NASAA
Series 65
Uniform Investment Adviser Law Examination
The exam most states require to register as an investment adviser representative (IAR). Written by NASAA and administered by FINRA, it is the standalone path to giving paid investment advice without a Series 7.
What's on the exam
NASAA Series 65 Exam Content Outline
Economic Factors and Business Information
15%Business cycles and economic indicators · Financial reporting and basic statements · Time value of money · Quantitative measures (returns, standard deviation) · Types of investment risk
Investment Vehicle Characteristics
25%Cash and fixed-income instruments · Equity securities and valuation methods · Pooled investments (mutual funds, ETFs) · Derivatives · Insurance-based products and annuities · Alternative investments
Client Investment Recommendations and Strategies
30%Client profiles and suitability · Capital market theory and portfolio management styles · Tax considerations · Retirement plans (ERISA, IRAs) · Trading practices and costs · Performance measurement
Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices
30%State and federal securities acts · Registration of broker-dealers, agents, IAs and IARs · Communications with clients and disclosures · Ethical practices and fiduciary obligations · Compensation, custody and conflicts of interest
Frequently asked questions
How much does the Series 65 cost?
The Series 65 costs $187.
How long is the Series 65 and how many questions does it have?
130 scored items (plus 10 unscored pretest) — 180 minutes.
What do you need to pass the Series 65?
92 of 130 scored questions (about 71%).
Can you retake the Series 65?
After 30 days; 180-day wait after a third consecutive fail.
What is the best way to study for the Series 65?
Study the official blueprint, not random material: the exam is weighted by domain (Economic Factors and Business Information 15%, Investment Vehicle Characteristics 25%, Client Investment Recommendations and Strategies 30%, Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices 30%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.
Program in development
We're building a blueprint-complete program for this exam. Meanwhile, explore live programs across 7 exam.
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