You may take the Series 65 exam from Monday through Saturday.
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Are there refunds for canceling your Series 65 examination?
November 02, 2018
If you just change your mind, then you will not receive a refund of your Series 65 exam fees. If you are “grandfathered” into a state and the IARD automatically charges you for a Series 65 examination when you filed your Form U4 to register as an investment advisor representative, then you may contact your state securities regulator, who will make a determination as to whether or not they will refund the charge.
What happens if my window for taking the Series 65 expires before I schedule/take the exam?
November 02, 2018
If your Series 65 exam window expires, you will need to open a new window and pay another exam fee.
You have 120 days to take your Series 65 exam. After 120 days from its opening, your Series 65 exam window will expire.
How much does it cost to take the Series 65 exam?
November 02, 2018
The testing fee for taking the Series 65 examination is one hundred and sixty-five dollars ($165) at the time of this writing. When you complete the Form U10 online, you will be required to pay this examination fee with a credit card or electronic (ACH) payment online. The Series 65 testing fee does not include the costs of study materials or the fee that the state securities regulator will charge when the individual applies to become an investment advisor representative in a particular state.
How do I sign up for the Series 65 examination?
November 02, 2018
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. The Form U10 is only available online for submission. For new users filing the Form U10 online, you will need to start by signing up for an account on the FINRA website. Once you have established an account with FINRA, 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. Once your Form U10 has been accepted by FINRA, your Series 65 exam window will be open and you have 120 days to schedule and sit for the Series 65 test.
Who administers the Series 65 examination?
November 02, 2018
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 FINRA 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.
Is an individual acting as a solicitor required to pass the Series 65 examination?
November 02, 2018
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.
Is there any other basis for an investment advisor representative candidate to obtain a waiver of the Series 65 examination requirement?
November 02, 2018
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.
Are any individuals “grandfathered” from the requirement that an investment advisor representative must successfully complete Series 65 examination?
November 02, 2018
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.
