The Series 65 exam (Uniform Investment Adviser Law Examination) qualifies you to work as an investment adviser representative (IAR): someone who gives investment advice for a fee. It’s written by NASAA and administered by FINRA, and it doesn’t require firm sponsorship.
Below is the format, what’s tested and how to prepare. Then practice with the free Series 65 practice test.
Key takeaways
- 130 scored questions (plus 10 unscored) in 180 minutes.
- You need 92 correct answers (about 71%) to pass.
- The exam fee is $187.
- No sponsor is needed, and no other exam is a prerequisite.
USA Series 65 Exam: Quick Facts
- Developed by
- NASAA (administered by FINRA)
- Questions
- 130 scored + 10 pretest
- Time
- 180 minutes
- Passing
- 92 of 130 correct
- Fee
- $187
- Sponsorship
- Not required
What Is the Series 65 Exam?
Most states require investment adviser representatives to pass the Series 65, or the Series 7 plus the Series 66. Financial planners, wealth managers and fee-based advisers commonly hold it. It pairs well with the CFP exam credential.
More on What Is the Series 65 Exam →Series 65 Exam Topics
| Section | What it covers |
|---|---|
| Economic factors and business information | Economics, financial reporting, quantitative methods, risks |
| Investment vehicle characteristics | Stocks, bonds, funds, options, annuities, alternatives |
| Client investment recommendations and strategies | Client profiles, portfolio management, taxation, retirement plans, trading |
| Laws, regulations and guidelines, including prohibition on unethical business practices | Uniform Securities Act, adviser registration, fiduciary duty, ethics (the largest section) |
How to Pass the Series 65
- Plan 60–100 hours of study.
- Master the laws and ethics section, which is the largest and most rule-based.
- Know the definitions: investment adviser, IAR, agent, broker-dealer, exclusions and exemptions.
- Drill with timed practice. Our Series 65 practice test covers laws, economics, vehicles and strategies.
Also pursuing brokerage licenses? See the SIE and Series 7.
More on How to Pass the Series 65 →Free practice test
Ready to test yourself?
Choose your test length, practice with instant feedback or take it exam-style, and get your score with an explanation for every answer.
Go to the USA Series 65 Exam practice test →USA Series 65 Exam FAQs
How many questions are on the Series 65?
130 scored questions plus 10 unscored pretest questions, with 180 minutes to finish.
Full answer →What is the passing score for the Series 65?
You must answer 92 of the 130 scored questions correctly, about 71%.
Full answer →Do I need a sponsor for the Series 65?
No. Unlike the Series 7, the Series 65 can be taken without firm sponsorship.
Full answer →Series 65 vs. Series 66: what’s the difference?
The Series 65 qualifies investment adviser representatives on its own. The Series 66 combines state agent and adviser law but requires the Series 7 as a corequisite.
Full answer →Official sources
Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.