Meet Your IAR CE Requirements
Complete NASAA’s new investment adviser CE model rule requirements with our top-of-the-line training courses.
➤ B.E.S.T. IAR Courses
Browse our online CE course catalog to select from various course topics that will assist you in fulfilling your IAR CE credit requirements. Upon completion, we will report your credit hour(s) to FINRA within two (2) business days.
➤ IAR CE Requirement FAQs
New requirements can be complicated to understand, but we are here to help. Below are a few common FAQs: (Click on a FAQ’s question to view its answer.) Click here for a complete list of FAQs from NASAA.
Question #1: Who does the Investment Adviser Representative Continuing Education (IAR CE) requirement apply to?
Answer: Every investment adviser representative (IAR) registered with a jurisdiction that has adopted the model rule is subject to its CE requirements. The program applies to all registered IARs of both state-registered and federal covered investment advisers in that jurisdiction.
A common misconception is that the requirement is triggered by where the IAR firm is registered or notice filed. However, the requirement is applied based on where the IAR is registered regardless of where the IAR is domiciled or the firm is registered or notice filed.
A common misconception is that the requirement is triggered by where the IAR firm is registered or notice filed. However, the requirement is applied based on where the IAR is registered regardless of where the IAR is domiciled or the firm is registered or notice filed.
Question #2: Who reports course completion?
Answer: With the exception of FINRA’s Regulatory Element CE, the course providers report course completion to FINRA, NASAA’s vendor for program tracking. There is no need to directly report the completion of CE to your state securities regulator.
Question #3: Is there a reporting fee?
Answer: Yes, the IAR CE course reporting fee, also sometimes referred to as the roster fee, is $3 per credit per person.
Question #4: How many credits/hours are required?
Answer: IARs need to attain 12 CE credits each year to maintain their IAR registration. A “credit” is a unit that has been designated by NASAA to be at least 50 minutes of educational instruction. The 12 credits must include 6 credits of Products and Practices and 6 credits of Ethics and Professional Responsibility.
Please note, the credits must be split this way. If an IAR takes 8 credits of Products and Practice and 4 credits of Ethics and Professional Responsibility, they will not satisfy that year’s requirements even though they attained 12 total credits.
Please note, the credits must be split this way. If an IAR takes 8 credits of Products and Practice and 4 credits of Ethics and Professional Responsibility, they will not satisfy that year’s requirements even though they attained 12 total credits.
Question #5: What is the Products and Practices component of IAR CE model rule?
Answer: The Products and Practice component is designed to ensure ongoing knowledge and competency related to investment products, strategies, standards, and compliance practices relevant to the investment advisory industry. An IAR must satisfy six credits annually of this component.
An IAR who is dually registered as a broker-dealer agent may report their completed FINRA Regulatory Element CE to satisfy six credits of the Products and Practice component.
An IAR who is dually registered as a broker-dealer agent may report their completed FINRA Regulatory Element CE to satisfy six credits of the Products and Practice component.
Question #6: What is the Ethics and Professional Responsibility component of IAR CE model rule?
Answer: The Ethics and Professional Responsibility component is designed to ensure ongoing knowledge and competency related to an IAR’s duties and obligations to his or her clients including, but not limited to, issues related to the fiduciary duty owed to each client.
Every Ethics and Professional Responsibility course must ensure that at least one-half (50%) of the material in the course is related to an IAR’s ethical responsibility. Therefore, by taking all 6 credits, the IAR meets the 3 credits of ethics that is required by the Model Rule. This ensures that every IAR can meet the ethics component of the IAR CE model rule. If course providers are unable to certify that content on ethical responsibility is covered or if content reviews determine that content on ethical responsibility is insufficient, those courses will not be approved.
An IAR must satisfy six credits annually of this component.
Every Ethics and Professional Responsibility course must ensure that at least one-half (50%) of the material in the course is related to an IAR’s ethical responsibility. Therefore, by taking all 6 credits, the IAR meets the 3 credits of ethics that is required by the Model Rule. This ensures that every IAR can meet the ethics component of the IAR CE model rule. If course providers are unable to certify that content on ethical responsibility is covered or if content reviews determine that content on ethical responsibility is insufficient, those courses will not be approved.
An IAR must satisfy six credits annually of this component.
Question #7: If an IAR earns more than 12 CE credits in a year, can he or she carry the excess credits over to the next year?
Answer: No. An IAR who completes more CE credits than are required for the year may not carry forward excess credits into a subsequent year.
Question #8: Can an IAR complete the same CE course more than once?
Answer: IAR CE tracking in CRD will include duplicate courses in the course transcript section if reported, but duplicate courses will not count toward the IAR CE requirement, even if completed in a subsequent year. Each course must have a unique course identification number in order for an IAR to receive credit.
Question #9: Does an IAR need to make up missed CE credits?
Answer: Yes. Courses completed in the current year will first apply to the past year if there is a deficiency to be resolved, and then to the current year’s requirement.
Example: Joe failed to complete his IAR CE requirement for 2022 by December 31, 2022. Any IAR CE courses he completes in 2023 will be applied to the 2022 deficiency until that requirement is completed. Excess credits in 2023 will not be applied to the 2024 IAR CE requirement.
Example: Joe failed to complete his IAR CE requirement for 2022 by December 31, 2022. Any IAR CE courses he completes in 2023 will be applied to the 2022 deficiency until that requirement is completed. Excess credits in 2023 will not be applied to the 2024 IAR CE requirement.
Question #10: Do correspondence and self-study courses count?
Answer: Yes, there is no limitation/maximum credits restriction for courses delivered as self-study or a similar method. However, these courses must be officially approved by Prometric and NASAA before they can count toward CE credits under the IAR CE Program.
NASAA Model Regulations State Adoptions
State Adoptions of NASAA Rule on Investment Adviser Representative CE (Model Rule 2002-411(h) or 1956-204(b)(6)-CE).
➤ State Adoption Status
The NASAA Model Rule is being adopted on a state-by-state basis, but states are not required to adopt. However, if your state does not adopt the model rule, you still may be subject to completing CE credits for states where you are registered that have adopted the model rule to stay in compliance.
The map below shows each state that has officially adopted the new rule and those considering adoption. The table to the right of the map, lists each state with its effective date of adoption.
Model Rule Effective Adoption Dates
State
Date
State
Date
Arkansas
01/01/2023
New Jersey
01/01/2025
California
01/01/2024
North Dakota
01/01/2024
Colorado
01/01/2024
Oklahoma
01/01/2023
Florida
01/01/2024
Oregon
01/01/2023
Hawaii
01/01/2024
Rhode Island
01/01/2025
Kentucky
01/01/2023
South Carolina
01/01/2023
Maryland
01/01/2022
Tennessee
01/01/2024
Michigan
01/01/2023
Vermont
01/01/2022
Mississippi
01/01/2022
Washington, D.C.
01/01/2023
Nebraska
01/01/2025
Wisconsin
01/01/2023
Nevada
01/01/2024
U.S. Virgin Islands
01/01/2025
