IAR CE requirements have rapidly reshaped the professional education landscape. The requirements are designed to enhance the quality, transparency, and ethical standards of financial advisors. Understanding and complying with IAR CE requirements is not just a regulatory necessity, it’s a professional imperative for Investment Adviser Representatives (IARs) seeking to maintain trust, credibility, and a competitive edge. Here's what to know about IAR CE. 

IAR CE Requirements For Independent Advisors: Historical Context 

The evolution of IAR CE requirements can best be appreciated within the broader context of financial advisor regulation. Regulation of financial professionals can be traced back to the Investment Advisers Act of 1940, but  not until the 1970s did the U.S. begin to achieve mass affluence. Leading up to this period, pension funds revealed significant flaws. Companies mishandled retirement benefits held for employees, prompting Congress to enact the Employee Retirement Income Security Act (ERISA) in 1974.

ERISA marked a pivotal shift, transitioning retirement planning responsibilities from corporations to individuals. It gave birth to the era of defined contribution plans, in which individuals—not employers—bear the burden of saving and investing for retirement. DC plans have created an urgent need for ongoing personal financial advice, thus increasing the need for financial education and ultimately giving rise to the concept of Continuing Education (CE) of financial advice professionals.

The Emergence of IAR CE Requirements

In response to the growing importance of prudent investment advice to American families, several prominent organizations like the CFP Board, Investments & Wealth Institute (IWI), and the National Association of State Boards of Accountancy (NASBA), adopted CE and CPE standards. Each sets its own educational requirements for professionals holding designations such as CFP, CIMA, CPWA, and CPA. Although many Chartered Financial Analysts (CFAs) operate as Investment Adviser Representatives (IARs), the CFA Institute does not mandate CE, and thus CFAs are excluded from this discussion.

NASAA’s Model CE Rule: A Game-Changer for IAR CE Requirements

The North American Securities Administrators Association (NASAA) emerged as a significant force in the regulation of IAR CE in 2022. Though NASAA itself is not a governmental agency and lacks statutory power, its model rules are frequently adopted by state regulators, thereby shaping legislation across the country. Like NASBA for CPAs and the National Association of Insurance Commissioners (NAIC) for insurance professionals, NASAA centralized and guides the states in formulating enforceable regulatory policy and rules.

A turning point came in 2022, when NASAA issued a Model Rule on IAR CE. This rule stipulates that Investment Adviser Representatives (IARs) must complete 12 CE credits per year—six in Ethics and Professional Responsibility and six in Products and Practices. By January 2025, 22 states, including populous ones like California and Florida, had adopted these IAR CE requirements. 

Why IAR CE Requirements For Independent Advisors Matter

The rationale driving IAR CE requirements is simple yet profound: with minimal qualifications, anyone can call themselves a state-government registered investment adviser representative. Passing FINRA's Series 65 or 66 exam one time, which typically requires 50 to 60 hours of study, is the only obstacle to calling yourself an IA Rep all your life. Until NASAA imposed its requirements, there were no ongoing educational obligations to maintain an IAR license—only annual fees.

This lack of rigor presented a clear risk: individuals without the proper knowledge or ethics training could operate as financial advisors, sometimes exploiting vulnerable investors or promoting unsuitable investment schemes. NASAA’s requirements are designed to mitigate these risks by enforcing a continuous educational standard that deters both incompetence and fraud.

Assessments And IAR CE Requirements  

A standout aspect of the NASAA model rule is the assessment requirement. Unlike the CFP Board, IWI, or NASBA, which award CE credits for attending live webinars without testing knowledge retention, NASAA mandates a minimum passing score of 70% on 12 CE course assessments. This ensures that learning is not passive and that IARs are genuinely absorbing crucial regulatory and investment information. 

This assessment requirement adds credibility to the IAR title. Ironically, regulators don't allow the use of "IAR" or "RIA" as a professional designation, and IAR CE requirements for independent advisors now lend a layer of professionalism to calling yourself an IAR.

NASAA and NASBA:  Similar But Different

NASAA and NASBA have a similar mission—centralizing administration of a state run CE regime—but they accomplish their common goal very different from one another.  

CPA CPE is regulated by state boards of accountancy. CPAs must submit credit to their state boards. Although IARs are state-regulated like CPAs, the CE reporting system is not state-administered. It is a national system administered on a FINRA technology platform, called the Investment Adviser Registration Depository (IARD). 

Giving Credit Where It's Due  
The IARD is an online regulatory system for Investment Advisers that also makes information about IARs and RIAs available to the public. IARD provides IARs with an online filing system. IAR CE credits are reported on the IARD. Unlike CPAs, IARs do not report completion of IAR CE credit class. Reporting complet

ion of classes is the job of NASAA-approved IAR CE sponsors. IARs can view their CE requirement status on the IARD using a FINRA-maintained FinPro account.

IAR CE Requirements Versus CFP CE and CPA CPE 

The differences between the various regulator CE/CPE requirements are idiosyncratic. They are different from one another but not dissimilar. 

All of the continuing professional education regulators require a class delivered via webinar be at least 50 minutes or longer. They all require sponsors set measurable learning objectives (LOs) and a 70% passing grade on an assessment testing retention of the LOs.  

However, the rules of each regulator are slightly different. CFP Board, IWI and NASAA require one engagement activity in every class, while NASBA/AICPA standards require three engagement activities, further specifying they be augmented by feedback. 

How long does it take to receive an IAR CE completion certificate?

Credits are filed to the IARD system by Advisors4Advisors within 30 days of class completion. But be aware that live IAR CE classes take about two weeks to be approved by NASAA. Thus, after a live class, don’t expect a certificate to show up in the IARD system for at least two weeks. Credits are submitted by Advisors4Advisors on your behalf when an ID number for IAR CE is received.     

The Learning Experience  

On Advisors4Advisors, meeting IAR education requirements is simple. A navigation bar on the left side of your browser guides through the five sections of every class :

1.  Instructions
2.  Video presentation by instructor
3.  Engagement exercise
4.  Scored assessment
5.  Satisfaction survey 

The Future of IAR CE Requirements

Interestingly, in 2026, adoption of NASAA's model CE rule is not projected to increase. No additional states are expected to enact the model rules in 2026, but the NASAA CE rules have already become law in 22 states and more states are likely to feel the need to expand their regulatory powers as the Federal government is downsized. Understanding the nuances of IAR CE requirements is a key aspect of achieving professional excellence.