AIF® vs Series 65: Do You Need Both to Become a Registered Investment Advisor?

AIF® vs Series 65: Do You Need Both to Become a Registered Investment Advisor?

If you're planning to launch an RIA or advise on investments, you've heard about the Series 65. You may have also heard about the AIF®. These two credentials serve completely different purposes—and the answer to whether you need both is clearer than you might think.

The Series 65 is a licensing requirement; the AIF® is a voluntary certification. This guide explains which you absolutely need, which is optional, and why many advisors pursue both.

What Is the Series 65?

The Series 65 is a FINRA exam required to become a Registered Investment Advisor (RIA) or Investment Advisor Representative (IAR). It's not a credential or certification—it's a license.

• Administered by: FINRA (Financial Industry Regulatory Authority)
• Scope: Investment advisor laws, regulations, ethics, fiduciary duty (general overview)
• Exam: 130 multiple-choice questions, 180 minutes, 73% passing score
• Study time: 40–60 hours typical
• Cost: $175 exam fee + study materials ($500–$2,000)
• Experience required: None (entry-level allowed)
• Renewal: Every 2 years via Form ADV Update
• Purpose: Legally required to manage client assets or give investment advice

What Is the AIF®?

The AIF®, administered by Fi360, is a voluntary certification demonstrating competence in fiduciary responsibility and retirement plan governance. It's not required by law—it's optional.

• Administered by: Fi360 (a Broadridge Company)
• Scope: Deep ERISA knowledge, Prudent Practices® Framework, plan oversight, fiduciary process
• Exam: 80 questions (70 scored), 120 minutes, 70% passing score
• Study time: 20–40 hours
• Cost: $1,595–$1,950 + $375/year dues
• Experience required: 5+ years in credentials field OR 8+ years in financial services (no specific requirement to sit exam)
• Renewal: 6 hours CE per year
• Purpose: Demonstrate specialized fiduciary expertise (optional)

The Critical Difference: License vs. Credential

Series 65 is mandatory if you advise on investments or manage client accounts. You cannot legally operate as an RIA or IAR without passing the Series 65. It's a legal requirement enforced by FINRA.

AIF® is optional but valuable if you advise retirement plans. There's no legal requirement for the AIF®, but it demonstrates specialized fiduciary knowledge that plan sponsors and clients respect and often expect.

Think of it this way: Series 65 is the license to practice; AIF® is the credential to specialize.

Series 65: What It Covers

The Series 65 exam covers investment advisor law and ethics, but it's broad, not deep. It tests:

• Securities laws and regulations
• Investment company products (mutual funds, ETFs, etc.)
• Client suitability and disclosure
• General fiduciary duty and conflicts of interest
• Compensation models and fee structures
• Custody and trading rules

It touches on fiduciary duty but doesn't go deep. It's a regulatory knowledge exam, not a fiduciary specialization exam.

AIF®: What It Covers

The AIF® exam dives deep into fiduciary expertise specific to retirement plans:

• ERISA requirements and structure
• Prudent Practices® Framework (organize, formalize, implement, monitor)
• Fiduciary liability and indemnification
• Plan governance and documentation
• Selecting and monitoring service providers
• Investment due diligence processes
• Regulatory compliance for plans

The AIF® is narrow but deep—it's specifically about managing retirement plans and acting as a fiduciary under ERISA.

Career Paths: When You Need Each

You absolutely need the Series 65 if you:

• Manage client assets (even $1)
• Provide personalized investment advice
• Operate as an RIA or IAR
• Charge fees based on assets under management

You should strongly consider the AIF® if you:

• Advise retirement plans (401(k), 403(b), pensions)
• Work at an RIA managing plan client accounts
• Act as a fiduciary or consultant to plan sponsors
• Want credibility and competitive advantage with plan clients

You likely don't need the AIF® if you:

• Only advise individuals on non-retirement investments
• Don't manage retirement plan accounts
• Work for a brokerage or RIA that doesn't focus on plans

Exam Comparison: Series 65 vs. AIF®

Series 65:

• 130 questions, 180 minutes
• Broader scope; covers multiple topics at moderate depth
• Pass score: 73% (higher threshold than AIF®)
• Pass rate: ~60–70% (depends on preparation)
• Difficulty: Moderate; regulatory/legal focus

AIF®:

• 80 questions, 120 minutes (shorter)
• Narrower scope; deep ERISA/fiduciary focus
• Pass score: 70% (lower threshold)
• Pass rate: ~75% (higher than Series 65)
• Difficulty: Moderate; process/governance focus

The Series 65 is slightly harder and broader; the AIF® is faster and narrower. Neither is extremely difficult if you study.

Cost and Time Investment

Series 65:

• Exam fee: $175
• Study materials: $500–$2,000 (prep courses vary)
• Study time: 40–60 hours
• Timeline: 8–12 weeks typical
• Renewal: Every 2 years (no study required, just Form ADV)

AIF®:

• Training + exam: $1,595–$1,950
• Annual dues: $375
• Study time: 20–40 hours (faster)
• Timeline: 6–12 weeks typical
• Renewal: 6 hours CE per year

The Series 65 has a lower upfront cost; the AIF® has ongoing dues. If you're planning long-term, factor in AIF® annual renewal fees.

Pros and Cons

Series 65 Pros:

• Legally required—non-negotiable
• Low exam fee ($175)
• Covers general investment advisor law and ethics
• Opens doors to RIA and IAR roles
• Recognized by all brokerage and advisory firms

Series 65 Cons:

• Doesn't provide specialized fiduciary training
• Doesn't demonstrate deep ERISA knowledge
• Renewal process less rigorous (no CE required)
• Doesn't help you stand out with plan sponsor clients

AIF® Pros:

• Specialized fiduciary certification (prestigious with plan sponsors)
• Faster exam (80 vs 130 questions)
• Higher pass rate (75%+)
• Demonstrates deep ERISA and plan governance expertise
• Competitive advantage in plan advisory market

AIF® Cons:

• Optional—not required to launch RIA
• Annual dues ($375/year)
• Only relevant if you advise plans
• Narrow scope (doesn't replace Series 65)
• Renewal requires ongoing CE commitment

Should You Get Both?

YES, you should get both if:

• You're launching an RIA that advises retirement plans
• Plan clients are a significant part of your business
• You want to demonstrate both regulatory compliance (Series 65) and fiduciary specialization (AIF®)
• You want to compete effectively in the plan advisory market

Series 65 only is sufficient if:

• You advise individuals on non-retirement investments
• You don't manage retirement plan accounts
• Your practice doesn't focus on plans

The Bottom Line

Series 65 is mandatory to launch an RIA; AIF® is optional but strongly recommended if you advise retirement plans. If you're planning a general advisory practice, Series 65 is enough. If you're planning to specialize in plan advisory, get the Series 65 first (it's required), then pursue the AIF® to demonstrate plan-specific expertise.

Many successful RIAs operate with Series 65 only. But if you want to stand out in the competitive plan advisory space, the AIF® is worth the time and cost.