A test, also known as the Investment Advisor Examination, that must be passed in order to obtain a general securities license. This test focuses on knowledge of the Securities and Exchange Commission (SEC) rules that financial planners need to know, not on actual financial knowledge. This license is less well-known than Series 6 (mutual funds), Series 7 (general securities), and Series 63 (Blue Sky Law). However, financial planners must be registered with the SEC, so they have all taken the Series 65 exam. The license is issued by the National Association of Securities Dealers (NASD) after the applicant passes the test. There are no continuing education requirements for this license.