Series 65 Pass Rates: What the Data Really Shows
Industry averages, provider-specific data, and the factors that actually determine whether you pass. We're transparent about what's official and what's estimated.
Last updated: January 2026 | Data sources: FINRA, NASAA, prep provider websites, industry research
A Note on Data Transparency
Neither FINRA nor NASAA publishes official Series 65 pass rate statistics. The data in this article comes from: (1) industry estimates based on prep provider aggregated data, (2) self-reported pass rates from individual prep companies, and (3) academic and industry research. We clearly distinguish between official data and estimates throughout.
📊 Series 65 Pass Rate: Quick Facts
Passing Requirements (Official)
Official vs. Estimated Pass Rates
If you've searched for Series 65 pass rates, you've probably seen different numbers from different sources. Here's why the data varies and what you can actually trust:
✓ What We Know (Official Data)
- • Passing score: 92/130 correct answers (71%), updated June 2023
- • Exam format: 140 questions total, 130 scored, 180 minutes
- • Retake policy: 30-day wait (first/second fail), 180-day wait (third fail)
- • Exam fee: $187 per attempt
? What We Don't Know (Not Published)
- • Official pass rate: Neither FINRA nor NASAA publishes this
- • First-time vs. retake rates: No breakdown available
- • Historical trends: Year-over-year changes not tracked publicly
- • Demographics: Pass rates by age, education, or experience
Where Does the 60-70% Estimate Come From?
The commonly cited 60% to 70% pass rate comes from exam prep providers who aggregate data from their students and make industry-wide estimates. While not official, this range is consistent across multiple independent sources and has been cited for years. Think of it as a reasonable approximation rather than precise data.
Pass Rates by Prep Provider
Prep providers self-report their pass rates. While we can't independently verify these numbers, they can help you compare options. Here's what each major provider claims:
| Provider | Claimed Pass Rate | Pass Guarantee | Price | Notes |
|---|---|---|---|---|
| Knopman Marks | 98% | Yes (varies by package) | $395-$1,020 | First-time pass rate; premium pricing |
| STC | 95% | Yes (STC Pass Guarantee) | $219-$384 | First-time pass rate; 50+ years experience |
| Kaplan | 88% | Yes (with conditions) | $159-$319 | Across all securities exams; largest provider |
| Achievable | Not published | Yes (full refund, no strings) | $199 | Claims "best pass guarantee in the industry" |
Why Provider Pass Rates Are Higher
Provider pass rates (88% to 98%) are much higher than the industry average (60% to 70%) because: (1) candidates using prep courses are more committed, (2) structured study materials improve retention, (3) practice exams better prepare you for the real thing, and (4) providers have incentives to report favorable numbers.
How to Interpret These Numbers
Self-reported pass rates should be taken with some skepticism. Providers may calculate rates differently, exclude certain students, or round favorably. Focus less on the exact percentage and more on whether the provider offers a money-back guarantee if you fail. That's real skin in the game.
Factors That Affect Your Pass Rate
Your personal pass rate depends on several factors you can control. Here's what the data suggests matters most:
🎯 High-Impact Factors
- +20-30% Using a prep course
Prep course users pass at 88% to 98% vs. 60% to 70% for self-study
- +15-25% 80+ hours of study time
Candidates who study 80+ hours pass at higher rates than those under 50
- +10-15% Taking 3+ full practice exams
Practice exam exposure significantly improves test day performance
- +10-15% Finance or investment background
Prior knowledge reduces learning curve and increases comprehension
⚠️ Risk Factors (Lower Pass Rate)
- -20-30% Self-study only (no prep course)
Higher failure rates due to gaps in coverage and inefficient study
- -15-25% Under 50 hours of study time
Insufficient preparation is the #1 cause of failure
- -10-15% Cramming in under 2 weeks
Short timelines don't allow for concept mastery
- -5-10% No finance or business background
Everything is new, requiring more time to absorb
The Bottom Line
If you use a prep course, study 80+ hours, and take multiple practice exams, your effective pass rate is likely 85% or higher. The "60% to 70%" industry average includes many underprepared candidates who skipped these steps.
Study Hours and Pass Rate Correlation
One of the strongest predictors of passing is simply how much time you put in. Here's how study hours correlate with success:
| Study Hours | Typical Timeline | Estimated Pass Rate | Risk Level |
|---|---|---|---|
| Under 30 hours | 1-2 weeks | 40-50% | High Risk |
| 30-50 hours | 2-4 weeks | 55-65% | Moderate Risk |
| 50-80 hours | 4-6 weeks | 70-80% | Average |
| 80-100 hours | 6-8 weeks | 85-92% | Low Risk |
| 100+ hours | 8-12 weeks | 90-98% | Very Low Risk |
Quality Over Quantity
These are focused, active study hours. Passively watching videos or skimming notes doesn't count the same as doing practice questions, reviewing explanations, and working through concepts. 60 hours of focused practice beats 100 hours of passive reading.
Retake Statistics and Policy
If you don't pass on your first attempt, you're not alone. Here's what you need to know about retaking the Series 65:
Retake Policy (Official)
30-day waiting period before you can retake
Full $187 fee required for retake
30-day waiting period before you can retake
Full $187 fee required for retake
180-day waiting period (6 months) before you can retake
This longer wait applies after 3 failures within a 2-year period
Cost of Failing
- 💰 $187 exam fee for each retake
- ⏰ 30-180 days of waiting time
- 📉 Career delay if job requires license
- 😓 Additional stress of retaking
Good News for Retakers
- ✓ No limit on number of attempts (just waiting periods)
- ✓ Many candidates pass on second attempt
- ✓ Most prep courses include extended access for retakers
- ✓ Pass guarantees may cover retake costs
How to Improve Your Odds
Based on what we know about pass rates and success factors, here are the most effective ways to improve your chances:
Use a quality prep course
Prep course users pass at 88% to 98% compared to 60% to 70% for the general population. The investment of $150 to $400 is worth avoiding a $187 retake fee and 30+ days of delay.
Commit to 80+ hours of study time
Candidates who study 80+ hours pass at much higher rates than those who rush through in under 50 hours. Plan for 6 to 8 weeks of consistent daily study.
Take at least 3 full-length practice exams
Practice exams build familiarity with question format, time management, and identify weak areas. Aim to score 75%+ consistently before scheduling your real exam.
Focus on high-weight topics
Laws, Regulations & Ethics makes up ~35% of the exam. Client Investment Recommendations is ~30%. Investment Vehicle Characteristics is ~25%. Master these three areas first.
Don't schedule until you're ready
You can reschedule up to 2 business days before your exam without penalty. If you're not scoring 75%+ on practice exams, reschedule. It's better to delay than to fail.
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Frequently Asked Questions
What is the Series 65 pass rate?
The Series 65 pass rate is estimated to be between 60% and 70%, though neither FINRA nor NASAA publishes official statistics. This means roughly 30% to 40% of candidates fail the exam on their first attempt. Prep course providers report higher pass rates for their students, ranging from 88% (Kaplan) to 98% (Knopman Marks).
Is the Series 65 harder than other securities exams?
The Series 65 is considered moderately difficult compared to other securities exams. It requires a 71% passing score (92/130 questions), which is similar to the Series 7. However, the Series 65 focuses heavily on regulations, ethics, and investment advisory concepts rather than product knowledge, which some candidates find more challenging.
What percentage of people fail the Series 65?
Based on industry estimates, approximately 30% to 40% of candidates fail the Series 65 exam. The exact failure rate is not published by regulatory bodies. Most failures occur among candidates who did not use a structured prep course or who studied for fewer than 50 hours.
Do prep courses really improve pass rates?
Yes, prep courses significantly improve pass rates. While the general population pass rate is estimated at 60% to 70%, prep providers report pass rates of 88% to 98% for their students. The structured content, practice questions, and exam simulations help candidates prepare more effectively than self-study alone.
How many times can you retake the Series 65?
There is no limit to how many times you can retake the Series 65, but waiting periods apply. After your first or second failure, you must wait 30 days before retaking. After a third failure within two years, you must wait 180 days. Each retake costs $187.
What is the passing score for the Series 65?
You need to correctly answer 92 out of 130 scored questions to pass the Series 65, which equals approximately 71%. The exam also includes 10 unscored pilot questions, bringing the total to 140 questions in 180 minutes. The passing score was lowered from 94/130 in June 2023.
Why don't FINRA and NASAA publish Series 65 pass rates?
The Series 65 is a state securities exam administered by NASAA, not a FINRA exam. Neither organization publishes official pass rate statistics for the Series 65. The commonly cited 60% to 70% pass rate comes from exam prep providers and industry estimates rather than official data.
What is the first-time pass rate for the Series 65?
First-time pass rate data is not officially published. Industry estimates suggest the overall pass rate is 60% to 70%, but first-time pass rates may be slightly lower since this includes candidates who may be underprepared. Candidates using prep courses typically have higher first-time pass rates.
How does study time affect Series 65 pass rates?
Study time strongly correlates with passing. Candidates who study 80 to 100 hours have significantly higher pass rates than those who study less than 50 hours. Most successful candidates spend 6 to 8 weeks preparing, with 1.5 to 2 hours of focused study per day.
Is the Series 65 pass rate going up or down?
Historical pass rate trends are not publicly available since official statistics are not published. However, the passing score was lowered from 72% (94/130) to 71% (92/130) in June 2023, which may have slightly improved pass rates since then. The exam content was also reorganized at that time.
Don't Become a Statistic
With the right preparation, your personal pass rate can be 85% or higher. Start with a proven prep course and give yourself the best chance at success.
Series 65 Study Resources
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