After you pass the Series 65 test you have two years to become licensed (registered) with a state or the exam expires. Once you are registered, the exam remains effective as long as you stay registered. If you quit your firm, the compliance officer files a Form U-5 showing your end of employment and with that the state registration terminates as well. You then have two years to be re-employed and re-registered otherwise the exam will show as expired in the Central Registration Depository (CRD) and you will have to sit for the exam again to become registered.