Getting licensed is Step 2 of starting an RIA, right after you have a business plan and before you file your registration. To give investment advice for a fee, someone at your firm has to qualify as an investment adviser representative (IAR), and for most founders that means taking the Series 65 to start an RIA. If you already hold a Series 7, a second path opens up. Here is how they compare. New here? Start with our step-by-step roadmap to starting an RIA.

Do you need the Series 65 to start an RIA?

In almost every case, yes. Launching a registered investment adviser means at least one person at the firm has to qualify as an IAR. States generally accept one of two things: a passing score on the Series 65 exam, or a passing score on the Series 66 paired with the Series 7. Both satisfy the same rule; the right one depends on where you are starting from. A few professional designations (CFP, CFA, ChFC, PFS, or CIC) can waive the exam in many states, so check your state rules if you already hold one.

Option 1: Take the Series 65 (no sponsorship required)

If you are coming in fresh, with no securities licenses and no broker-dealer behind you, the Series 65 is built for you. Officially the NASAA Uniform Investment Adviser Law Examination, it qualifies you as an IAR and, importantly, requires no Series 7 corequisite and no firm sponsorship. You enroll yourself directly through FINRA and sit the exam on your own schedule.

The Series 65 is 130 scored questions in 180 minutes, and you need 72% to pass. It leans heavily on laws, regulations, ethics, and client strategies rather than trading mechanics, so the volume of rules rewards repetition. Most candidates prepare with a dedicated Series 65 study guide and question bank to drill exam-style questions until scores stabilize.

Option 2: Series 7 plus Series 66

Already have your Series 7 and working at a firm? Then the Series 66 is often the faster finish. The Series 66 (NASAA Uniform Combined State Law Examination) covers both state agent and IAR law in one sitting of 100 questions in 150 minutes, but it only counts when paired with an active Series 7. The upside: you can schedule the Series 66 on your own, with no new sponsorship needed, even though the Series 7 itself required a sponsoring broker-dealer and the SIE.

This route makes sense for advisers transitioning off a wirehouse or independent broker-dealer to launch their own RIA. If that is you, a focused Series 66 study guide, plus a Series 7 study guide refresher if your license is a few years old, will get you exam-ready.

Which path is right for you?

Either way, the exam is a milestone, not the finish line. Registration comes next.

How to prepare and pass the first time

The Series 65 and Series 66 are memorization-heavy, law-driven exams. The candidates who pass first time are usually not the ones who read the manual cover to cover. They are the ones who drill exam-style questions and fix weak areas fast. Exam Bootcamp is a prep resource we regularly point new advisers to: online study guides and question banks for the Series 65 and Series 66, plus 1-on-1 private tutoring when you want a plan built around your timeline. We are not affiliated with Exam Bootcamp. We just like sending people somewhere that works.

Exam Bootcamp

Recommended Series 65 and Series 66 prep: study guides, question banks, and 1-on-1 tutoring.

Series 65 study guide · Series 66 study guide · Private tutoring

After you pass: register your firm

Passing the exam clears the licensing hurdle, but it is one step in a bigger sequence. Next comes registration: Form ADV, IARD, and your state or SEC filing, then choosing a custodian and building your book. See what it costs to start an RIA, or let Inovadora handle your registration with a flat-fee service so you go from exam-pass to open-for-business without the guesswork.