The following are frequently asked questions about the Series 65 examination.

The answers to these questions are general in nature and do not include or account for all of the exceptions by or variances among state securities regulators. RIA Compliance Consultants recommends that a Series 65 examination candidate review the specific requirements of the securities regulator of his or her home state since the answers to certain questions below may depend upon the securities laws and regulations of the particular state.

• Who needs to take the Series 65 examination?
• Are there any prerequisites for taking the Series 65 examination?
• Do I have to be sponsored by a registered investment advisor firm in order to take the Series 65 examination?
• Will my professional designation serve as an alternative to taking the Series 65 examination?
• If I have the Series 7 and Series 66, do I need to take the Series 65 examination?
• Do I have to re-take the Series 65 examination if I previously passed the Series 65 but have not been affiliated with an investment advisor for over two years?
• Are any individuals “grandfathered” from the requirement that an investment advisor representative must successfully complete Series 65 examination?
• Is there any other basis for an investment advisor representative candidate to obtain a waiver of the Series 65 examination requirement?
• Is an individual acting as a solicitor required to pass the Series 65 examination?
• Who administers the Series 65 examination?
• How do I sign up for the Series 65 examination?
• How much does it cost to take the Series 65 exam?
• How long do I have to take the Series 65 exam after opening up my window?
• What happens if my window for taking the Series 65 expires before I schedule/take the exam?
• Are there refunds for canceling your Series 65 examination?
• What days of the week can I take the Series 65 exam?
• Where is the Series 65 exam held?
• What topics does the Series 65 examination cover?
• What types of questions are included on the Series 65 examination?
• How long is the Series 65 examination?
• Is the Series 65 examination open book?
• How many hours of study does it take to prepare for the Series 65 examination?
• What is an effective way to study for the Series 65 examination?
• How high of a score do I need on practice tests before taking the actual Series 65 examination?
• On the day of the Series 65 examination, what do I take to the testing site?
• Is the Series 65 examination on paper or computer?
• What are common mistakes when taking the Series 65 examination?
• What is a passing score of the Series 65 examination?
• When will I learn of my results after taking the Series 65 examination?
• If I pass the Series 65 examination, can I start acting as an investment advisor?
• What happens if I fail the Series 65 examination?
• How many times can I take the Series 65 examination?

Who needs to take the Series 65 examination?

In order for an individual to register and serve as an investment advisor representative (also known as an “IAR”) of a registered investment advisor firm (also known as an “RIA”), most state securities regulators require the individual to successfully complete the Uniform Investment Adviser Law Examination (also and more commonly referred to as the “Series 65 examination”). As discussed below, state securities regulators have certain exceptions or alternatives to the general requirement that a prospective investment advisor representative has successfully completed the Series 65 examination prior to submitting his or her registration application (the “Form U4”). Some state securities regulators also accept other professional designations in addition to those listed above as an alternative to the Series 65.

Are there any prerequisites for taking the Series 65 examination?

No, there are no prerequisites for an individual to take the Series 65 examination.

Do I have to be sponsored by a registered investment advisor firm in order to take the Series 65 examination?

No. Unlike an individual seeking to take the Series 7 examination, a sponsoring registered investment advisor firm is not required for an individual to open a Series 65 examination window or actually take the Series 65 examination. When completing the Form U10, a Series 65 test candidate should mark the line requesting a sponsoring firm as “not applicable”.

Will my professional designation serve as an alternative to taking the Series 65 examination?

In the event that an individual currently holds and maintains in good standing the Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Personal Financial Specialist (PFS), Charter Financial Consultant (ChFC) or Chartered Investment Counselor (CIC), most state securities regulators will waive the requirement that the individual successfully complete the Series 65 examination in order to register as an investment advisor representative. However, if the individual relying upon such a professional designation is no longer in good standing with the certifying organization, most state securities regulators will require the individual to successfully complete the Series 65 examination before continuing any further activities as an investment advisor representative. Even if an individual has one of the approved professional designations listed above and is currently in good standing, the individual will still need to apply for registration as an investment advisor representative by filing the Form U4 and paying the associated registration fees to the applicable state securities regulators.

If I have the Series 7 and Series 66, do I need to take the Series 65 examination?

If an individual has successfully completed and currently maintains both the Series 66 and the Series 7 licenses with a registered securities broker-dealer, most state securities regulators will not require such an individual to take the Series 65 examination.   However, if the individual does not maintain a broker-dealer affiliation as a registered representative and securities agent in the future, some state securities regulators will require the individual to successfully complete the Series 65 examination before continuing any further activities as an investment advisor representative.

Do I have to re-take the Series 65 examination if I previously passed the Series 65 but have not been affiliated with an investment advisor for over two years?

Yes. Most state securities regulators will require an individual to take the Series 65 examination again if it has been two years since the individual has been registered as an investment advisor representative in any jurisdiction.

Are any individuals “grandfathered” from the requirement that an investment advisor representative must successfully complete Series 65 examination?

Yes. Most state securities regulators have waived the Series 65 examination requirement for an individual who was previously registered as an investment advisor representative prior to the state securities regulator’s adoption of its current rule requiring the Series 65, as long as the individual has maintained his or her registration as an investment advisor representative with the jurisdiction since the adoption of the new rule. In the event that an individual has let his or her registration as an investment advisor representative lapse with the jurisdiction since the date that the applicable state securities regulator adopted the rule, most state securities regulators will require such individual to re-take and successfully complete the Series 65 examination.

Is there any other basis for an investment advisor representative candidate to obtain a waiver of the Series 65 examination requirement?

Yes, under limited circumstances, some state securities regulators will allow exceptions to its requirement of a current Series 65 (registered with a state securities regulator in the last 2 years) when the investment advisor representative candidate who never passed the Series 65 or has an expired Series 65 but has continued to work within the securities industry in a capacity that previously didn’t require registration. The state securities regulator will require a written request for a Series 65 qualification waiver. Such a waiver request is handled on a case-by-case basis by the state securities regulator and may require between 15 to 20 years of prior and continuous work experience.

Is an individual acting as a solicitor required to pass the Series 65 examination?

Whether a solicitor (an individual that merely refers prospective clients to a registered investment advisor in exchange for a portion of the investment advisory fee) must take the Series 65 examination is determined by the applicable state securities regulator’s definition of an investment advisor representative. This still holds true even if the solicitor is referring clients to an investment advisor firm registered with the United States Securities and Exchange Commission (also known as the “SEC”). Although the Uniform Securities Act (which is the model legislation used as a general reference by state legislatures when amending their state laws) includes solicitor activities within its definition of investment advisor representative and thus requiring the Series 65, many states have a different definition of an investment advisor representative which does not include solicitor activities. A solicitor should contact the applicable state securities regulators for a definitive answer as to whether the Series 65 is required.

Who administers the Series 65 examination?

The North American Securities Administrators Association (also known as “NASAA”) sponsors the Series 65 test (also known as the Uniform Investment Adviser Law Examination) on behalf of the state securities regulators, and the NASD administers the Series 65 test on behalf of NASAA by currently utilizing the professional testing centers across the country of Pearson Professional Center and Sylvan Prometric Testing Centers.

How do I sign up for the Series 65 examination?

In order to sign up for the Series 65 examination, you can do so by setting up an account and filling out an interactive Form U10 online or by a completing a hard copy of the Form U10 obtained from the NASD website and sending it to the NASD address directed by the form. For filing the Form U10 online, you will need to start by signing up for an account on the NASD website. Once you have established an account with the NASD, you will need to fill out a Form U10. While completing Form U10, you should indicate that you will be taking the Series 65 examination. If you prefer to send a hard copy of the Form U10 instead of the online process, click this link to obtain a Form U10 that can be printed and sent via mail to the NASD.  Once your Form U10 has been accepted by the NASD, your Series 65 exam window will be open and you have 120 days to schedule and sit for the Series 65 test.

The Nuts & Bolts of Registering an RIA 12:00 – 1:00 p.m. CST Wednesday September 15, 2010

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