If you can avoid state registration through the use of exemptions then you may not have to take any exams to run your hedge fund. However, if you have to register your fund's management company as an investment adviser, or if you have to register yourself as an investment advisor representative, then you will probably have to take a securities exam as a prerequisite to registration. Most states require that investment advisor representatives take either the Series 65 exam or both the Series 7 and Series 66 exams. Some states do have different exam requirements though, so it is important to research specific state requirements so that you aren't surprised. Taking exams can delay the launch of your fund so it is best to get started studying early in the formation process. Many states do have exemptions for certain professional certifications including: CPA, ChFC, CFP, CFA, PFS, and CIC.