Series 65 – Uniform Investment Adviser Law Exam
Effective January 4, 2027, the waiting periods for retaking NASAA qualification exams will be as follows:
- 30 days after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The waiting periods after the first and second unsuccessful attempt remain unchanged at 30 days while the waiting period after the third attempt has been reduced from 180 to 60 days. The new waiting periods will automatically apply to new enrollments opened on or after January 4, 2027. Exam windows opened before January 4, 2027, are subject to the rules under which they were opened. If a candidate opens an exam window for the third time in a two-year period before January 4, 2027 they will be required to wait 180 days before retesting.
If you are subject to a third or subsequent waiting period, please visit: https://www.nasaa.org/exams/exam-faqs/ before enrolling for your exam.
The Series 65 exam — the NASAA Investment Advisers Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The exam consists of 130 scored questions and 10 unscored questions. Candidates have 180 minutes to complete the exam. In order for a candidate to pass the Series 65 exam, they must correctly answer at least 92 of the 130 scored questions.
The Series 65 exam will only be available online for candidates who require a testing accommodation.
For additional information about this exam, including the content outline, please visit the exams page on the NASAA website.
Investment Adviser Representative Continuing Education
Every investment adviser representative (IAR) registered in a jurisdiction that has adopted NASAA’s model rule on IAR Continuing Education (CE) is subject to its CE requirements. Visit NASAA's IAR CE page for more information about IAR CE.
IARs can apply Regulatory Element training to the Products and Practices requirement. Firms can find more information in the Firm Settings Guide. Individuals should visit the Financial Professional Gateway (FinPro Gateway™) page for more information.
Exam Validity Extension Program
NASAA membership approved a model rule for a program similar to FINRA’s Maintaining Qualifications Program (MQP), called the Examination Validity Extension Program (EVEP) for Investment Adviser Representatives (IAR). The IAR EVEP program allows eligible individuals the opportunity to maintain the validity of their Series 65 exam for up to five years for states that adopt the model rule by completing annual CE requirements.
For more information about the model rule, participating jurisdictions and FAQs, visit NASAA’s EVEP page.
