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.
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 advisors with a financial designation such as CFP or CFA are still required to pass exams or obtain licenses from the state or SEC or from FINRA. [1] [2]