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How a Prospective Investment Adviser Rep can Schedule a Series 65 Exam

Posted by RIA in a Box

Nov 3, 2015 9:07:57 AM

How to Schedule a Series 65 ExamIn previous posts, we’ve discussed the exam requirements for becoming registered as an Investment Adviser Representative and what to consider when taking the Series 65 exam. Below is a brief rundown of the steps involved to schedule and sit for the Series 65 exam.

The first step is to “open the window” for testing. This is typically done by submitting the Form U-4 (or in some cases, the Form U-10) and paying the required exam fee of $155, which is processed through the Financial Industry Regulatory Authority (FINRA) Flex Funding Account. Following the submission of the Form U-4 and the successful payment of the exam fee, the exam window will open and remain open for 120 days.

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The next step is to schedule the exam. After the window is opened, the individual will visit the website of a test administrator, such as Prometric or Pearson VUE, where he or she will find exam dates, times, and locations. The individual will need his or her personal central registration depository (CRD) number to schedule the exam.

If the individual does not pass the exam, he or she will not be able to reschedule the exam for 30 days, at which time the Form U-4 must be resubmitted and and the FINRA Flex Funding Account once again funded in order to re-open the exam window. This applies to the second and third attempts as well, but after the third attempt (and every attempt thereafter) the prospective investment adviser representative (IAR) must wait 180 days to reschedule the exam.

If an individual misses a scheduled Series 65 exam without canceling the appointment with sufficient notice, the individual will be penalized an additional $155 "no show" penalty. Therefore, in order to reschedule the exam, he or she will need to fund the FINRA Flex-Funding Account with $310, as opposed to just $155.

While this post outlines the general process of scheduling the Series 65 exam, it's important to note that.this process may vary by jurisdiction and thus it is important to check with each state's regulatory authority before proceeding.

It's also important to note that a prospective investment adviser representative may be able to obtain a Series 65 examination "waiver" if he or she holds one of the five qualifying professional designations.

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Topics: RIA Compliance

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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