The Series 65 exam is for the U.S. financial professionals seeking to practice as an Investment Adviser Representative (IAR) and obtain a license in most states. It covers a wide range of topics which are essential for IARs. These include state and federal securities acts, rules and regulations for investment advisers, ethical practices, and fiduciary obligations - like communication with clients, compensation, client funds, and conflicts of interest.

The Series 65 is a three-hour long, 130-question multiple-choice exam. To pass, one must score 72% or higher. Interestingly, being experienced in the world of investing, banking and managing finances may not be enough for passing the Series 65 since many of the questions are subject-specific and require a greater understanding of topics such as state and federal securities laws.

Should someone pass the Series 65, they may still need to take the FINRA Series 7 exam to be fully-licensed to sell securities and execute trades, even though these two exams are frequently confused. In the United States, financial professionals need to obtain at least two certifications in order to become a financial advisor.

Completion of the Series 65 exams is important not just to become an investment advisor in the USA but also globally, as it is considered a necessary requirement in most countries. It is also a good indicator of experience and competency in financial planning. There is also an increasing demand for Series 65 license holders since there is now more supervision by the government and tighter regulatory guidelines for investment.

In short, the Series 65 exam is important for U.S. financial professionals seeking to practice as an Investment Adviser Representative (IAR), with the exam featuring 130 multiple-choice questions and covering a wide range of topics essential for IARs. Completion of the Series 65 exams is also important not just to become an investment advisor in the USA but also globally, as it is considered a necessary requirement in most countries.