About the Series 65

Quick Answer: The Series 65 is a 3-hour NASAA exam with 130 scored questions that requires at least 92 correct answers and costs $187. It qualifies you to become an Investment Adviser Representative (IAR) and provide investment advice for compensation. No SIE or firm sponsorship required — anyone can take it. If you already have a Series 7, consider the Series 66 instead.

The Series 65 exam, officially known as the Uniform Investment Adviser Law Examination, is administered by FINRA on behalf of the North American Securities Administrators Association (NASAA). It qualifies individuals to act as Investment Adviser Representatives (IARs).

Exam Overview

Full Name: Uniform Investment Adviser Law Examination

Administered By: FINRA (on behalf of NASAA)

Questions: 130 scored + 10 unscored (pretest)

Time Limit: 3 hours (180 minutes)

Passing Score: 92 of 130 scored questions (NASAA: not a percentage)

Cost: $187

Prerequisite: None required

What Does the Series 65 License Allow?

Passing the Series 65 exam qualifies you to:

- Provide investment advice for compensation

- Manage client portfolios on a discretionary or non-discretionary basis

- Determine suitability of investment recommendations

- Charge fees for investment advisory services

- Act as a fiduciary to clients

Important: The Series 65 is a state-level license. You must register in each state where you wish to conduct business as an Investment Adviser Representative.

Who Needs the Series 65?

The Series 65 is required for individuals who:

- Work for registered investment advisers (RIAs)

- Provide investment advice for compensation

- Want to become fee-based financial planners

- Need IAR registration without holding a Series 7

Alternative: If you already hold a Series 7 license, you can take the Series 66 instead, which combines the Series 63 and Series 65 content.

Exam Structure by Section

The Series 65 covers four major content areas:

Section I: Economic Factors and Business Information — 15% — 20 questions

Section II: Investment Vehicle Characteristics — 25% — 32 questions

Section III: Client Investment Recommendations and Strategies — 30% — 39 questions

Section IV: Laws, Regulations and Guidelines — 30% — 39 questions

Key Topics Covered

This study guide covers all major topics tested on the Series 65 exam:

Section I: Economic Factors (15%)

- Economic indicators and business cycles

- Monetary and fiscal policy

- Financial reporting and analysis

- Types of investment risk

Section II: Investment Vehicles (25%)

- Cash equivalents and fixed income securities

- Equity securities

- Pooled investments (mutual funds, ETFs)

- Derivatives, alternatives, and insurance products

Section III: Client Recommendations (30%)

- Client types and profiles

- Portfolio theory and capital markets

- Portfolio management strategies

- Tax considerations and retirement planning

- ERISA and fiduciary requirements

Section IV: Laws and Regulations (30%)

- Regulation of investment advisers and IARs

- Regulation of broker-dealers and agents

- Securities registration and exemptions

- Ethics and fiduciary obligations