Choosing your how to become an investment adviser representative comes down to matching the exam to your role. This guide separates the introductory SIE, the FINRA representative exams, and the NASAA state-law and adviser exams, then points you to securities exam prep providers — including current CertLaunch partner pricing — so you can compare before you buy.
Securities exam overview
An investment adviser representative (IAR) gives investment advice for a fee. The exam side is simpler than most securities roles: the Series 65 on its own, or the Series 66 paired with the Series 7 — and the Series 65 needs no sponsor.
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What an IAR is (and how it differs from an RIA)1
An investment adviser representative is an individual who provides investment advice on behalf of a registered investment adviser (RIA) firm. The RIA is the firm; the IAR is the person. That distinction matters because you register as an IAR through a firm and a state, not as a solo credential.
IARs are generally held to a fiduciary standard, which is part of why the qualifying exam focuses heavily on laws, regulations, and ethics.
The exam: Series 65, or Series 7 plus Series 6623
Most IARs qualify through the Series 65 (Uniform Investment Adviser Law Examination). It needs no sponsor and no SIE, so you can take it on your own. It is 130 scored questions with 92 to pass, and it is the most demanding of the NASAA exams because it covers the most ground.
If you also work through a broker-dealer and hold the Series 7, you can instead take the Series 66, which combines state agent and adviser law. Some candidates with a qualifying professional designation (such as the CFP or CFA) may be exempt from the exam depending on the state, so check your state's rules.
Registering as an IAR1
Passing the exam is one step, not the finish line. NASAA notes that passing may satisfy only part of a state requirement. Actual IAR registration happens through the firm and state via the Form U4 and IARD system, and it depends on the firm sponsoring your registration and the state approving it.
Confirm your state's specific requirements and any exam waivers before you buy prep.
How to prepare2
Because the Series 65 is long and law-heavy, prioritize explanation quality and a deep practice-question bank. Compare providers on the Series 65 exam prep page. Two carry CertLaunch partner pricing: Kaplan Financial Education (20% off) and ExamFX / Training Consultants (30% off with code Cert30).
Compare securities exam prep providers
Once you know your exam, use the securities exam prep comparison to see current package prices, provider formats, and available CertLaunch partner pricing. Compare before you buy instead of paying the first list price you see.
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Securities exam FAQs
What exam do I need to become an investment adviser representative?23
Usually the Series 65 on its own. If you also hold the Series 7 through a broker-dealer, you can take the Series 66 instead. Some states waive the exam for certain professional designations.
Does the Series 65 require a sponsor?2
No. The Series 65 can be taken without a sponsoring firm or the SIE, which is why it is common for advisory-only roles. Registration as an IAR still depends on the firm and state.
What is the difference between an RIA and an IAR?1
An RIA is the registered investment adviser firm; an IAR is the individual representative who provides advice on the firm's behalf. You register as an IAR through the firm and state.
How do I register as an IAR?1
Pass the qualifying exam (usually the Series 65), then register through your firm and state via the Form U4 and IARD system. Passing the exam alone does not complete registration.
How many questions is the Series 65?2
Per NASAA, the Series 65 has 130 scored questions (140 total, including 10 unscored pretest questions), a 180-minute limit, and requires 92 of 130 correct to pass. The fee is $187.
Sources and citations
CertLaunch uses official state, application, exam-vendor, statute, and administrative-code sources for regulated licensing facts. Verify details before forms, exams, fingerprints, or renewal.
- 1Official sourceNASAA examshttps://www.nasaa.org/exams/ ↗
- 2Official sourceNASAA Series 65 content outlinehttps://www.nasaa.org/exams/general-exam-information/series-65-exam-content-outline/ ↗
- 3Official sourceFINRA Series 7 examhttps://www.finra.org/registration-exams-ce/qualification-exams/series7 ↗