Series 65 numbers to memorize

70 thresholds, deadlines, limits and penalties that the Series 65 tests, on one page. Each links to the term that explains it.

38 figures with a source link were checked against that source on 2026-09-12. The rest are long-standing statutory or rule values. Dollar limits marked 2026 change every year.

Formulas & calculators

The exam itself

Figure	What it is	Source
130 + 10	Scored questions, plus 10 unscored pretest questions mixed in	FINRA
180 minutes	Time allowed	FINRA
92 of 130	Correct answers needed to pass (70.8%)	FINRA, NASAA
15 / 25 / 30 / 30%	Section weights: economics, investment vehicles, client strategies, laws and ethics	NASAA outline

Registration thresholds

Figure	What it is	Source
> $110 million	Assets under management above which an adviser generally must register with the SEC	SEC
< $100 million	Below this, an adviser generally may not register with the SEC ($100-110M: may choose)	SEC
< $25 million	Small adviser - registers with the state	SEC
Fewer than 6	Clients in a state in 12 months, with no place of business there, for the de minimis exemption	Advisers Act 222(d)
< $150 million	Private fund assets for an exempt reporting adviser	Advisers Act 203(m)
10 offerees	Maximum non-institutional offerees in a state in 12 months for the private placement exemption	Uniform Securities Act
270 days	Maximum maturity for commercial paper to be exempt from '33 Act registration	Securities Act of 1933

Qualified clients and adviser finances

Figure	What it is	Source
$1.4 million	Assets under management with the adviser to be a qualified client (contracts from June 29, 2026; was $1.1M)	SEC Rule 205-3
$2.7 million	Net worth, excluding primary residence, to be a qualified client (was $2.2M)	SEC Rule 205-3
$35,000	Minimum net worth for a state adviser with custody	NASAA model rule
$10,000	Minimum net worth for a state adviser with discretion but not custody	NASAA model rule
> $500, 6+ months	Prepaid fees that require positive net worth and an audited balance sheet (SEC: $1,200)	NASAA model rule

Deadlines and time periods

Figure	What it is	Source
Noon, day 30	When a registration becomes effective if the Administrator takes no action	Uniform Securities Act
December 31	When all registrations expire unless renewed	Uniform Securities Act
30 days	Until a withdrawal of registration takes effect	Uniform Securities Act
1 year	After a withdrawal, the Administrator can still start a revocation proceeding	Uniform Securities Act
15 days	To hold a hearing after a written request, following a summary suspension	Uniform Securities Act
10 years	Look-back for a felony conviction as grounds to deny registration	Uniform Securities Act
48 hours	Deliver the brochure before the contract - or at signing, with 5 business days to cancel	NASAA brochure rule
120 days	After fiscal year-end, to deliver the updated brochure or summary of changes	NASAA brochure rule
10 business days	An adviser may rely on oral discretionary authority before it must be in writing	NASAA model rule
10 days	For an access person's initial holdings report (information current within 45 days)	SEC Rule 204A-1
30 days	After quarter-end, for access persons' quarterly transaction reports	SEC Rule 204A-1
5 years	State advisers keep books and records (first 2 in the office)	NASAA model rule
30 days	To file Form U5 after an individual leaves a firm	FINRA

Penalties and liability (Uniform Securities Act, 1956)

Figure	What it is	Source
$5,000 / 3 years	Maximum criminal penalty for a willful violation (fine, prison, or both)	Uniform Securities Act
5 years	Statute of limitations for criminal prosecution	Uniform Securities Act
2 yrs / 3 yrs	Civil suits: within 2 years of discovery or 3 years of the sale, whichever is first	Uniform Securities Act
30 days	For a buyer to accept a rescission offer, or lose the right to sue	Uniform Securities Act

Ethics and compliance

Figure	What it is	Source
12 credits (6 + 6)	IAR continuing education each year: Products and Practice, and Ethics	NASAA model rule
15 + 10 business days	Delay of a suspicious disbursement from a vulnerable adult's account, plus extension	NASAA model act
65 and older	A 'specified adult' under FINRA's financial exploitation rule	FINRA Rule 2165
2 years	Time-out from paid government advisory work after a disqualifying political contribution	SEC Rule 206(4)-5
$350 / $150	De minimis political contributions per election - if you can vote for the candidate / if not	SEC Rule 206(4)-5
Over $10,000	Cash transactions that require a Currency Transaction Report	Bank Secrecy Act
$5,000	Suspicious activity at or above this is reported by a broker-dealer on a SAR	Bank Secrecy Act
Jan 1, 2028	New effective date of FinCEN's AML rule for investment advisers (postponed from 2026)	FinCEN
30 days	Maximum time to notify customers of a breach of sensitive information (Reg S-P, 2024 amendments)	SEC

Retirement accounts (2026)

Figure	What it is	Source
$24,500	401(k), 403(b) and 457 employee deferral limit	IRS
$8,000	401(k) catch-up contribution at age 50+	IRS
$11,250	401(k) catch-up contribution at ages 60-63	IRS
$7,500	IRA contribution limit (traditional and Roth combined)	IRS
$1,100	IRA catch-up contribution at age 50+	IRS
Age 73	Required minimum distributions begin (born 1951-1959)	SECURE 2.0
25% (10%)	Penalty for a missed RMD (reduced if corrected promptly)	SECURE 2.0
59 1/2	Age before which most retirement withdrawals carry a 10% penalty	Internal Revenue Code
25%	Penalty on SIMPLE IRA withdrawals within the first 2 years of participation	Internal Revenue Code
60 days	To complete an indirect rollover - and only one IRA-to-IRA rollover per 12 months	Internal Revenue Code
20%	Mandatory withholding on an employer-plan distribution paid to the participant	Internal Revenue Code
$2,000	Coverdell ESA annual limit per beneficiary	Internal Revenue Code

Taxes and estates (2026)

Figure	What it is	Source
More than 1 year	Holding period for long-term capital gains treatment	Internal Revenue Code
30 days	Before or after a loss sale - the wash sale window (61 days in all)	Internal Revenue Code
$3,000	Net capital loss deductible against ordinary income each year	Internal Revenue Code
3.8%	Net investment income tax, above $200,000 (single) / $250,000 (joint) MAGI	Internal Revenue Code
$19,000	Annual gift tax exclusion per recipient ($38,000 with gift splitting)	IRS
$15 million	Estate and gift tax basic exclusion per person	IRS
2 yrs + 1 yr	ISO holding periods: 2 years from grant and 1 year from exercise	Internal Revenue Code

Investments and markets

Figure	What it is	Source
50%	Initial margin requirement under Regulation T	Federal Reserve Reg T
25%	FINRA minimum maintenance margin (firms often require more)	FINRA
$500,000	SIPC protection per customer, including up to $250,000 in cash	SIPC
$250,000	FDIC insurance per depositor, per bank, per ownership category	FDIC
6 months / 1 year	Rule 144 holding period for restricted stock - reporting / non-reporting issuer	SEC Rule 144
1% / 0.25%	Maximum 12b-1 fee / the most a 'no-load' fund may charge	FINRA
13 months	To complete a letter of intent for a breakpoint (backdatable 90 days)	Industry practice
Age 67	Social Security full retirement age for anyone born 1960 or later	Social Security Administration
8% a year	Delayed retirement credits for claiming Social Security after full retirement age, up to 70	Social Security Administration

Figures change - contribution limits every year, some thresholds every five. Confirm anything you rely on against the source. Not affiliated with NASAA or FINRA; see the disclaimer.