Investment Adviser Representative Licenses
Investment adviser representatives are registered with state regulators to give investment advice. Most states use the Series 65 as the exam requirement. Choose the Series 65 or the Series 66; they are two routes, not two steps.
- Series 65orSeries 66
Series 65
Uniform Investment Adviser Law Examination (Series 65)
No prerequisite, and no sponsor is needed to sit it. Some states accept certain professional designations in place of the exam.
- Passing score
- 92of 130 scored questions correct (approximately 71%)
- Number of questions
- 140total (130 scored + 10 unscored/pretest)
- Time
- 180 minutes
Level
Investment adviser representative (IAR) state registration qualification
Format
130 scored multiple-choice questions plus 10 unscored (pretest) questions, 180 minutes, closed-book
Prerequisites
None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement. Candidates can register independently.
Who it's for
Individuals seeking registration as investment adviser representatives (IARs) under state law.
Series 66
Uniform Combined State Law Examination (Series 66)
An alternative that qualifies you as both a securities agent and an investment adviser representative. No prerequisite to sit it; the SIE and the Series 7 are co-requisites for registering with it.
- Passing score
- 73%(must correctly answer at least 73 of the 100 scored questions)
- Number of questions
- 100scored questions + 10 unscored pretest questions = 110 total
- Time
- 150 minutes
Level
Dual registration exam. Meets the exam requirement for registration as both a securities agent (broker-dealer representative) and an investment adviser representative (IAR)
Format
100 scored multiple-choice questions plus 10 unscored pretest questions (110 total), 150 minutes, closed-book, computer-based
Prerequisites
No prerequisite is required to sit for the Series 66 itself. The SIE and the FINRA Series 7 are co-requisites for registering with a state using the Series 66.
Who it's for
Financial professionals seeking dual state registration as both a broker-dealer agent and an investment adviser representative, typically paired with the Series 7.
Side by side
| Fact | Series 65 | Series 66 |
|---|---|---|
| Questions | 140 total (130 scored + 10 unscored/pretest) | 100 scored questions + 10 unscored pretest questions = 110 total |
| Duration | 180 minutes | 150 minutes |
| Passing score | 92 of 130 scored questions correct (approximately 71%) | 73% (must correctly answer at least 73 of the 100 scored questions) |
| Prerequisites and sponsorship | None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement. Candidates can register independently. | No prerequisite is required to sit for the Series 66 itself. The SIE and the FINRA Series 7 are co-requisites for registering with a state using the Series 66. |
If you already hold
| If you already hold | Still to take |
|---|---|
| Nothing yet | |
| SIE | |
| Series 7 | |
| Series 65 or 66 | Nothing more for this goal |
| Something else |
- Whether your Series 7 already satisfies the SIE co-requisite on your record.
- Whether the license or designation you hold changes this list. Your firm or state regulator decides what it counts for.
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