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Series 65 – Uniform Investment Adviser Law 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 FinPro (Financial Professional 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.