We receive many questions regarding the exam requirements, exemptions and training options. To assist, we have provided the following information in question and answer format. If you do not see an answer to your unique situation, please give us a call at 866.513.4042 or complete the adjacent form.
Qualifications and Exam Requirements
- What exams are required to become an RIA?
- Do I need to be sponsored by a broker-dealer to take the Series 65 or Series 66 exam?
- Are there exemptions to the Series 65 or Series 66 exam?
- Will my current firm be aware that I am taking this exam?
Registering for the Exam
- How do I register for an exam?
- When can I take an exam? How long do I have to schedule the exam?
- How much does an exam cost?
- Where can I take the exam?
- What days of the week can the test be taken?
Preparing for the Exam
Taking the Exam
- What score must be obtained to pass?
- Must I complete each question in order?
- When will I know if I passed?
- What do I need to do if I do not pass?
Qualifications and Exam Requirements
What exams are required to become an RIA?
To establish an RIA Firm, all individuals involved with the investment, sales and clients services processes (all referred to as "Investment Advisor
Representatives" or "IARs") must pass a Uniform Advisor Exam or qualify for an exemption. The exam options include the Series 65 ("Uniform Investment Advisor Exam") and the Series
66 (Uniform Combined State Law Exam). Advisor applicants who have an active Series 7 exam (no longer than 2 years unaffiliated with a broker-dealer), may opt for the Series 66 exam instead of the Series 65 exam.
The Series 66 is narrower in scope and therefore less difficult.
Do I need to be sponsored by a broker-dealer to take the Series 65 or Series 66 exam?
No. You do not need to be sponsored to take the Series 65 or Series 66 exams. These exams were developed by the North American Securities Administrators
Association ("NASAA") to test competency. The exams are only administered through FINRA.
Are there exemptions to the Series 65 or Series 66 exam?
Yes. Certain professionals designations in good standing, such as Certified Financial Planner ("CFP"), Chartered Financial Analyst ("CFA"), Personal Financial
Specialist ("PFS"), Chartered Financial Consultant ("ChFC") or Chartered Investment Counselor ("CIC") will typically enable an advisor to request an exemption
from the exam requirements in many states. The applicant is still required to apply for registration as an investment advisor representative ("IAR") by filing
a Form U4 and paying the associated registration fees to the applicable state securities regulators. To discuss your unique situation, please complete the adjacent
form or call us at 866.513.4042.
Will my current firm be aware that I am taking this exam?
If your exam was initiated by filing a Form U-10, your current employer will not be immediately notified of the examination. If your examination is prompted by a U-4 filing, your existing firm would be notified to
request a transfer out of the old firm via a U-5. AdvisorAssist professionals will help you to manage the timing and sequence of events to avoid premature interruption of your employment and to enable you to
inform your employer before the FINRA system notifies them. AdvisorAssist also offers an RIA QuickStart™ Service, in which we can establish your firm for
you, to your specifications, while you continue employment or handle other business affairs.
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Registering for the Exam
How do I register for an exam?
To register for the Series 65 or Series 66 exam, you must complete a Form U-10 and submit to FINRA. Submission can be either completed and paid
online or
printed and mailed along with a
check or money order.
When can I take an exam? How long do I have to schedule the exam?
You may schedule your examination immediately following the opening of your examination window ("enrollment period"). The enrollment period is 120 days (4 months). Upon receipt of your enrollment
confirmation from FINRA, you may contact a testing center in your area to schedule the exam. You may only take an examination once per enrollment. If you do not pass the exam, you may re-submit a
Form U-10 along with the fee for re-testing.
How much does an exam cost?
The Series 65 exam costs $135 and the Series 66 exam costs $128. Fees are non-refundable by FINRA (FINRA administers the testing process on behalf of NASAA).
Where can I take the exam?
There are testing facilities near all major cities and through the United States (and some international as well). Testing Centers are sub-contracted through Pearson Professional Centers or Prometric Testing Centers.
What days of the week can the test be taken?
The exam can typically be taken Monday through Saturday. Contact the appropriate testing center for exact availability.
Preparing for the Exam
What topics are covered on the exams?
The Series 65 exam consists of 130 questions (plus 10 pre-test questions) covering relevant topics around providing investment advice to clients, such as Economics, Investment Vehicles, Investment
Recommendations and Strategies, and Legal and Regulatory Practices. Applicants are allowed 180 minutes to complete the examination.
Click here for the NASAA Series 65 Exam Outline.
The Series 66 exam consists of 100 questions (plus 10 pre-test questions) covering relevant topics around providing investment advice to clients, such as Economics, Investment Vehicles, Investment Recommendations and Strategies, and Legal and Regulatory Practices. Applicants are allowed 150 minutes to complete the examination. Click here for the NASAA Series 66 Exam Outline.
What study options are available?
There are several providers of training materials and classroom studies, including reference books, practice tests, and other materials. Please visit our Partners Page for options, or contact us using the form at the right of this page.
Taking the Exam
What score must be obtained to pass?
For the Series 65 exam, a score of 72% or greater (94 of 130 questions correct) is required to pass. For the Series 66 exam, a score of
75% or greater (75 of 100 questions correct) is required to pass. However, some states do require certain scores of up to 85% to be eligible for registration as an IAR. Note that the Series 65 exam and the Series 66 exam have 140 and 110 questions, respectively, but 10 of the questions do not count towards your scoring. Updated as of January 1, 2010.
Must I complete each question in order?
No. You have the full allotted time for each exam to complete and review the questions. You may change any answer prior to submitting your exam for completion.
When will I know if I passed?
At the completion of the exam, the computer will display your score. Make sure you obtain a copy of your score from the testing center administrator before leaving.
What do I need to do if I do not pass?
If you do not receive a passing score, you must file a new U-10 form and pay the exam fee to reopen the exam window. You must schedule the new exam at least 30 days from the date of the failed exam. If you do not pass on the 3rd attempt, you must wait 180 days for re-testing.
AdvisorAssist completes all Form U-10 requirements as part of its Turn-Key Registration Service. To learn more about our Turn-Key Registration Service, please complete the adjacent form or call us at 866.513.4042.
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