Uniform Investment Adviser Law Exam
Encyclopedia
The Uniform Investment Adviser Law Examination, also called Series 65 exam, was developed by the North American Securities Administrators Association
(NASAA) and is administered by the Financial Industry Regulatory Authority
(FINRA). This examination is designed to qualify candidates as investment adviser representatives.
Prior to January 1, 2010, a score of 68.5% was required in order to pass.
The examination is conducted as a closed book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.
The investment advisor license is required from either the SEC or from the FINRA to offer investment advise for a fee. Even if you have a financial designation such as CFP
or CFA
, advisors are still required to pass exams or obtain licenses from the state or SEC or from FINRA. http://www.seclaw.com/docs/RIAOverview.htm http://www.sec.gov/divisions/investment/iaregulation.shtml
North American Securities Administrators Association
The North American Securities Administrators Association , founded in Kansas in 1919, is the oldest international investor protection organization. NASAA is an association of state securities administrators who are charged with the responsibility to protect consumers who purchase securities or...
(NASAA) and is administered by the Financial Industry Regulatory Authority
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA). This examination is designed to qualify candidates as investment adviser representatives.
Examination
The examination consists of 130 questions and 10 pretest questions. Applicants are allowed 180 minutes to complete the exam. A score of at least 72% is required in order to pass.Prior to January 1, 2010, a score of 68.5% was required in order to pass.
The examination is conducted as a closed book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.
The investment advisor license is required from either the SEC or from the FINRA to offer investment advise for a fee. Even if you have a financial designation such as CFP
CFP
CFP is a three-letter acronym that can stand for:*C Form-factor Pluggable, a form-factor that allows the transmission of digital signal with up to 100Gb/s...
or CFA
CFA
-Science and technology:* Cfa is one of two symbols for the Humid subtropical climate under the Köppen climate classification system* cfa is the file extension for an Adobe Premiere Pro audio file...
, advisors are still required to pass exams or obtain licenses from the state or SEC or from FINRA. http://www.seclaw.com/docs/RIAOverview.htm http://www.sec.gov/divisions/investment/iaregulation.shtml