Series 65 guide
What is the Series 65 exam?
The Uniform Investment Adviser Law exam — the NASAA test that qualifies you as an Investment Adviser Representative, with no sponsor required. Here's the format, content, and what it takes to sit for it.
| Scored questions | 130 |
| Time limit | 3 hours |
| Passing score | 92/130 (~71%) |
| Prerequisite | None — no SIE |
| Sponsor | Not required |
What the exam covers
The Series 65 is broad. It spans economics and business information, investment vehicle characteristics, client recommendations and portfolio strategy, and the laws, regulations, and ethics that govern investment advisers. Because it qualifies you to give advice rather than sell packaged products, it leans more analytical than the FINRA representative exams.
Before you can take it
The Series 65 needs no sponsor and no SIE — many future advisers take it on their own. Deciding between the adviser path and a combined exam? Compare the Series 65 and Series 66.
Prep for the Series 65 the smart way.
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Finance Exam Pro is not affiliated with NASAA. Practice questions are original and are not actual exam questions. Exam specs can change — confirm current details with NASAA.