ProSyllabus JournalFINRA Series 65 Investment Adviser Exam

Series 65 Practice Questions: 3 Samples and What to Drill in Each Section

Three Series 65 practice questions with the reasoning behind each answer, what to drill in each of NASAA's four sections, the pace the real exam asks for, and how to read a practice score.

Updated 2 weeks agoFINRA · International exams · Exam preparation
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Series 65 Practice Questions: 3 Samples and What to Drill in Each Section

Checked 25 October 2026. Low for the format (FINRA Series 65 page and NASAA test specifications effective 12 June 2023). The drill list is ours, from the components NASAA lists.

Practice questions are most useful for finding what you do not know yet. This guide gives three original questions to try, one each from three of NASAA's four sections, then what is worth drilling in each section, the pace the real exam asks for, and how to read a practice score. 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.

140
questions in all: 130 scored and 10 unscored pretest questions
180 min
for the whole exam
about 77 s
a question at an even pace (our arithmetic)
60%
of scored questions come from Sections 3 and 4 together (39 + 39 of 130)

FINRA Series 65 page (read 25 Oct 2026) and NASAA Series 65 test specifications.

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 min

This one is free · no sign-in needed

Your result shows how long each question took you.

Try three practice questions

Each question below is original, written to the components in NASAA's outline. Work it out before you open the answer.

Practice question · Section 3

The risk-free rate is 3%, the expected market return is 8% and a stock's beta is 1.2. Under the capital asset pricing model, what is the stock's required return?

  • A. 9.6%
  • B. 6.0%
  • C. 12.6%
  • D. 9.0%
Show the answer and why

Answer: D.

CAPM: required return = risk-free rate + beta x (market return - risk-free rate) = 3% + 1.2 x 5% = 9.0%. 9.6% multiplies beta by the whole market return and leaves out the risk-free rate.

An original ProSyllabus practice question, written to the topics in NASAA's Series 65 test specifications. It is not a NASAA exam question.

Practice question · Section 4

An agent tells a prospect, "This offering is registered in our state, so the Administrator has approved it as a sound investment." Under the Uniform Securities Act, how is the statement treated?

  • A. It is lawful, because the offering is in fact registered with the state Administrator
  • B. It is unlawful only if the prospect buys the security and later loses money on it
  • C. It is unlawful, because registration does not mean the merits were approved
  • D. It is lawful, as long as the prospectus given to the prospect contains the same words
Show the answer and why

Answer: C.

USA Section 405 makes it unlawful to represent that registration means the Administrator has found the filing true and complete or has passed on the merits of the security. Stating the bare fact of registration is allowed; adding approval is the violation.

An original ProSyllabus practice question, written to the topics in NASAA's Series 65 test specifications. It is not a NASAA exam question.

Practice question · Section 2

A client pays 108 for a 6% bond that matures in 15 years and is callable at par (100) in 3 years. Which yield is the most conservative measure of the return she can expect?

  • A. Nominal yield
  • B. Yield to maturity
  • C. Yield to call
  • D. Current yield
Show the answer and why

Answer: C.

For a bond bought at a premium and callable at par, a call means the 8-point premium is lost over 3 years rather than 15, so yield to call is the lowest yield: nominal (6%) > current (6/108, about 5.56%) > YTM > YTC. Yield to maturity spreads the premium loss over 15 years and so overstates the return if the bond is called.

An original ProSyllabus practice question, written to the topics in NASAA's Series 65 test specifications. It is not a NASAA exam question.

What to drill in each section

NASAA sets how many scored questions each section gets. The drill list below is ours, built from the components NASAA lists; it is not NASAA's list of what appears on any exam.

Section (scored questions)Worth drilling (ours)
1. Economic Factors and Business Information (20)The phases of the business cycle and leading, coincident and lagging indicators; what the Federal Reserve's tools do; yield curve shapes; current ratio, quick ratio, debt-to-equity, P/E; present and future value; standard deviation, beta, alpha and the Sharpe ratio; systematic vs unsystematic risk.
2. Investment Vehicle Characteristics (32)Bond prices and yields (nominal, current, to maturity, to call), duration, tax-equivalent yield; preferred and convertible features; open-end vs closed-end funds, share classes, breakpoints and 12b-1 fees; option and futures risk; ETNs, leveraged and inverse funds; fixed, variable and indexed annuities.
3. Client Investment Recommendations and Strategies (39)Matching a client profile to a strategy; CAPM and the efficient market hypothesis; strategic vs tactical allocation; cost basis and capital gains; traditional vs Roth IRAs and qualified plans; ERISA 404(c); 529 and UTMA accounts; forms of ownership; order types; time-weighted vs dollar-weighted returns.
4. Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices (39)Who is and is not an investment adviser, a representative, a broker-dealer or an agent under the Uniform Securities Act; state vs SEC registration; exempt securities and transactions; the Administrator's powers and penalties; advisory contracts; custody; performance fees; NASAA's unethical-practices rules.
Scored questions per section on every Series 65
1. Economic Factors and Business Information20 (15%)
2. Investment Vehicle Characteristics32 (25%)
3. Client Investment Recommendations and Strategies39 (30%)
4. Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices39 (30%)

NASAA Series 65 test specifications (effective 12 June 2023): 130 scored questions. The 10 unscored pretest questions can come from any section.

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 min

This one is free · no sign-in needed

Your result shows how long each question took you.

How each section tends to ask (our reading of the outline)

Section 1: Economic Factors and Business Information

NASAA lists concepts and methods here, so expect both definitions and short calculations: which phase of the business cycle a description fits, what a rise in interest rates does to bond prices, a current or quick ratio from a few balance sheet figures, or what a beta above 1 says about a stock. Our suggestion: practise the short calculations until you can check your own arithmetic quickly.

Section 2: Investment Vehicle Characteristics

This section covers fourteen components, from Treasury bills to digital assets. The common thread is features and risks: how a product is priced, taxed and sold, what can go wrong for the holder, and how one product differs from a close neighbour (open-end and closed-end funds, ETFs and ETNs, fixed and variable annuities).

Section 3: Client Investment Recommendations and Strategies

Here the outline moves from products to clients: the client profile, the tax and retirement rules that shape a recommendation, forms of account ownership, and how performance is measured. Our suggestion: practise client scenarios that ask which strategy, account or measure fits, and read the client facts in the stem carefully before looking at the options.

Section 4: Laws, Regulations and Guidelines

The law section draws on the Uniform Securities Act of 1956 as NASAA amended it, NASAA model rules and statements of policy, and the federal acts and SEC rules the study guide names. Definitions and their exclusions do a lot of work: who is an investment adviser, a representative, a broker-dealer or an agent, and which securities and transactions are exempt. NASAA notes that a question may test a rule without naming it.

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 min

This one is free · no sign-in needed

Your result shows how long each question took you.

The pace the real exam asks for

The real Series 65 gives you 180 minutes for 140 questions, 10 of which are unscored pretest questions you cannot identify. That is about 77 seconds a question (our arithmetic). A simple way to check your pace in a timed practice test is to note the clock at fixed points:

After this many questionsTime used at an even pace (ours)
3545 minutes
7090 minutes
105135 minutes
140180 minutes

If you are well behind at the halfway mark, you are probably spending too long on questions you cannot work out. Choose your best answer, mark it if your test lets you, and move on.

A practice routine

  • Early on, take a short set untimed and list your wrong answers by section.
  • Study the sections that cost you most, from NASAA's own component list, before the next set.
  • In the last two weeks, take full timed tests: 140 questions in 180 minutes, one sitting, no notes.
  • After each test, read the explanation for every question you got wrong or guessed, not only the score.

Our suggestions, not NASAA's.

Traps worth knowing before you practise

  • The version of the Uniform Securities Act tested is the 1956 Act as amended by NASAA; the 2002 Act is not tested. A rule you learned from the 2002 Act, or from one state's statute, may differ from the answer the exam expects.
  • Read who the person is before deciding what applies: the same activity can make one person an investment adviser and leave another excluded from the definition.
  • Separate state and federal rules: study state registration, federal registration and the notice-filing requirements for federal covered advisers, since a question may turn on which regulator is meant.
  • In client questions, the stem's facts (age, time horizon, tax bracket, risk tolerance, goal) decide the answer. Do not bring in facts the stem does not give.
  • For calculations, write the formula on the scratch paper before you compute, and check the result is in the range you expect.

Our suggestions, from the components and notes in NASAA's study guide.

Reading a practice score

The real pass mark is at least 92 of the 130 scored questions, and NASAA says it is not a percentage. A score on someone else's practice questions is not a Series 65 result and does not predict one: use it to see which sections cost you marks. NASAA also notes that the sections are weighted differently, so you cannot average section scores to get an overall result.

What you haveWhat it tells you (ours)
A practice scoreWhich sections and topics to study next. It is not a forecast of the real result.
Section scores after a real failed attemptA candidate who fails is told their score in each of the four sections: start the next round of study there.

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 min

This one is free · no sign-in needed

Your result shows how long each question took you.

Frequently asked questions

Does NASAA publish Series 65 practice questions?

NASAA publishes the study guide and test specifications. Its exam questions are its copyright and may not be used or republished without its written consent.

How many questions are on the real Series 65?

140 multiple-choice questions: 130 scored and 10 unscored pretest questions, in 180 minutes.

How long should I spend on each Series 65 question?

About 77 seconds on average, by our arithmetic: 180 minutes divided by 140 questions.

Are these real Series 65 questions?

No. They are original questions written by ProSyllabus to the topics in NASAA's outline.

What score do I need on the real exam?

At least 92 of the 130 scored questions correct.

Practice exam2 timed 130-question Series 65 mocks, every answer explained
  • 2 mocks of 130 questions, 180 minutes each
  • NASAA's 20 / 32 / 39 / 39 split across the four sections
  • The act, rule or concept behind every answer
  • Score by section and time per question after each mock
  • Written to NASAA's Series 65 test specifications
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Independent practice: original questions, not NASAA items