Choose Series 65 to start working as an investment adviser quickly with minimal cost. Choose CFP for comprehensive financial planning with clients. Choose CFA for investment analysis and portfolio management roles. Most advisors should start with the Series 65 and add credentials over time.
Quick Comparison: Series 65 vs CFP vs CFA
These three credentials serve different purposes in the financial services industry. Before diving into the details, hereās a high-level comparison:
| Factor | Series 65 | CFP | CFA |
|---|---|---|---|
| Primary Purpose | License to give investment advice | Comprehensive financial planning | Investment analysis & portfolio management (including beta and risk metrics) |
| Total Cost | $187 + study materials | $5,000 - $12,000 | $4,500 - $12,000 |
| Time to Complete | 4 - 8 weeks | 18 - 24 months | 3 - 5 years |
| Pass Rate | ~68% | ~64% | 43% (L1), 45% (L2), 50% (L3) |
| Prerequisites | None | Bachelorās degree + education program | Bachelorās degree (or final year) |
| Experience Required | None | 6,000 hours | 4,000 hours |
| Salary Range | $80K - $300K+ | $100K - $325K | $150K - $400K+ |
Series 65: The Fastest Path to Investment Advising
The Series 65 is a state-administered exam that qualifies you to work as an Investment Adviser Representative (IAR). Itās the quickest and most affordable entry point into the investment advisory profession.
What the Series 65 Qualifies You to Do
- Provide investment advice for a fee to clients
- Manage client portfolios on a discretionary basis
- Create financial plans that include investment recommendations
- Charge fees based on assets under management (AUM) or flat/hourly rates
- Register with regulators by filing Form ADV with the SEC or state
The Series 65 alone does not allow you to execute securities transactions. To buy or sell stocks, bonds, or mutual funds for clients, you also need the Series 7 (or work with a broker-dealer). Many fee-only advisors work around this by using custodians like Schwab or Fidelity to execute trades.
Series 65 Key Facts (2026)
- Exam fee: $187
- Questions: 130 scored + 10 unscored (140 total)
- Time: 180 minutes
- Passing score: 71% (92/130 correct)
- Pass rate: Approximately 68%
- Prerequisites: None (no degree, no sponsorship required)
- Study time: 50 - 100 hours over 4 - 8 weeks
Who Should Choose the Series 65?
- Career changers who want to enter finance quickly
- Entrepreneurs starting their own RIA firm
- Professionals (CPAs, attorneys) adding advisory services
- Anyone who wants to start earning while pursuing additional credentials
Start Advising Sooner
The CFP takes 250+ hours and years of experience. The CFA averages 300+ hours per level. The Series 65? 50 to 100 hours with no prerequisites. CertFuel's Smart Study algorithm gets you licensed faster so you can start building your practice while pursuing additional credentials.
Access Free BetaCFP: The Gold Standard for Financial Planners
The Certified Financial Planner (CFP) designation is the most recognized credential for comprehensive financial planning. It covers a broader scope than investment advice alone, including tax planning, estate planning, insurance, and retirement planning.
CFP Requirements Overview
The CFP has four main requirements, often called the ā4 Eāsā:
- Education: Complete a CFP Board-registered education program and hold a bachelorās degree
- Exam: Pass the CFP certification exam
- Experience: Complete 6,000 hours of professional experience (or 4,000 hours as an apprentice under a CFP)
- Ethics: Pass a background check and commit to the CFP Boardās ethical standards
CFP Cost Breakdown (2026)
| Component | Cost |
|---|---|
| Education Program (Standard Path) | $3,000 - $7,500 |
| Education Program (Accelerated Path with Capstone only) | $700 - $2,000 |
| Exam Registration (Early Bird) | $825 |
| Exam Registration (Standard) | $925 |
| Exam Registration (Late) | $1,025 |
| Application Fee | $250 |
| Initial Certification Fee (prorated) | Up to $575 |
| Annual Certification Fee | $575/year |
| Total (Standard Path) | $5,000 - $12,000 |
CFP Exam Details
- Format: 170 multiple-choice questions
- Time: Two 3-hour sessions (6 hours total)
- Offered: Three times per year (March, July, November)
- Pass rate: Approximately 64% (July 2025)
- Remote testing: Available
Who Should Choose the CFP?
- Financial advisors who want to provide comprehensive planning
- Professionals seeking the most recognized planning credential
- Advisors who work with high-net-worth clients needing tax and estate planning
- Anyone wanting to differentiate themselves in a competitive market
If you already hold a CFA, CPA, ChFC, or certain other credentials, you can take the Accelerated Path and only complete the Capstone course ($700 - $2,000) instead of the full education program. This can save you $5,000+ and several months of study. Note that holding these credentials may also qualify you for an accredited investor exemption.
CFA: The Ultimate Investment Credential
The Chartered Financial Analyst (CFA) charter is the most prestigious credential for investment professionals. Itās designed for portfolio managers, research analysts, and other roles focused on investment analysis and asset allocation.
CFA Charter Requirements
- Education: Bachelorās degree (or be in final year of degree program)
- Exams: Pass all three levels of the CFA exam
- Experience: 4,000 hours of relevant professional experience
- Membership: Become a CFA Institute member
CFA Exam Structure
The CFA program consists of three progressively difficult exam levels:
| Level | Focus | Pass Rate (2025) | Study Hours |
|---|---|---|---|
| Level 1 | Investment tools, ethical standards | 43% | ~300 hours |
| Level 2 | Asset valuation, complex analysis | 45% | ~300 hours |
| Level 3 | Portfolio management, wealth planning | 50% | ~300 hours |
CFA Cost Breakdown (2026)
| Component | Early Registration | Standard Registration |
|---|---|---|
| Level 1 & Level 2 | $1,140 | $1,490 |
| Level 3 | $1,240 | $1,590 |
| Annual Membership | $299/year | |
| Total (All 3 Levels, Early) | $3,520 - $4,600 | |
| With Prep Materials | $4,500 - $12,000 | |
Only about 20% of candidates who begin the CFA program ultimately earn the charter. The combination of difficult exams, long time commitment, and life changes causes many to drop out. Be prepared for a multi-year journey before starting.
Who Should Choose the CFA?
- Aspiring portfolio managers and investment analysts
- Professionals working at asset management firms or hedge funds
- Anyone seeking institutional investment management roles
- Financial advisors who want maximum credibility for investment expertise
Total Cost Comparison
Cost is often a deciding factor, especially for career changers. Hereās a realistic breakdown of what each credential actually costs:
| Cost Category | Series 65 | CFP | CFA |
|---|---|---|---|
| Exam/Registration Fee | $187 | $825 - $1,025 | $3,520 - $4,570 (all levels) |
| Education/Coursework | $0 (not required) | $3,000 - $7,500 | $0 (not required) |
| Study Materials | $200 - $600 | $600 - $2,900 | $1,500 - $4,500 |
| Application/Certification Fees | $0 | $250 + $575 | $0 |
| Annual Fees | State registration (~$30 - $100) | $575/year | $299/year |
| Total First-Year Cost | $400 - $900 | $5,000 - $12,000 | $4,500 - $12,000 |
The Series 65 is 10 - 20x less expensive than the CFP or CFA for first-year costs. This makes it an attractive starting point, even if you plan to pursue additional credentials later. With such a small upfront investment, protecting your ROI means avoiding the $187 retake fee and timeline delays. The exam is administered by NASAA (North American Securities Administrators Association). Learn the most common study mistakes that cause candidates to fail their first attempt.
Time Investment Comparison
Time is often more valuable than money, especially if youāre eager to start your career. Hereās how long each credential typically takes:
| Credential | Study Time | Calendar Time | When You Can Work |
|---|---|---|---|
| Series 65 | 50 - 100 hours | 4 - 8 weeks | Immediately after passing |
| CFP | 300 - 500 hours | 18 - 24 months | After exam + 6,000 experience hours |
| CFA | 900+ hours (all levels) | 3 - 5 years | After all exams + 4,000 experience hours |
Many successful advisors pass the Series 65 first, start working and earning income, then pursue the CFP or CFA while employed. This approach lets you build experience (which counts toward CFP/CFA requirements) while earning money instead of spending it.
To execute this fast-track strategy successfully, you need a structured approach that fits around your current job. Our Series 65 study schedules provide 4-week, 6-week, and 8-week plans with daily breakdowns showing exactly what to study each day. So you can pass on your first attempt and start earning while CFP/CFA candidates are still studying.
Career Paths and Earning Potential
Each credential opens different career doors and has different earning potential:
Series 65 Career Paths
- Investment Adviser Representative (IAR): $80,000 - $200,000+
- Independent RIA Owner: Unlimited (based on AUM)
- Wealth Manager: $100,000 - $300,000+
CFP Career Paths
- Certified Financial Planner: $100,000 - $185,000 median
- Senior Financial Planner: $150,000 - $225,000
- Director/Partner: $250,000 - $400,000+
CFA Career Paths
- Investment Analyst: $90,000 - $150,000
- Portfolio Manager: $150,000 - $300,000+
- Chief Investment Officer: $300,000 - $500,000+
While CFA charterholders have the highest ceiling, the Series 65 offers the best immediate return on investment. An IAR earning $100,000 in their first year has a far better ROI than a CFA candidate still studying for Level 2.
Which Credential Is Right for You?
The best choice depends on your career goals, timeline, and current situation:
Choose Series 65 If...
- You want to start working as an advisor quickly
- Youāre changing careers and need income soon
- You plan to start your own RIA firm (youāll need to register with the SEC or state regulators)
- Youāre a CPA, attorney, or other professional adding advisory services
- You want low-cost entry into the profession
Choose CFP If...
- You want to be a comprehensive financial planner - Youāre already working at a planning firm that values the credential - Your clients need tax, estate, and retirement planning (including 529 plans, 401(k)s, and Roth IRAs) - You want the most recognized planning designation - You have a bachelorās degree and can commit 18+ months
Choose CFA If...
- You want to work in institutional investment management
- You aspire to be a portfolio manager or research analyst
- Youāre early in your career and can commit 3 - 5 years
- Your employer values or requires the CFA
- Youāre passionate about investment analysis and valuation
- You want expertise in portfolio risk metrics like Sharpe ratio and alpha
Combining Credentials: A Common Strategy
Many successful financial professionals hold multiple credentials. Hereās a common progression:
- Start with Series 65: Get licensed quickly, start working, and earn income
- Add CFP: While working, complete CFP education and experience requirements (your work counts toward the 6,000 hours). Learn about diversification and client portfolio management
- Consider CFA: If you develop interest in investment management, pursue the CFA to add credibility
In most states, holding a CFP or CFA designation waives the Series 65 exam requirement. However, starting with the Series 65 lets you work immediately rather than waiting years for the other credentials. The $187 exam fee is a small price for 3 - 5 years of additional income. Both credentials require you to uphold a fiduciary duty to clients.
Popular Credential Combinations
- Series 65 + CFP: Ideal for comprehensive financial planners
- Series 65 + Series 7: Full-service advisor who can sell and advise
- CFP + CFA: The āultimateā combination for high-net-worth advisors
- Series 65 + CPA: Tax-focused financial planning with tax-efficient investing strategies