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Uniform Investment Adviser Law Examination (Series 65)
600 questions
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About this exam
The Uniform Investment Adviser Law Examination, commonly called the Series 65, is a NASAA-developed qualification exam administered by FINRA. It is intended for people seeking registration as investment adviser representatives, including professionals who provide securities advice for compensation. In most cases, candidates do not need a firm sponsor to take the exam, but passing it is not the same as becoming registered. Registration requirements, exemptions, and any additional steps depend on the state where you plan to work, so check with that state’s securities regulator.
The Series 65 tests knowledge across economic and business information, investment vehicles, client recommendations and strategies, and laws, regulations, and ethical practices. Candidates should be ready to connect economic indicators, monetary and fiscal policy, interest rates, and capital-market activity with investment decisions. The exam also covers financial statements, portfolio strategies, client circumstances, and tax considerations. The current exam format includes scored and unscored questions, so preparation should focus on understanding the full content outline and applying concepts to scenarios—not just memorizing definitions.
How to prepare for the Series 65 exam
- Use the current NASAA Series 65 content outline to map your study plan. Give focused review time to economic factors, business information, investment vehicles, client recommendations, and securities laws and ethics.
- Connect related concepts as you study: for example, trace how monetary policy and interest-rate changes can affect capital markets, then review how those conditions may influence a client recommendation or tax-aware strategy.
- Build timed practice into your preparation, review the reasoning behind missed answers, and revisit weak areas. Check FINRA candidate information and your state securities regulator for current registration and exam details.
FAQ
Who needs to take the Series 65 exam?
People seeking qualification as investment adviser representatives commonly take the Series 65. Firm sponsorship is generally not required to sit for the exam, but state registration rules and possible exemptions vary. Confirm the requirements with the securities regulator in the state where you plan to register.
What is the format of the Series 65 exam?
The exam is 180 minutes and has 140 multiple-choice questions: 130 scored questions and 10 unscored pretest questions. The passing standard is based on the scored questions. Check current FINRA and NASAA materials for exam-day instructions and any updates.
What subjects are covered on the Series 65?
The exam covers economic and business information; investment vehicles; client investment recommendations and strategies; and laws, regulations, and ethical practices. Topics include monetary and fiscal policy, interest rates, capital markets, financial statements, portfolio strategies, and tax considerations.