Free Series 65 Practice Exam
Series 65 practice exam covering economics, investment vehicles, portfolio management strategies, and advisory regulations.
Series 65 Exam
Uniform Investment Adviser Law Exam. No prerequisite. 130 scored questions, 3 hours, 71% to pass (92/130).
Practice by Series 65 Domain
Target a specific area, or launch the full exam below
Economic Factors
Macroeconomics, financial statements, quantitative analysis, and investment risk. ~15% of Series 65.
Investment Vehicles
Mutual funds, ETFs, annuities, REITs, hedge funds, and alternative investments. ~25% of Series 65.
Client Strategies
Asset allocation, portfolio management, retirement planning, and tax strategies. ~30% of Series 65.
Laws & Regulations
Investment Advisers Act, Uniform Securities Act, fiduciary duty, and prohibited practices. ~30% of Series 65.
⭐
Full Series 65 Practice Exam
All four domains mixed and weighted by the official NASAA Series 65 blueprint.
About the Series 65 Exam
The Series 65 Uniform Investment Adviser Law exam qualifies you to act as an investment adviser representative (IAR) in most states — providing investment advice for compensation without being affiliated with a broker-dealer. Unlike the Series 63, the Series 65 does not require the Series 7 as a prerequisite — it is a standalone qualification for fee-based financial advisers, registered investment advisers (RIAs), and independent investment professionals.
The exam contains 130 scored questions (140 total with 10 unscored) with a 3-hour time limit and a 71% passing score — you need 92 correct answers. It is administered by NASAA through FINRA testing centers. The Series 65 covers economics, investment vehicles, portfolio management, ethics, and — most importantly — the investment adviser laws and regulations that govern RIA practice.
Series 65 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Economic Factors and Business Information | 15% | Business cycles, economic indicators, financial statements, monetary/fiscal policy |
| Investment Vehicle Characteristics | 25% | Equity, fixed income, options, alternatives, pooled investments, insurance products |
| Client Investment Recommendations and Strategies | 30% | Portfolio theory, tax strategies, retirement planning, estate planning, suitability |
| Laws, Regulations, and Guidelines | 30% | Uniform Securities Act, Investment Advisers Act, fiduciary duty, registration |
Sample Series 65 Exam Questions
1. Under the Investment Advisers Act of 1940, an investment adviser with assets under management of $90 million that has its principal office in a single state must register:
2. An investment adviser representative (IAR) makes a recommendation that generates a higher commission for the adviser than an equally suitable alternative. Under the Investment Advisers Act, this IAR has potentially violated:
3. A client has a tax-exempt municipal bond with a 3.5% yield. The client is in the 35% federal tax bracket. The taxable equivalent yield is closest to:
Study Tips for the Series 65 Exam
The Laws, Regulations, and Guidelines section (30%) is the most important to master. Know the Uniform Securities Act definitions inside out: who is an investment adviser (the three-prong test: provides advice, on securities, for compensation), who is excluded from the definition (lawyers, accountants, engineers, broker-dealers giving incidental advice), and the registration thresholds ($100M–$110M for SEC vs. state). The Investment Advisers Act of 1940 and its fiduciary standard are the foundation — understand the duty of loyalty and duty of care in practical scenarios.
Client Investment Recommendations (30%) tests your ability to apply portfolio theory, tax strategies, and retirement planning concepts to client scenarios. Know the taxable equivalent yield formula, the after-tax return formula, Modern Portfolio Theory concepts (efficient frontier, capital market line, Sharpe ratio), and the basics of retirement accounts (IRA contribution limits, RMD rules, qualified plan types). The Series 65 is harder than the Series 63 — most candidates need 80–120 hours of preparation.
Frequently Asked Questions — Series 65 Exam
What does the Series 65 license provide?
The Series 65 provides investment adviser representative (IAR) registration in the states where you are registered. It qualifies you to provide investment advice for compensation — operating as a fee-based adviser, working at an RIA, or providing financial planning services — without being affiliated with a broker-dealer.
Exploring your state licensing options? If you already hold the Series 7, the Series 66 is a more efficient path — it combines the Series 63 and Series 65 into one exam. The Series 63 is the other common state exam, required for broker-dealer agents in most states.
Is the Series 7 required before the Series 65?
No. The Series 65 has no prerequisite exam requirement — it is a standalone qualification. This makes it attractive for insurance agents, accountants, and other professionals entering fee-based financial advisory who don't want to affiliate with a broker-dealer. Some states accept professional designations (CFP, CFA, CPA/PFS, ChFC, CLU) as substitutes for the Series 65.
What is the difference between the Series 65 and Series 66?
The Series 65 registers you as an IAR (investment adviser representative) only. The Series 66 combines the Series 63 and 65 — registering you as both a securities agent and an IAR, but requires the Series 7 as a corequisite. If you hold the Series 7, the Series 66 is more efficient than taking both the Series 63 and 65 separately.
What is the investment adviser fiduciary standard?
Investment advisers are fiduciaries under the Investment Advisers Act of 1940. The fiduciary standard has two components: (1) the duty of loyalty — acting in the client's best interest and disclosing (and resolving) conflicts of interest; and (2) the duty of care — providing advice that is suitable and in the client's best interest based on a reasonable understanding of the client's situation. This is stricter than the broker-dealer suitability standard.
At what AUM threshold must an investment adviser register with the SEC vs. the state?
Generally: under $100M AUM → state registration; $100M–$110M → may register with either; over $110M → SEC registration required. Advisers to registered investment companies (mutual funds) must register with the SEC regardless of AUM. Advisers with clients in 15 or more states may elect SEC registration even below $100M.
What designations can substitute for the Series 65?
Several states accept professional designations as substitutes for the Series 65 exam: CFA (Chartered Financial Analyst), CFP (CERTIFIED FINANCIAL PLANNER), ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter), and CPA/PFS (Personal Financial Specialist). Requirements vary by state — check your state's securities administrator for current accepted substitutes.
How hard is the Series 65 exam?
The Series 65 is one of the harder NASAA exams — harder than the Series 63 and comparable in difficulty to the Series 7. Most candidates need 80–120 hours of preparation. The 71% passing threshold (92 of 130 questions) and the broad content scope (economics, investments, portfolio management, law, and ethics) make it demanding. Use practice exams extensively.