NASAA · Series 65
Uniform Investment Adviser Law Exam (Series 65) practice exams
NASAA's Series 65 investment adviser law exam — practice against the official content outline, with every answer explained.
Or read 15 sample questions with answers.
About the Series 65 exam
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.
These practice exams follow NASAA's outline: economic factors and business information 15%, investment vehicle characteristics 25%, client recommendations and strategies 30%, and laws, regulations and unethical business practices 30%.
The real exam
Public information published by NASAA. A ExamWize practice exam matches this format — it is not a copy of the exam's contents.
- 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.
Practice by exam topic
ExamWize practice exams draw questions in these same proportions, from a bank of 600 Series 65 questions. Open a topic for what it covers and free questions with answers.
Who it's for
- Future investment adviser representatives (IARs)
- Financial planners who charge fees for advice
- Registered reps adding advisory services
How to prepare
- 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.
See the free Series 65 cheat sheet for a one-page domain summary, and the content policy for how these questions are written.
Free Series 65 practice resources
- 15 free Series 65 practice questionsSpread across the exam's topics, each with the answer and an explanation for every option.
- Free 10-question diagnosticA quick, scored check of where you stand, with no account needed.
- Series 65 cheat sheetThe topics and the facts that come up most, on one page.
- Series 65 study guideHow to plan your preparation.
Series 65 exam FAQ
- What is the format of the Series 65 exam?
- 140 multiple-choice questions (130 scored, 10 unscored pretest) in 180 minutes. No firm sponsorship required.
- How much does the Series 65 exam cost?
- NASAA and FINRA list the fee — check the current exam fee before you enroll.
- How is the Series 65 exam scored?
- You need 92 of 130 scored questions correct (about 71%). Practice scores here use a 71% pass line.
- How long is the credential valid?
- Generally valid for two years if you aren't registered as an IAR during that time.
- How many Series 65 practice questions does ExamWize have?
- 600 original practice questions, drawn into full practice exams in the same format and domain proportions as the real Series 65. Every option has its own explanation.
- Are these real Series 65 exam questions?
- No. Every question is original, written from NASAA's public content outline — never copied from the real exam or from exam dumps. They match the real exam's format, not its contents.
- Can I try ExamWize for free?
- Yes. The free diagnostic has 10 Series 65 practice questions with a full explanation for every answer, and no account is needed.