Series 65 Practice Exam: Timed Mocks with Explanations (Independent)
Two mocks on the split in NASAA’s test specifications. Every answer explained with the Uniform Securities Act section, NASAA model rule, federal rule or finance concept behind it.
- Every answer explained
- Rule or concept cited
- Score by section
- Time per question
- Economic Factors and Business Information
- Investment Vehicle Characteristics
- Client Investment Recommendations and Strategies
- Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices
- 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
Start with the free sample
The 3 free questions run in the same test player as the mocks, with a question palette, mark for review and a clock. Each mock is 130 questions with the sections mixed, in 180 minutes. The real Series 65 also carries 10 unscored pretest questions in the same 180 minutes (140 in all), so its pace is a little faster than ours.
Double-checked questions Real exam pattern Free sample · 3 questions
Full tests 3 tests
One payment unlocks both tests
- 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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Every test: instant score, answer review and a breakdown of topics to work on
Free sample
Free sampleMock 1
Included in the full set
Mock 2
Included in the full set
What is inside
| NASAA section | Share | What the questions practise | Per mock |
|---|---|---|---|
| 1. Economic Factors and Business Information | 15% | Business cycles, monetary and fiscal policy, interest rates and yield curves, financial statements, time value of money, statistics and ratios, types of risk. | 20 |
| 2. Investment Vehicle Characteristics | 25% | Cash equivalents, fixed income and its valuation, equity, pooled investments and their costs, derivatives, alternatives, annuities and life insurance, other assets. | 32 |
| 3. Client Investment Recommendations and Strategies | 30% | Client types and profiles, capital market theory, portfolio strategies, taxes, retirement plans, ERISA, special accounts, ownership and estate planning, trading, performance measures. | 39 |
| 4. Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices | 30% | The Uniform Securities Act, the Investment Advisers Act and SEC rules, registration of advisers, representatives, broker-dealers and agents, securities and issuers, the Administrator's powers, client communications, NASAA unethical-practices rules, custody, compensation and conflicts. | 39 |
| Total | 100% | 2 mocks, no question repeated between them | 130 |
Each mock matches the real exam's allocation of scored questions across the four sections. The law questions follow what NASAA lists as testable: the Uniform Securities Act of 1956 as amended by NASAA, NASAA model rules and statements of policy, the Investment Advisers Act of 1940 and SEC rules, and the other federal laws in the study guide.
What you see after every mock
- Your score in each of the four sections, side by side, with your time per question in each, and a line naming your lowest-scoring section.
- The reason behind every answer, naming the act, rule or finance concept it tests.
- A written report on the attempt, your pace through the mock, and your progress when you retake it.
A score here is the number of our questions you answered correctly. It is not a Series 65 result and does not predict one. The real pass mark is at least 92 of the 130 scored questions; NASAA says it is not calculated as a percentage, and the sections are weighted differently, so section scores cannot simply be averaged.
The Series 65, as FINRA and NASAA describe it
- 140 multiple-choice questions: 130 scored and 10 unscored pretest questions. Candidates are not told which questions are unscored.
- 180 minutes. To pass, a candidate must answer at least 92 of the 130 scored questions correctly.
- NASAA develops the exam; FINRA administers it. It is a closed-book test.
- NASAA's weights: Economic Factors and Business Information 15%, Investment Vehicle Characteristics 25%, Client Investment Recommendations and Strategies 30%, and Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices 30%.
Sources: FINRA, Series 65 – Uniform Investment Adviser Law Exam; NASAA, Series 65 Exam Content Outline, Series 65 Exam Study Guide (1 September 2023) and Exam FAQs. FINRA's page was read on 25 October 2026; NASAA's site refused our requests, so its pages were read from archived copies (study guide dated 1 September 2023, FAQs as archived on 4 October 2026). NASAA is the authority on the Series 65.
Before you buy
Are these real Series 65 questions?
No. Every question is original, written by us to the topics in NASAA's Series 65 test specifications. None is a NASAA exam question, and neither NASAA nor FINRA has reviewed or endorsed them.
If I get 92 of 130 here, will I pass the Series 65?
We cannot say. Our questions are not NASAA's and our mocks are not equated to the real exam. Use the section scores to see where you lose marks, then study those parts of the outline.
What do I get?
260 original questions in 2 mocks of 130, each with NASAA's number of questions per section and a 180-minute clock, in the full test player with a question palette and mark for review. After each mock: your score and time per question by section, a written report, and the explanation for every answer. Retake either mock as often as you like.
How do I pay and get access?
One payment by card (or PayPal where offered), handled by our payment provider. In the United States the price is charged in US dollars; elsewhere in your own currency where we support it, otherwise in Indian rupees with the local figure shown as an estimate. Access opens on this device straight after payment. Sign in afterwards to keep it on your account. Purchase policy.
Independent practice; not the official exam; not made or endorsed by NASAA or FINRA. These are original questions, not NASAA exam questions. The exam facts are as FINRA's page gave them on 25 October 2026 and as NASAA's study guide (1 September 2023) and FAQs (archived 4 October 2026) give them.
Disclaimer
Independent practice, not the official exam
Independent practice; not the official exam; not made or endorsed by NASAA or FINRA. These are original questions, not NASAA exam questions. The exam facts are as FINRA's page gave them on 25 October 2026 and as NASAA's study guide (1 September 2023) and FAQs (archived 4 October 2026) give them.
Independent practice: original questions, not NASAA items