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 the Financial Industry Regulatory Authority (FINRA) administers. 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 scored 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 allowing you to take 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. In some cases, it is possible to get a 70% and fail the exam.

Test scores are available to test-takers almost immediately after completing 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. There’s a minimum 30-day waiting period between attempts, which 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 March 2026, the Series 65 exam fee is $187. ¹

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

What Is the Series 65 Pass Rate?

The estimated average success rate for the Series 65 test is frequently cited as 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. However, it’s not a roadblock to a successful attempt in the future.

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 has the authority to sell.

Regardless of whether you’ve taken the Series 7 exam, 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. You can find these courses 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 of the course 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 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. You don’t need a sponsor to take the exam, though; you can register yourself. Here’s how:

• Enroll through the FINRA website. ² 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. A licensed or credential professional who has the authority to diagnose your condition must complete it.

On the day of the exam, you should plan to arrive at least 30 minutes early. You’ll need to bring a valid, government-issued ID with you. The name on your ID must exactly match the one 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 cannot bring any study materials with you into the exam center, and you may be asked to empty your pockets to show 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 you’ll want to take seriously from start to finish. The better prepared you are beforehand, the better your odds of a passing score.

Series 65 vs. Series 66: Which Exam Should You Take?

If you are planning to work as an investment advisor representative, you will encounter this question early in your career. Both the Series 65 and Series 66 can qualify you to provide fee-based investment advice. However, they serve different career paths, and pairing one with the wrong licensing strategy can waste time and money.

The Series 65 is a standalone exam. You do not need any other FINRA license to take it, and passing it qualifies you to register as an investment advisor representative (IAR) in your state. This is the right path if you plan to work exclusively as a fee-based advisor at an RIA firm and do not need the ability to sell securities on commission. Many independent advisors, financial planners and wealth managers who charge fees based on assets under management or flat planning fees operate with only a Series 65.

The Series 66 combines the content of the Series 63 and Series 65 into a single exam, but it requires the Series 7 as a co-requisite. You cannot register with just a Series 66 alone. Opting for this path makes sense if you want to both provide advisory services and sell securities, which is common at dual-registered firms, wirehouses and broker-dealers that offer both brokerage and advisory accounts. If you already hold a Series 7 or plan to obtain one, the Series 66 saves you from taking two separate exams by combining state law and advisory content into one test.

From a preparation standpoint, the Series 65 is 130 questions over 180 minutes and covers investment vehicles, economic factors, ethics and advisory strategies. The Series 66 is 100 questions over 150 minutes and covers state securities regulation alongside advisory content. It assumes you already have the foundational securities knowledge tested on the Series 7. If you do not hold a Series 7 and do not plan to sell securities, preparing for the Series 66 means studying for an exam that tests knowledge you will not use in your actual role.

Ultimately, the decision between Series 65 vs. Series 66 comes down to what you want your practice to look like. If you intend to build your career entirely around fee-based advice and financial planning, the Series 65 gets you there with one exam and no additional licensing requirements. But if you want the flexibility to earn commissions on product sales alongside your advisory fees, or if your firm requires both capabilities, the Series 7 plus Series 66 combination covers both. Choosing the wrong path does not close any permanent doors since you can always add licenses later. Still, getting it right the first time saves you months of study and hundreds of dollars in exam fees.

What You Can Do With a Series 65 License

Passing the Series 65 exam allows you to register as an IAR. Unlike brokers, who earn commissions for selling securities, IARs are licensed to provide investment advice and manage client portfolios for a fee. This means Series 65 holders can legally create financial plans, recommend securities, oversee assets under management and give advice tailored to client goals rather than just execute trades.

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

It is 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. Series 65 holders typically charge clients through fees based on assets under management, hourly rates or flat project fees.

Bottom Line

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. That way, you’re not at risk of having to retake the test down the line.

Tips for Growing Your Advisory Business

• If you want to scale your business, having a professional website and social media presence can help increase your visibility in online searches. You might also consider the value of running Google ads to show up in local search results. Want a shortcut to marketing? Consider lead-generation services instead. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• 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.

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