The Series 65 qualifies individuals to act as investment adviser representatives in most states. It covers economics, investment products, client recommendations and strategies, and the laws and ethics that govern advisers.
Exam format at a glance
| Format | 140 multiple-choice questions (130 scored, 10 unscored pretest) in 180 minutes. No firm sponsorship required. |
| Cost | NASAA and FINRA list the fee — check the current exam fee before you enroll. |
| Scoring | You need 92 of 130 scored questions correct (about 71%). Practice scores here use a 71% pass line. |
| Validity | Generally valid for two years if you aren't registered as an IAR during that time. |
Who this exam is for
- Future investment adviser representatives (IARs)
- Financial planners who charge fees for advice
- Registered reps adding advisory services
How to actually study for it
- Recommendations and laws are 60% of the exam — know fiduciary duty, suitability and NASAA's unethical practices.
- Practice the math: current yield, tax-equivalent yield, Rule of 72, real return and basic ratios.
- Know the Advisers Act basics: federal covered advisers, Form ADV, custody and performance fees.
- Learn retirement plans and tax rules: IRAs, Roth IRAs, 401(k)s and how annuities are taxed.
Where to go next
Start with the free 10-question diagnostic to see where you actually stand, or go straight to the one-page Series 65 cheat sheet. The full Series 65 practice exam covers every domain at the real exam's weighting, with every answer explained.