The Series 65 is the NASAA exam that most states require before a person can register as an investment adviser representative and be paid for investment advice.
Its full name is the Uniform Investment Adviser Law Examination. NASAA writes it and FINRA administers it. It has 130 scored questions plus 10 unscored ones, a 180-minute limit, and a pass mark of 92 correct answers. It covers economics, investment products, client recommendations and strategies, and the laws and ethics that apply to advisers.
No firm sponsorship is needed to sit it. Most states let a person substitute certain professional designations instead, including the CFP, CFA, ChFC, PFS and CIMA, so an advisor without a Series 65 may still be properly registered.
Passing it shows minimum knowledge of the law and the basics. It isn't a credential, and it says nothing about how the advisor is paid.
How to check
Search the advisor on the SEC's Investment Adviser Public Disclosure site and look at their exams and state registrations. A current investment adviser representative registration matters more than the exam itself.
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