10 frequently asked questions for the Series 65 examination
- What is the Series 65 exam
The North American Securities Administrators Association (NASAA) developed the Series 65 license test, which is delivered by FINRA.
Related: NASAA’s enforcement measures in the near future
The exam, also referred to as the Uniform Investment Adviser Law Examination, addresses legal and moral issues relating to financial advisers. An adviser moves one step closer to becoming an Investment Adviser Representative (IAR) after passing the 130-question test.
Note: In order to lawfully sell Securities Institute of America Coupon and take part in trade execution, advisors may additionally need to pass the Series 7 exam or other licensing tests.
- In what location will I take the Series 65 exam?
You must go to the registration page and select “Enroll in an Exam” to locate a testing facility and available exam dates.
Related: How to Schedule a Series 65 Exam for a Prospective Investment Adviser Representative
The next step is to select the right licensure exam (Series 65) and open a FINRA account. In order to register for the exam and select the testing date and venue that best suit your requirements, follow the on-screen instructions.
- How long should I prepare for the Series 65 exam?
It’s up to you how much time you spend preparing for the Series 65 test, but it’s important to note that the Securities Institute of America has indicated that reading the textbook is “very crucial to passing the exam…After finishing the textbook, attempt as many Series 65 practice tests as you can.
Do bear in mind that the study materials might be time and money well spent, particularly because you’ll have to pay exam fees again if you don’t pass the first time.
- Do you have a practice test and study guide for the Series 65?
A detailed exam topic outline, also known as a Series 65 study guide, is offered by NASAA, and it contains details about the weighting of each exam segment. The outline is available here.
And even though FINRA hasn’t published any official practice tests, you can still study with a range of internet materials that you can buy. As of spring 2023, Investopedia lists these four courses as its top recommendations for the finest test-preparation resources:
- Can I repeat the Series 65 exam if necessary?
If you don’t pass the test, you have to wait 30 days before trying again. You must wait 180 days before registering again if you fail three times in a row.
Please be aware that each additional try will need to be registered for separately and will cost $187 as of June 2023.
How will the Series 65 exam be structured?
According to NASAA, there will be 30 Series 65 questions on the exam, in addition to 10 practice questions. The exam’s topic outline includes the following significant content categories:
economic variables and business data
traits of investment vehicles
Investment strategy and recommendations for clients
laws, rules, and policies, especially those that forbid unethical business conduct
- Is the Series 65 test challenging?
Test difficulty ultimately depends on the test-taker, their study habits, and their level of effort. The Series 65 examination, however, is regarded as a “moderately difficult” test by some experts.
The Director of Regulatory Research & Content at COMPLY, Jason Vinsonhaler, claims that while the Series 65 examination is difficult, it is not impossible to pass with adequate practice. Understanding the ideas being tested on the Series 65 is more important than just remembering individual information.
- How should I get ready for the Series 65 Exam?
Make sure the Series 65 exam is the appropriate license exam for you depending on your professional goals before taking the test.
Spend money on study guides and mock tests (and utilize them).
Fill out the exam registration form and pay the exam fee.
Related Article: Series 65 Exam Preparation: Things to Keep in Mind When Starting Your Own RIA Firm
- What distinguishes the Series 65 from the Series 7?
The Series 7 and Series 65 are different from one another in a number of ways, including the fact that the Series 7 is created by FINRA instead of NASAA.
Additionally, the results of the exams are different: individuals who pass the Series 7 are qualified to purchase and sell stocks, while those who pass the Series 65 can lawfully provide clients with investment advice and analysis.
Related: Will I Be Required to Take the Series 65 or Series 66 Under the DOL’s New Fiduciary Rule?
- What distinguishes the Series 65 from the Series 66?
The Series 66 License, commonly known as the “Uniform Combined State Law Examination,” is an examination for people who want to be registered as both securities agents (representatives) and IARs. It combines the Series 65 and Series 63 licenses, the latter of which is more concerned with state securities laws and rules.
To put it another way, passing the Series 66 test equates to passing the Series 65 and Series 63 tests.
It should be emphasized that in order to become an IAR, both the Series 7 and the Series 66 licences are necessary. The Securities Industry Essentials (SIE) test has also been added by various jurisdictions to their requirements for IAR registration when using the Series 7 and Series.
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