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Guide to the SIE Exam eBook
We developed this exclusive free guide to explain the exam and empower candidates to take advantage of the SIE exam to better position themselves for their big break in the industry.Career Advancement
February 9, 2026
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The Series 65 license, known as the Uniform Investment Adviser Law Examination, qualifies individuals to provide investing and general financial advice to clients. Passing the Series 65 exam qualifies individuals as Investment Advisor Representatives (IARs).
Obtaining the Series 65 license is important for representatives who provide advice on ERISA-regulated retirement accounts.
A recent College for Financial Planning report indicated 84% of financial professionals training related to practical soft skills, such as how to market yourself and communicate with clients as important as they develop their careers.*
Unlike many other FINRA Series exams, the Series 65 exam does not require an individual to be sponsored by a member firm. If you are not Form U4 registered or affiliated with a firm through FINRA’s Web CRD system, you should use the Form U10 to request and pay for the Series 65 exam. There is an exam fee that is commonly covered by the sponsoring firm if you are Form U4 registered, or by the individual if you are not sponsored.
The exam consists of 130 multiple-choice questions, and you have 3 hours to complete it. To pass the exam, you must get at least 92 out of 130 scored questions correct. In other words, you need just over 70% to pass.
The exam covers four topic areas:
Economic factors and business information
Investment vehicle characteristics
Client investment recommendations and strategies
Laws, regulations, and guidelines on unethical business practices
In June 2023, NASAA added new content to the exam to better reflect the skills and knowledge needed to be an IAR today. Some new specifications emphasize the characteristics of different types of investments, including SPACs, blind pools, blank check companies, non-liquid REITs, and digital assets. Alternative investments were also updated to better reflect the changing marketplace.
In addition, new areas were added to highlight the importance of CE for IARs, exploitation of seniors and vulnerable adults, and Regulation BI. Updates were also added for recent regulatory changes in the Secure Act 2.0.
While the passing score was decreased, the weighting of topics, number of questions, and length of the exam were not changed. Visit NASAA to view the most up-to-date content outline.
Browse our website to learn more about our live and online study options, series 65 study materials, and to purchase a Series 65 exam prep package.
eBook
Guide to the SIE Exam eBook
We developed this exclusive free guide to explain the exam and empower candidates to take advantage of the SIE exam to better position themselves for their big break in the industry.
eBook
Launching Your Securities Career eBook
Kaplan Financial Education has partnered with successful securities professionals to create a free eBook for those new or aspiring to the field.
*This is one of the findings of a quantitative survey conducted by the College for Financial Planning®—a Kaplan Company between June 27 and August 7, 2023. For this survey, a sample of 951 2022 and 2023 graduates of the College for Financial Planning was interviewed online in English.
Terms and Conditions: 15% off applies to insurance licensing study packages, insurance continuing education total access libraries, securities licensing study packages, IAR continuing education total access library, and accounting CPE study packages only. To redeem online, enter code ADVANCE at checkout. This offer cannot be used in conjunction with other discounts or promotions, cannot be applied to previous purchases, extensions, or state fees, and is not redeemable for cash value. Offer begins May 1, 2026, and expires June 2, 2026, at 11:59 pm CT.
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4 out of 5 Students Say They Are Satisfied with Career Success After Using Our Prep: These are the findings of a quantitative survey conducted by Kaplan between September 29 and November 4, 2022. For this survey, a sample of 438 insurance licensing exam or continuing education course takers was interviewed online, of which 123 prepared for an insurance licensing exam with Kaplan.
