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.
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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.
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?
November 02, 2018
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.
If I have the Series 7 and Series 66, do I need to take the Series 65 examination?
November 02, 2018
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.
When would an investment adviser representative take or rely upon the Series 66 examination instead of the Series 65 examination?
November 02, 2018
If an individual seeking to register as an investment adviser representative already maintains a Series 7 and is registered with a securities broker-dealer as a registered representative, the individual would then be able to take or rely upon the Series 66 examination as an alternative to the Series 65. If an individual is not registered currently with a securities broker-dealer, he/she would need to take the Series 65 examination for purposes of registering as an investment adviser representative of investment advisor firm.
Will my professional designation serve as an alternative to taking the Series 65 examination?
November 02, 2018
In the event that an individual seeking to register as an investment adviser representative 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.
