How to Use This Guide

This comprehensive guide is designed to help you prepare for and pass the Series 65 exam on your first attempt.

Study Approach

Recommended Study Order

We recommend studying the chapters in order, as concepts build upon each other:

1. Start with economic fundamentals — Understand the big picture

2. Master investment vehicles — Know product characteristics

3. Learn client strategies — Apply knowledge to recommendations

4. Finish with laws and regulations — The heavily tested section

Time Investment

NASAA and FINRA publish no study-hour guidance. Plan by the outline weights below and use the quizzes to find weak areas.

Focus on High-Weight Sections (60% of Exam)

The majority of the exam tests:

- Client Investment Recommendations (30%) — Suitability, portfolio theory, retirement planning

- Laws, Regulations and Guidelines (30%) — Registration requirements, fiduciary duties, ethics

Study Tip: Spend significant time on Sections III and IV, as they comprise 60% of the exam. Understanding fiduciary obligations and prohibited practices is crucial.

Using Quiz Questions

Each section includes quiz questions to test your understanding. For best results:

- Do not peek at answers — Try to answer before checking

- Read explanations — Even for questions you got right

- Note weak areas — Return to topics you struggle with

- Simulate exam conditions — Time yourself on practice tests

Key Areas to Master

Based on exam weighting and difficulty, prioritize these topics:

High Priority

- Fiduciary obligations and duties

- Investment adviser registration requirements

- Prohibited and unethical practices

- Portfolio management concepts

- Retirement plan rules

Moderate Priority

- Bond and equity characteristics

- Mutual fund share classes

- Economic indicators

- Risk types and measurements

Lower Priority

- Cash equivalents

- Alternative investments

- Specific calculation formulas

Key Differences from Series 7

If you have studied for the Series 7, note these differences:

Focus: Series 7 — Product sales; Series 65 — Investment advice

Duty: Series 7 — Suitability; Series 65 — Fiduciary

Emphasis: Series 7 — Transaction-based; Series 65 — Fee-based advisory

Regulations: Series 7 — FINRA rules; Series 65 — Uniform Securities Act

Options: Series 7 — Heavy coverage; Series 65 — Light coverage

Ethics: Series 7 — Moderate; Series 65 — Very heavy

Good luck with your Series 65 preparation!