The Average Success for the Series 65 Test and How to Pass

If you’d like to become an investment advisor representative (IAR), you’ll need to first pass the Series 65 exam. The Series 65 exam is a North American Securities Administrators Association (NASAA) exam that’s administered by FINRA, the Financial Industry Regulatory Authority. Neither FINRA nor the NASAA publish official figures for the average success rate Series 65 test takers report. However, the exam is considered to be highly challenging, underscoring the need for adequate study and preparation.

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What Is the Series 65 Exam?

The Series 65 exam is a comprehensive test that’s designed to measure financial advisors’ knowledge of specific topics. The exam consists of 130 multiple-choice questions spanning four key areas:

Economic factors and business information
Characteristics of different investment vehicles
Business ethics, including laws, regulations and guidelines concerning acceptable practices and behaviors
Investment recommendations and strategies

Test-takers have 180 minutes to complete the Series 65 exam. The exam is administered in-person at Prometric test centers, unless you have a testing accommodation that requires you to complete it online. For example, someone who’s immunocompromised or has an underlying health condition could be eligible for online testing.

What Is a Passing Score for the Series 65 Test?

To pass the Series 65 exam, you must correctly answer at least 92 of the 130 questions. Effectively, that means you need to get at least 70% of the questions right to pass, though final scores are not calculated as a percentage. A passing score is based on the overall exam; each part is weighted differently.

Test scores are made available to test-takers almost immediately after they’ve completed the exam. That’s an advantage since you’ll be able to find out right away whether you’ve passed.

IAR candidates who fail the Series 65 exam can retake it. Here’s what you should know about retakes:

There’s a 30-day waiting period between attempts.
The waiting period extends to 180 days if you fail the exam on three consecutive attempts.
Each time you register for the exam, you’ll have to pay the registration fee. As of June 2025, the Series 65 exam fee was $187.

How many times can you take the Series 65 test if you fail? As many as you like, until you pass. Just remember that you’ll need to observe the applicable waiting period and pay the fee each time you sit for the test.

What Is the Series 65 Pass Rate?

The estimated average success rate for the Series 65 testis is frequently cited as being between 65% and 70%. That’s according to exam prep companies, not the NASAA or FINRA.

Success rates reported by exam prep providers are much higher. Kaplan, for example, claims a pass rate of 88% for its students. Knopman, meanwhile, reports a 98% success rate for first-time exam takers.

What could keep you from passing the Series 65 exam, or any other exams for securities licenses? It’s different for every student, but contributing factors may include:

Underestimating the overall difficulty of the exam
Lack of proper study and preparation
Issues experienced on the test day, such as an illness that keeps you from performing at your best level
Difficulty with test-taking in general

Not passing the Series 65 exam the first time can be disheartening, but it’s not a roadblock to a successful attempt in the future. The key to increasing your odds of passing the first time around lies largely in knowing how to study for the exam.

How to Prepare for the Series 65 Exam

If you’ve already taken the Series 7 exam and passed, you may have a slight edge when it comes to preparing for the Series 65 exam. The Series 7, along with the SIE exam, is necessary to obtain General Securities Representative registration. Exam material focuses on topics largely related to the different securities a GSR is authorized to sell.

Regardless of whether you’ve taken the Series 7 exam or not, you can benefit from mapping out a study plan to prepare for the Series 65 test. Candidates may spend a few weeks or a few months studying for the exam, depending on how much time they’re able to allocate in their schedules.

There are different resources available to help you study, including Series 65 exam prep courses. These courses may be offered online or offline, via live teachings or pre-recorded video lessons. The cost can range from a few hundred to a few thousand dollars, depending on the format the course takes and what you’re provided with in terms of supplemental education resources and support services.

If you’re considering a test prep course, ask yourself what format might work best for you based on your schedule and learning style. Weigh the course provider’s Series 65 pass rate for test-takers if that information is made available. Lastly, consider whether the provider offers any type of money-back guarantee or help with retesting fees should you not pass the exam initially.

How to Register for the Series 65 Exam

Once you’ve completed your study preparations, you’re ready to register for the Series 65 exam. If you have a sponsoring firm, the firm will handle this step for you through the FINRA Central Registration Depository (CRD) system. Sponsorship isn’t required; you can register for the exam yourself. Here’s how.

Enroll for the exam through the FINRA website. You’ll select the exam, then follow the steps to complete the enrollment process.
Pay the registration fee. You’ll pay your registration fee at the time you enroll. Again, the fee is $187.
Schedule an exam date. Once you enroll, you’ll schedule your exam date. The window for scheduling exams opens the day after you enroll.

FINRA encourages candidates to schedule their exam date as far in advance as possible to get the date that works best. If you have a testing accommodation need, there’s a specific form you’ll need to complete and return. The form must be completed by a licensed or credential professional who has the authority to diagnose your condition.

On the day of the exam, you should plan to arrive at least 30 minutes early and you’ll need to bring a valid, government-issued ID with you. The name on your ID should be an exact match for the name you used to register for the exam. If it doesn’t or if your ID is expired, you won’t be admitted to take the exam.

You won’t be able to bring any study materials with you into the exam center and you may be asked to empty your pockets to show that you aren’t carrying any prohibited items. The test itself is closed book, so no study guides or other reference materials are allowed. Violating the rules can result in:

Having your test date cancelled
Losing your test exam fee or being required to pay a cancellation fee
Forfeiture of your test results if you were able to complete the exam

Long story short? The Series 65 exam is something to be taken seriously from start to finish. The better prepared you are beforehand, the better your odds of achieving a passing score.

What You Can Do With a Series 65 License

Passing the Series 65 exam allows you to register as an investment advisor representative (IAR). Unlike brokers, who earn commissions for selling securities, IARs are licensed to provide investment advice and manage client portfolios for a fee. This difference is important because it means Series 65 holders can legally give advice tailored to client goals, not just execute trades.

With a Series 65 license, you can create financial plans, recommend securities, and oversee assets under management. Many financial advisors use it to work with clients on retirement planning, investment strategy, and wealth management. Some pair it with other licenses, like the Series 7, to both sell securities and provide advisory services.

The license is also a key requirement for anyone working at a registered investment advisor (RIA) firm. RIAs are regulated under the Investment Advisers Act of 1940 and must employ representatives who hold the proper license. Without the Series 65, you generally cannot act in an advisory capacity at these firms.

It’s worth noting that the Series 65 does not give authority to sell securities on commission. That requires a separate license, such as the Series 7. Instead, Series 65 holders typically charge clients through fees based on assets under management, hourly rates, or flat project fees.

For professionals aiming to provide fiduciary advice, the Series 65 is a critical step. It creates a legal foundation to serve clients as an advisor, opening doors to positions in wealth management firms, RIAs, and independent advisory practices.

Bottom Line

A woman registering for the Series 65 exam.

Familiarizing yourself with the average success rate for the Series 65 test can give you some context for what to expect. It can also be a motivator to put your best foot forward when it comes to studying so that you’re not at risk of having to retake the test down the line.

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Whether you need to complete the Series 65 exam or another exam can depend on your professional goals. If you’d just like to be able to sell securities, for instance, then you’ll need a Series 7 license. A Series 66 license, meanwhile, is effectively equivalent to passing both the Series 63 and Series 65 exams. Evaluating your short- and long-term goals can help you decide which licenses to pursue.