Series 65: A Guide for Australians on the US Investment Adviser Exam

For most Australians, the world of US finance credentials is a distant curiosity—until you’re eyeing a career with global reach or considering cross-border investment advice. The Series 65 exam, a staple in the American investment advisory landscape, is increasingly on the radar of Aussie finance professionals and savvy investors. But what exactly is the Series 65, and does it matter for Australians? Let’s unpack the essentials and explore why this credential is gaining attention Down Under in 2025.

What Is the Series 65? The Basics for Aussies

The Series 65, officially known as the Uniform Investment Adviser Law Examination, is a US regulatory qualification administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA). Passing it is a requirement for individuals who want to operate as investment adviser representatives (IARs) in most US states. Unlike the Series 7, which is geared toward securities brokerage, the Series 65 focuses on investment advice, portfolio management, and fiduciary responsibility.

Key points about the Series 65:

• Exam Length: 130 multiple-choice questions, 180 minutes to complete
• Passing Score: 72%
• Topics Covered: Economic factors, ethics, portfolio management, regulations, and retirement planning
• Who Needs It: Anyone providing investment advice to US clients for a fee

While it’s a US credential, the Series 65 is increasingly relevant for Australians working for multinational firms, fintech startups, or expat-focused advisory businesses. With the Australian financial advice sector undergoing its own reforms in 2025—including streamlined licensing for internationally qualified advisers—the Series 65 may open doors to new client segments and global roles.

Why Would an Australian Pursue the Series 65?

It might seem odd for an Aussie to sit a US exam, but there are real-world reasons this credential is gaining traction here:

• Cross-Border Advice: Many Australians live, work, or invest in the US, and dual-qualified advisers can serve these clients more effectively.
• Fintech & Global Platforms: With the rise of digital advice platforms (think robo-advisers) that straddle multiple markets, having US credentials can help unlock new partnerships and customer bases.
• Career Mobility: Professionals aiming for roles with global asset managers or multinational banks often find the Series 65 a differentiator—especially as remote work blurs geographic boundaries.

For example, an Australian adviser working for a Sydney-based wealth firm with significant US expat clientele may be required to have a Series 65 to provide tailored advice on US retirement accounts (IRAs, 401(k)s), estate planning, or tax-efficient investment strategies.

How Does the Series 65 Fit Into the Australian Regulatory Landscape in 2025?

Australia’s financial advice sector continues to evolve, with 2025 bringing updates to licensing, adviser registration, and professional standards. The Financial Sector Reform (Advice and Distribution) Bill, introduced in late 2024, has made it easier for internationally qualified advisers to register in Australia—provided they can demonstrate equivalence in ethics and technical knowledge.

For Aussies with the Series 65, this means:

• Recognition: While the Series 65 alone doesn’t qualify you to give advice in Australia, it can supplement your credentials and support applications for recognition under the new reforms.
• Bridge Programs: Some Australian universities and training providers now offer bridge programs for foreign-qualified advisers, streamlining the process to obtain local licensing.
• Global Practice: Advisers who serve clients with US and Australian interests can leverage the Series 65 alongside local qualifications to provide seamless, compliant advice.

It’s also worth noting that ASIC and Treasury are consulting on further reforms in 2025 that could allow for more mutual recognition of international financial advice credentials, potentially making the Series 65 even more valuable for dual-market practitioners.

Preparing for the Series 65: Tips and Resources

Unlike Australian financial advice exams, the Series 65 is heavily US-centric and tests knowledge of American securities regulation, taxation, and ethics. Preparation is key:

• Study Materials: NASAA-approved textbooks, online courses, and practice exams are essential. Many US providers now offer remote prep tailored for international candidates.
• Exam Logistics: Aussies can sit the exam at select Prometric test centres in Sydney and Melbourne, or via online proctoring (introduced widely post-pandemic and still available in 2025).
• Time Commitment: Most candidates spend 80–120 hours preparing, depending on prior experience with US finance topics.

Many Australian advisers join online forums or LinkedIn groups focused on cross-border advice, sharing study tips and resources. Connecting with other globally minded professionals can help you navigate the nuances of both US and Australian regulatory environments.

Is the Series 65 Worth It for Australians?

The answer depends on your career ambitions and client base. For those aiming to serve US expats, work for global investment firms, or future-proof their qualifications for a borderless finance world, the Series 65 is increasingly a badge of expertise. With regulatory changes in Australia making it easier to leverage international credentials, now may be the perfect time for ambitious advisers to add the Series 65 to their toolkit.