Examination Requirement for Investment Adviser Representatives and Sole Proprieter Investment Advisers Under the Arizona Investment Management Act

IMPORTANT NOTE:

The Securities Division does not waive compliance with examination requirements.

All sole proprietor investment adviser applicants and investment adviser representative applicants are required to comply with examination requirements under the Arizona Investment Management Act as a condition of licensure [See A.R.S. §§ 44-3153(C)(2) , 44-3156(C)2 and  A.A.C. R14-6-204]

Arizona Examination Requirements

The requirements are detailed in A.A.C. Rule14-6-204 available online here. You may satisfy the examination requirements by either passing the listed examinations, or holding in good standing one of the listed professional designations

IMPORTANT NOTE

If you plan to satisfy the requirements by passing the listed examinations, please be advised there is a TIME component with regard to passage of the required examinations. If you passed your examination(s) more than 12 months before applying for licensure, you must retake the examination(s).

EXCEPTION:

If you passed your examination(s) more than 12 months before applying for licensure and the Division can verify that within the two years preceding your application date you were licensed in Arizona or another jurisdiction as an investment adviser representative or sole proprietor, you will not have to retake the examination(s).  See A.A.C. R14-6-204(D).

Option 1: Take and pass the exam(s) after December 31, 1999

Provide proof of successful completion of either (a) or (b):

  • (a) Series 65 exam, or
  • (b) Series 66 exam and the Series 7* or Series 2 exam.

*The Series 1 exam, if successfully completed prior to May 1975, will be accepted in lieu of the Series 7 exam.

Option 2: Take and pass exams prior to December 31, 1999

Provide proof of successful completion of either (a) or (b):

  • (a) Series 65 exam with a passing score of 72 and Series 7*; or
  • (b) Series 66 exam and the Series 7* or Series 2 exam.

*The Series 1 exam, if successfully completed prior to May 1975, will be accepted in lieu of the Series 7 exam.

Option 3: Hold an approved professional designation in good standing

In lieu of satisfying options 1 or 2 above, an applicant may demonstrate they currently hold any one  of the following professional designations and is currently in good standing with the associated organization:

  • (a) Certified Financial Planner (CFP)
  • (b) Chartered Financial Analyst (CFA)
  • (c) Chartered Financial Consultant (ChFC)
  • (d) Chartered Investment Counselor (CIC)
  • (e) Personal Financial Specialist (PFS)

Additional Note:

Pursuant to A.R.S § 44-3152(J), an applicant is exempt from having to license as an investment adviser representative if the applicant is registered as a securities salesman in Arizona.

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