Passing a qualifying exam is a prerequisite to registering as an investment adviser representative (IAR), but passing alone does not make someone an IAR. The applicant must still register through an investment adviser firm.
Qualifying Exams
Under the NASAA Model Rule on IAR qualifications, an IAR applicant must pass one of the following (unless waived):
- The Series 65 (Uniform Investment Adviser Law Examination) alone, or
- The Series 66 (Uniform Combined State Law Examination) combined with the Series 7 (the Series 7 itself requires the SIE)
The Series 66 alone is not sufficient; it must be paired with the Series 7. The exam requirement may be waived for an applicant who holds a qualifying professional designation that is current and in good standing.
Exam Tip: Gotchas
- Passing the Series 65 does NOT by itself make a person an IAR. The exam is only a prerequisite; the person must still apply for registration through an investment adviser firm.