Checked 25 October 2026. Low. NASAA's test specifications have been in effect since 12 June 2023 and FINRA's page gives the same counts. The retake waiting period after a third failure changes for windows opened on or after 4 January 2027.
The Series 65, the Uniform Investment Adviser Law Examination, is the exam a state normally requires before someone can register as an investment adviser representative. NASAA writes it and FINRA delivers it. This guide sets out the format, the four sections and their weights, the laws NASAA says can be tested, and how the pass mark works. ProSyllabus is an independent study site, not part of NASAA, FINRA or Prometric. The facts here are quoted or summarised from the official pages listed under Sources. FINRA administers the exam; for licensing and registration questions, check with the relevant state securities regulator. Nothing on this page is investment advice: securities products and strategies appear here only as exam content.
FINRA Series 65 page (read 25 Oct 2026) and NASAA Series 65 Exam Study Guide (1 Sep 2023).
FreeTests: Client Investment Recommendations and Strategies · Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices · Investment Vehicle Characteristics
Series 65 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
The format, at a glance
| Item | What NASAA and FINRA say |
|---|---|
| Questions | 140 multiple-choice questions: 130 count towards the score and 10 are pretest questions. Candidates do not know which ones are unscored. |
| Time | 180 minutes. |
| Pass mark | At least 92 of the 130 scored questions answered correctly. |
| Materials | Closed book. Scratch paper is provided on request and returned after the test. |
| Result | Pass or fail on completion. A candidate who fails is told their score in each of the four sections, but not which questions they got wrong. |
| Delivery | Administered by FINRA at test centres. FINRA says the Series 65 is available online only to candidates who need a testing accommodation. |
| Fee and window | NASAA lists the fee as $187. Once enrolment is processed, FINRA opens a 120-day window in which the exam must be taken. |
| Sponsor | Not needed. A candidate not associated with a firm can open an enrolment window through FINRA. |
The four sections and their weights
NASAA Series 65 test specifications (effective 12 June 2023): 130 scored questions. The 10 unscored questions can come from any section.
NASAA builds every exam from a pool of questions by an algorithm that uses content and difficulty settings, so two candidates sitting at the same time get different questions but the same number of scored questions in each section (the 10 unscored questions can come from any section). The table below lists the components NASAA names in each section.
| Section (scored) | Components NASAA lists |
|---|---|
| 1. Economic Factors and Business Information (20) | Basic economic concepts (business cycles, monetary and fiscal policy, global factors, inflation, interest rates and yield curves, economic indicators); financial reporting (financial statements, audited vs unaudited, cash vs accrual); analytical methods (time value of money, descriptive statistics, alpha, beta, Sharpe ratio, financial and valuation ratios); types of risk. |
| 2. Investment Vehicle Characteristics (32) | Cash equivalents; fixed income types, features and valuation; equity types, features and valuation; public offerings; pooled investments and their costs; options, warrants, futures and forwards; alternative investments; annuities and life insurance; commodities, precious metals and digital assets. |
| 3. Client Investment Recommendations and Strategies (39) | Types of client; client profile; capital market theory; portfolio strategies, styles and techniques; tax considerations; retirement plans; ERISA issues; special accounts; ownership and estate planning; trading securities; portfolio performance measures. |
| 4. Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices (39) | Regulation of investment advisers, their representatives, broker-dealers and their agents; regulation of securities and issuers; remedies and administrative provisions; communication with clients and prospects; ethical practices and fiduciary obligations. |
FreeTests: Client Investment Recommendations and Strategies · Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices · Investment Vehicle Characteristics
Series 65 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
The laws NASAA says can be tested
NASAA's study guide says most questions come from commonly accepted principles of finance, economics and investing, and the rest from federal and state law. It names the sources:
| Source | Note from the study guide |
|---|---|
| Uniform Securities Act of 1956, as amended by NASAA | This version, with NASAA's amendments and commentary, is the one eligible for testing. The Uniform Securities Act of 2002 is not tested. |
| Investment Advisers Act of 1940, Securities Exchange Act of 1934, Securities Act of 1933 | Together with SEC rules and regulations and FINRA rules. |
| NASAA model rules, statements of policy and model acts | Not all of them are testable; the study guide names the ones that are, by component. |
| Uniform Prudent Investor Act | Listed under client funds and securities. |
NASAA also warns that a question may or may not name the rule it tests. A question that begins "Under the Uniform Securities Act" may be testing the text of the act or a NASAA model rule made under it.
What 92 of 130 means
The passing rule is a count of correct scored answers. NASAA's Exam FAQs answer a candidate who scored 70% and failed: the passing grade "is not 70% and is not calculated as a percentage". Candidates must answer 92 of the 130 scored questions correctly.
92 out of 130 works out at about 70.8% (our arithmetic), but the rule is the count, not a percentage. NASAA adds that the sections are weighted differently, so averaging section scores does not give the overall result.
| Scored questions right | Result |
|---|---|
| 92 or more | Pass |
| 91 or fewer | Fail: you are told your score in each section |
The 10 pretest questions are not identified, so our suggestion is to treat every question as if it counts. At an even pace you have about 77 seconds a question (our arithmetic: 180 minutes for 140 questions).
If you fail: the waiting periods
| After failing for the | Wait before the next attempt (windows opened before 4 Jan 2027) | Windows opened on or after 4 Jan 2027 |
|---|---|---|
| 1st time | 30 days | 30 days |
| 2nd time | 30 days | 30 days |
| 3rd time and after | 180 days | 60 days |
NASAA counts failed attempts in a two-year period, and each exam has its own count. Windows opened before 4 January 2027 keep the rules under which they were opened, and NASAA says it will not apply the shorter wait to existing windows.
FreeTests: Client Investment Recommendations and Strategies · Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices · Investment Vehicle Characteristics
Series 65 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
Who needs the Series 65, and the other routes
NASAA describes passing the Series 65 as normally a prerequisite for registering as an investment adviser representative in a state. Passing is not a licence on its own: a state can also require an application (usually filed by a firm on Form U4), a background check, bonding and fees. NASAA's Exam FAQs describe two other routes:
| Route | What NASAA says |
|---|---|
| Series 65 | The standard exam for investment adviser representatives. |
| Series 66 with the Series 7 | The Series 66 counts as if the Series 63 and Series 65 were both passed, but registering as an investment adviser representative on it also requires valid SIE and Series 7 exams as co-requisites. |
| A professional designation | Most states let one of these designations stand in for the exam: CFP, ChFC or MSFS, CFA, PFS or CIMA (the list NASAA's membership approved in May 2024). The designation is declared on Form U4 and checked against the certifying body's records. Check with the state regulator that it accepts the updated list. |
A designation waives only the Series 65, not the Series 66.
Enrolling, booking and how long a pass lasts
| Step | What NASAA and FINRA say |
|---|---|
| Enrol | A candidate registered through a firm is enrolled by the firm on Form U4. A candidate who is not Form U4 registered or currently affiliated with a firm that uses FINRA's Web CRD system opens an enrolment window through FINRA's Test Enrollment Services System and pays the fee there. |
| Window | FINRA notifies a 120-day window in which the exam must be taken. |
| Test centre | The exam is given at Prometric test centres; online delivery is only for candidates who need a testing accommodation. |
| Retakes | There is no limit on attempts for NASAA exams once the waiting period is met. Each fee and window gives one attempt. |
| Validity | Most states follow a two-year rule: after a first pass you have two years to register with a state. Once registered, the exam stays valid while you stay registered; after a registration ends, you have two years to register again before the exam shows as expired. |
NASAA also says its exam questions are not available outside the exam setting, and that it does not endorse any study material vendor.
A study order that follows the weights
- Sections 3 and 4 carry 78 of the 130 scored questions between them: give them most of your time.
- Learn the law from the 1956 Uniform Securities Act as NASAA amended it, not a summary of a state's statute.
- Practise the calculations in sections 1 to 3 (yields, ratios, time value of money, returns) until they are quick.
- Finish with full timed practice of 140 questions in 180 minutes, so the pace is familiar.
Our suggestions, not NASAA's.
FreeTests: Client Investment Recommendations and Strategies · Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices · Investment Vehicle Characteristics
Series 65 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
Frequently asked questions
How many questions are on the Series 65?
140 multiple-choice questions: 130 scored and 10 unscored pretest questions that are not identified.
How long is the Series 65 exam?
180 minutes.
What is the passing score for the Series 65?
At least 92 of the 130 scored questions correct. NASAA says the passing grade is not calculated as a percentage.
Do I need a sponsor to take the Series 65?
No. NASAA says a candidate can open an enrolment window through FINRA without a sponsoring firm.
Which Uniform Securities Act is tested?
The Uniform Securities Act of 1956 as amended by NASAA, with NASAA's commentary. The 2002 Act is not tested.
Can I take the Series 65 online?
FINRA says the Series 65 is available online only to candidates who need a testing accommodation.
Sources
- official — FINRA — Series 65, Uniform Investment Adviser Law Exam (130 scored and 10 unscored questions, 180 minutes, pass at least 92 of the 130 scored; online only with a testing accommodation). Read 25 Oct 2026
- official — NASAA — Uniform Investment Adviser Law Examination (Series 65) Overview, the Series 65 Exam Study Guide (1 September 2023): structure, test specifications and testable laws (PDF; nasaa.org refused our requests on 25 Oct 2026, read from the Wayback Machine)
- official — NASAA — Series 65 Test Specifications, effective June 12, 2023 (PDF, read from the Wayback Machine)
- official — NASAA — Series 65 Exam Content Outline page (links the study guide and the outline; Wayback Machine snapshot of 11 Jun 2026)
- official — NASAA — Exam FAQs (fees, sponsor, 120-day window, waiting periods and the 4 January 2027 change, 92 of 130 is not a percentage, two-year rule; Wayback Machine snapshot of 4 Oct 2026)
- official — FINRA — Enroll for an Exam (individuals can enroll for the NASAA exams)
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
