SERIES 65 WAIVERS
Series 65 Waivers: CFA, CFP, ChFC, PFS, CIC, and CIMA Designation Holders
Reviewed by Series 65–licensed SME · Last updated 2026-05-04
Quick answer
Do I need to take the Series 65 if I have a CFA, CFP, ChFC, PFS, CIC, or CIMA? In most states, no: these designations qualify you to register as an Investment Adviser Representative without sitting for the Series 65. But the waiver is granted by your state administrator, not by NASAA centrally. Always verify for your specific state.
How waivers work
NASAA created the model rule that established Series 65 waivers for several professional designations. Each state administrator decides whether to adopt the model rule and whether to recognize any given designation as a substitute for the exam. Most states adopt the NASAA model and honor the standard list. A handful of states either don't adopt the rule or impose additional conditions, and a small number require the Series 65 regardless of designation. Always check with your state administrator before relying on a waiver.
The six waiver-eligible designations
CFA: Chartered Financial Analyst
Granted by CFA Institute
Three sequential exam levels (Levels I, II, and III), each typically 4–6 hours of testing. Candidates must also document 4,000 hours of qualified work experience completed over a minimum of 36 months. The CFA is the most widely recognized waiver designation across state administrators.
Verify at CFA Institute.
CFP: Certified Financial Planner
Granted by Certified Financial Planner Board of Standards (CFP Board)
Requires completion of a CFP Board–registered education program, the CFP exam (170 questions delivered over two 3-hour sessions), a bachelor's degree, and 6,000 hours of professional experience or 4,000 hours of apprenticeship experience. Widely accepted by state administrators as a Series 65 substitute.
Verify at CFP Board.
ChFC: Chartered Financial Consultant
Granted by The American College of Financial Services
Eight required courses, each followed by its own course-end exam; there is no single-day comprehensive exam. Candidates also need three years of qualifying business experience. Generally recognized by state administrators alongside the CFP.
Verify at The American College of Financial Services.
PFS: Personal Financial Specialist
Granted by American Institute of CPAs (AICPA)
Restricted to existing CPA license holders: the CPA license is a hard prerequisite. Candidates then satisfy a financial-planning education and experience requirement and either pass a separate PFS exam or complete an AICPA-approved program. Widely accepted where the holder is also a registered IA candidate.
Verify at AICPA: PFS credential.
CIC: Chartered Investment Counselor
Granted by Investment Adviser Association (IAA)
The narrowest of the waiver designations: candidates must already hold the CFA charter, document at least five years of investment counseling experience, and maintain IAA membership through a sponsoring firm. Recognized by many state administrators but applies to a small population of advisers.
Verify at Investment Adviser Association.
CIMA: Certified Investment Management Analyst
Granted by Investments & Wealth Institute
A two-stage exam (qualifying exam plus certification exam), an executive education program delivered at one of three approved business schools, and three years of qualifying experience. Recognized by many state administrators but verify your specific state.
Verify at Investments & Wealth Institute.
Comparison table at-a-glance
| Designation | Granting body | Roughly comparable rigor | Typically waived in most states |
|---|---|---|---|
| CFA | CFA Institute | Three exam levels + 4,000 hours experience | Yes, widely waived |
| CFP | CFP Board | CFP exam + education + bachelor's + experience | Yes, widely waived |
| ChFC | The American College of Financial Services | Eight courses + per-course exams + experience | Yes, widely waived |
| PFS | AICPA | CPA license + PFS exam or approved program | Yes, where the holder is also a registered IA candidate |
| CIC | Investment Adviser Association | CFA charter + 5 years experience + IAA membership | Waived in many states; verify each one |
| CIMA | Investments & Wealth Institute | Two-stage exam + executive program + experience | Waived in many states; verify each one |
State variation
A handful of states either don't recognize designation waivers outright or impose additional conditions on top: for example, Florida and a few others have historically had nuances around how they treat designation acceptance. Some states require the Series 66 even when the Series 65 is waived, since the Series 66 covers the combined IAR + agent law content. Some states require additional state-specific filings or attestations as part of the waiver process. Some states require that the designation be in continuous good standing at the moment of registration. The single most important step is to check directly with your state administrator before relying on any waiver. NASAA maintains a directory of state securities administrators at nasaa.org/contact-your-regulator.
When you might want to take the Series 65 even if you have a waiver
- You're moving to or registering in a state that doesn't honor your waiver.
- You'll be supervising a multi-state RIA and want a single qualification recognized everywhere, instead of relying on jurisdiction-by-jurisdiction designation acceptance.
- You want to refresh your knowledge of state-administered IA rules. The waivable designations focus heavily on portfolio management and financial planning; the Series 65 focuses heavily on the regulatory framework, fiduciary obligations, and state law.
- Your designation could be suspended, expire, or be revoked in the future; the Series 65 credit, once earned, is unaffected by the status of any other credential.
What to verify before you skip the exam
- Confirm with your state administrator that your designation is currently waived for IAR registration in that specific state.
- Confirm the designation itself is in good standing: current dues paid, continuing education current, no disciplinary actions outstanding.
- Confirm whether your state requires the Series 66 even when the Series 65 is waived.
- Confirm whether your firm's internal compliance policy requires the Series 65 even where the state waives it.
- Get the answer in writing: an email from the state administrator or your firm's compliance office is worth keeping in your records.
Final note
If your designation qualifies you for a waiver and your state recognizes it, you don't need to buy this course. We'd rather tell you that and earn your trust for whatever you do need from us than push a product you don't have to buy. If you're unsure where you stand, see our Series 65 FAQ for related questions, or contact your state administrator directly.
Sources
- NASAA: Contact Your Regulator: the directory of state and provincial securities administrators, the authoritative starting point for confirming any waiver in your state.
- NASAA Exam Study Guides: the official content outline and exam materials hub.
- FINRA Series 65 page: enrollment, fees, and administrative details from FINRA.
- CFA Institute: granting body for the Chartered Financial Analyst (CFA) charter.
- CFP Board: granting body for the Certified Financial Planner (CFP) certification.
- The American College of Financial Services: granting body for the Chartered Financial Consultant (ChFC) designation.
- AICPA: Personal Financial Specialist: granting body for the PFS credential.
- Investment Adviser Association: granting body for the Chartered Investment Counselor (CIC) designation.
- Investments & Wealth Institute: granting body for the Certified Investment Management Analyst (CIMA) certification.
Study on a schedule, not on a feeling.
Every Series 65 page on this site is free to read and needs no account: the 8-week plan, the study guide, the glossary, the cheat sheet and a 15-question practice set. Leave your address if you want an ALAN account to go with them. The Series 65 course itself, with the full question bank and the exam simulator, comes with ALAN PRO.