment advisors (RIAs); enables career-changers to launch advisory practices without broker-dealer sponsorship. CFA charterholders are exempt in most states (CFA, CFP, ChFC, PFS, CIC may grant Series 65 waiver).
Disclosure: This page contains affiliate links.
Visit Official Site →Founded
1989
HQ
Washington, DC, USA
Target Audience
Investment adviser representatives (IARs) providing fee-based investment advice — required for fiduciary advisory practice in most states.
Key Features
- 130 multiple-choice questions (130 scored, no pretest), 180 minutes, 72% passing score
- Covers: economic factors & business information (~15%), investment vehicle characteristics (~25%), client investment recommendations & strategies (~30%), laws/regulations/guidelines/ethics (~30%)
- No FINRA sponsorship required
- Heavy coverage of fiduciary duty, ERISA, Investment Advisers Act of 1940, NASAA model rules
- Pass rate: ~65-70% (NASAA disclosures)
- Common path for career-changers entering RIA channel without broker-dealer affiliation
How to Get This Certification
Prerequisites
None. No sponsorship required.
Why Get Certified — ROI
Salary Impact
Fee-based advisor median total compensation: $90,000-$160,000 in years 3-5 (Cerulli RIA channel 2024 data). Series 65 itself is a floor; ROI is in building AUM.
Career Benefits
- What makes this stand out
- The dominant entry path for fee-based investment advisors (RIAs); enables career-changers to launch advisory practices without broker-dealer sponsorship. CFA charterholders are exempt in most states (CFA, CFP, ChFC, PFS, CIC may grant Series 65 waiver).
- Industry recognition
- NASAA model rule; administered by FINRA.
Cost vs Return
$187
Pricing
$3/yr
Salary Impact
~3242w
Estimated payback
Who Should Get This Certification
Ideal for:
- Investment adviser representatives (IARs) providing fee-based investment advice — required for fiduciary advisory practice in most states.
Consider alternatives if:
- More legal/regulatory than analytical — limited investment-skill validation
- 180-minute exam is fatiguing; many fail second half
Pricing
| Item | Price |
|---|---|
| Exam Fee | $187 |
| Currency | USD |
| Study Materials Typical | 150–400 |
| Premium Prep Courses | 300–900 |
| Total Budget Path | 200 |
| Total Premium Path | 900–1300 |
| Renewal | Maintained via active state IAR registration; lapses 2 years post-termination |
| As Of | 2025 |
Weaknesses
- More legal/regulatory than analytical — limited investment-skill validation
- 180-minute exam is fatiguing; many fail second half
- State-level waivers for CFA/CFP/ChFC/PFS holders mean the credential's career signal is weaker than its prevalence suggests
- Does not authorize transaction-based sales (Series 7 required for commission products)
Markets Served
US
Disclosure: This page contains affiliate links.
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