Last updated: February 2026 | Data sources: NASAA, Bureau of Labor Statistics (BLS, May 2024), Prometric
Series 65 Pass Rate 2026: The Complete Picture
The Series 65 exam -- officially the Uniform Investment Adviser Law Examination -- has an estimated first-time pass rate of 72-75% in 2026. That means roughly 1 in 4 candidates fail on their first attempt, and retake pass rates drop considerably from there.
But here is the critical insight most candidates miss: the pass rate is not uniform across all types of test-takers. Candidates who follow structured study plans and complete 500+ practice questions have pass rates of 80-85%, while self-study candidates who wing it have pass rates closer to 65-70%. Your preparation approach matters far more than the exam's inherent difficulty.
This guide breaks down the pass rate data in detail -- historical trends, failure analysis by section, comparison to other securities exams, and the specific study strategies that separate the 75% who pass from the 25% who do not.
Why NASAA Does Not Publish Official Pass Rates
Unlike FINRA, which occasionally releases aggregate performance data for its exams, NASAA does not publish official Series 65 pass rate statistics. This creates a data gap that the industry fills with estimates from multiple sources:
- Training provider data: Companies like Kaplan, STC, and Knopman Marks track their students' exam outcomes and report aggregate pass rates
- Industry surveys: Organizations survey recent test-takers about their exam results
- Prometric testing center data: Aggregated (but not publicly released) testing center performance metrics
- Self-reported candidate data: Online forums, study groups, and professional communities where candidates share outcomes
The consensus across these sources points to a first-time pass rate of 72-75% and an overall pass rate (including retakes) of 68-72%. While these are estimates, the consistency across multiple independent data sources gives reasonable confidence in the range.
Historical Series 65 Pass Rate Trends
Series 65 pass rates have remained remarkably stable over the past decade, fluctuating within a narrow band.
| Year Range | Estimated First-Time Pass Rate | Notes |
|---|---|---|
| 2015-2017 | ~70-72% | Pre-pandemic baseline |
| 2018-2019 | ~71-73% | Slight uptick as online prep expanded |
| 2020-2021 | ~70-73% | Pandemic disruption; remote proctoring introduced |
| 2022-2023 | ~72-74% | Recovery; improved study resources |
| 2024-2025 | ~72-75% | AI-powered study tools entering market |
| 2026 (est.) | ~72-75% | Stable with expanded prep technology |
Key Observations
The pass rate has not changed dramatically despite significant changes in how candidates prepare. This suggests the exam difficulty has kept pace with improvements in study resources -- NASAA likely adjusts the difficulty or scoring to maintain consistency.
The slight upward trend (from ~70-72% to ~72-75%) correlates with the expansion of online learning platforms, video-based instruction, and adaptive practice question banks that help candidates study more efficiently.
Pandemic impact was minimal. While 2020 saw some disruption from testing center closures, the introduction of remote proctoring options kept pass rates stable. Candidates who had more time to study during lockdowns may have offset those who were disrupted.
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Why Candidates Fail the Series 65
Understanding why candidates fail is more actionable than knowing the pass rate itself. Based on training provider analysis and candidate feedback, here are the primary reasons for failure, ranked by frequency.
1. Underestimating the Laws, Regulations, and Guidelines Section (30%)
This is the number one reason candidates fail. The Laws section -- anchored by the Uniform Securities Act (USA) -- accounts for 30% of the exam and has the lowest average section scores among failing candidates.
Why it trips people up:
- The USA is written in dense legal language with precise distinctions
- "Exempt securities" vs. "exempt transactions" confuse even strong candidates
- Registration requirements have multiple thresholds, exceptions, and edge cases
- The interplay between state and federal jurisdiction is complex
- Many candidates with finance backgrounds assume their knowledge transfers -- it does not
The fix: Allocate at least 30-35% of your total study time to the Laws section. Read the USA summary at least three times. Master the registration flowchart: Who must register? At what level? What exemptions apply?
2. Insufficient Practice Questions
Candidates who complete fewer than 300 practice questions have significantly lower pass rates than those who complete 500+. Practice questions do more than test knowledge -- they train you to:
- Read questions carefully for qualifier words ("NOT," "EXCEPT," "LEAST LIKELY")
- Manage time under pressure (1 minute 17 seconds per question)
- Recognize common question patterns and trap answers
- Identify knowledge gaps you did not know you had
The fix: Set a minimum target of 500 practice questions before scheduling your exam. Track your accuracy by section and double down on your weakest areas.
3. Poor Time Allocation Across Sections
Many candidates spend equal time on all four sections, but the sections are not equally weighted or equally difficult.
| Section | Weight | Recommended Study Time |
|---|---|---|
| Economic Factors and Business Information | 15% | 15% |
| Investment Vehicle Characteristics | 25% | 25% |
| Client Investment Recommendations and Strategies | 30% | 25-30% |
| Laws, Regulations, and Guidelines | 30% | 30-35% |
The fix: Weight your study time toward the Laws section (30-35%) and Client Investment Recommendations (25-30%). These two sections make up 60% of the exam and contain the hardest material.
4. Relying on Memorization Instead of Application
The Series 65 is not a pure memorization exam. Sections 3 and 4 (60% of the exam) require you to apply concepts to scenarios:
- Given a client profile, what investment strategy is most suitable?
- Given a set of facts, does this person need to register as an investment adviser?
- Given a portfolio's characteristics, what risk metrics apply?
The fix: After learning each concept, immediately practice application questions. Use AI tutors that generate scenario-based questions rather than simple recall drills.
5. Cramming Instead of Spaced Study
Candidates who cram in 1-2 weeks have measurably lower pass rates than those who study over 4-8 weeks. Spaced repetition -- reviewing material at increasing intervals -- produces stronger long-term retention than marathon study sessions.
The fix: Plan for 80-120 hours over 4-8 weeks. Study 2-3 hours daily rather than 8-10 hours on weekends only.
Series 65 Pass Rate by Section
While NASAA does not publish section-level pass rate data, training providers have identified consistent patterns in where candidates score highest and lowest.
Section Performance Rankings (Highest to Lowest Average Scores)
| Section | Weight | Avg. Score (Passing Candidates) | Avg. Score (Failing Candidates) |
|---|---|---|---|
| Economic Factors and Business Information | 15% | ~78-82% | ~62-68% |
| Investment Vehicle Characteristics | 25% | ~76-80% | ~60-66% |
| Client Investment Recommendations | 30% | ~74-78% | ~58-64% |
| Laws, Regulations, and Guidelines | 30% | ~72-76% | ~55-62% |
What This Data Tells Us
The Laws section has the widest gap between passing and failing candidates. Candidates who pass typically score 72-76% on Laws, while those who fail score 55-62%. This 15-20 point gap confirms that the Laws section is the primary differentiator.
Economic Factors is the easiest section for most candidates, likely because economic concepts are more widely taught in college and more intuitive than legal regulations.
Client Investment Recommendations shows the second-largest performance gap, driven by the application-based nature of the questions (Modern Portfolio Theory, CAPM, suitability analysis).
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Series 65 Pass Rate vs. Other Securities Exams
How does the Series 65 stack up against other securities licensing exams? Here is a comprehensive comparison.
| Exam | Est. Pass Rate | Questions | Time | Passing Score | Difficulty |
|---|---|---|---|---|---|
| SIE | ~74% | 85 (75 scored) | 105 min | 70% | Moderate |
| Series 63 | ~75-80% | 75 (60 scored) | 75 min | 72% | Moderate |
| Series 65 | ~72-75% | 140 (130 scored) | 180 min | 72.31% | Moderate-Hard |
| Series 66 | ~68-72% | 110 (100 scored) | 150 min | 73% | Hard |
| Series 7 | ~65-72% | 135 (125 scored) | 225 min | 72% | Hard |
| Series 6 | ~68-74% | 110 (100 scored) | 135 min | 70% | Moderate |
Key Comparisons
Series 65 vs. SIE (~74% vs. ~72-75%): Similar pass rates, but the Series 65 is harder per-question due to deeper content. The SIE tests breadth at an introductory level; the Series 65 demands mastery of advisory law and portfolio theory.
Series 65 vs. Series 7 (~72-75% vs. ~65-72%): The Series 7 has a lower pass rate, driven by complex options strategies and bond yield calculations. However, the Series 65 Laws section is comparable in difficulty to Series 7 options. The key difference: the Series 7 requires the SIE and firm sponsorship; the Series 65 requires nothing.
Series 65 vs. Series 66 (~72-75% vs. ~68-72%): The Series 66 has a lower pass rate because it combines Series 63 and Series 65 content into one exam, creating a wider scope of material. However, the Series 66 requires passing the SIE first. If you do not have the SIE, the standalone Series 65 is the faster path.
Series 65 vs. Series 63 (~72-75% vs. ~75-80%): The Series 63 has a higher pass rate because it covers only state securities law -- a subset of what the Series 65 tests. The Series 65 includes everything in the Series 63 plus economics, investment vehicles, and portfolio management.
Which Exam Should You Take?
| Your Situation | Best Exam Path |
|---|---|
| No SIE, no firm sponsorship, want IAR license | Series 65 (standalone, no prerequisites) |
| Already have SIE, want IAR + state law | Series 66 (more efficient if SIE is done) |
| Working at a broker-dealer, need full rep license | SIE + Series 7 (then add Series 66 for advisory) |
| Career changer entering financial planning | Series 65 (fastest path, no barriers) |
Study Strategies That Boost Series 65 Pass Rates
Not all preparation is equal. Here are the specific strategies most strongly correlated with higher pass rates, based on training provider data and candidate outcomes.
Strategy 1: The 500-Question Rule
Impact: +10-15 percentage points on pass rate
Candidates who complete 500+ practice questions before testing have an estimated pass rate of 80-85%, compared to ~65-70% for those who complete fewer than 300. Practice questions are the single most impactful study activity because they:
- Expose knowledge gaps you did not know existed
- Train question-reading skills (catching "NOT," "EXCEPT," "LEAST LIKELY")
- Build exam-day time management habits
- Reinforce concepts through active recall (stronger than re-reading)
How to implement: Set a daily target of 25-40 practice questions. Track accuracy by section and focus additional study on sections where you score below 75%.
Strategy 2: Disproportionate Laws Section Focus
Impact: +5-10 percentage points on pass rate
The Laws section is the primary differentiator between passing and failing candidates. Allocating 30-35% of study time to this section (matching its 30% weight on the exam) and treating it as your highest-priority topic dramatically improves outcomes.
How to implement: Start your Laws study in Week 1 and revisit it every week. Read the Uniform Securities Act summary three times throughout your study period. Complete at least 150 Laws-specific practice questions.
Strategy 3: Full-Length Timed Practice Exams
Impact: +5-8 percentage points on pass rate
Taking at least 2-3 full-length, timed practice exams (140 questions in 180 minutes) before the real exam is critical for building stamina and time management skills. Many candidates who know the material still fail because they run out of time or lose focus during the 3-hour exam.
How to implement: Take your first full practice exam at the end of Week 4 (of a 6-week plan). Do not schedule your real exam until you consistently score 78%+ on practice exams.
Strategy 4: Spaced Repetition Over Cramming
Impact: +5-10 percentage points on pass rate
Studying 2-3 hours daily over 6 weeks produces better retention than studying 10 hours daily for 2 weeks, even though the total hours are similar. Spaced repetition takes advantage of how memory works -- reviewing material at increasing intervals strengthens long-term recall.
How to implement: Study the same material at Days 1, 3, 7, 14, and 30. Use flashcards or AI-powered review tools that automatically space your reviews based on your performance.
Strategy 5: AI-Powered Weakness Targeting
Impact: +5-8 percentage points on pass rate
Modern AI study tools analyze your practice question performance and identify specific topics where you are weakest. Instead of studying everything equally, you focus on the exact areas that will gain you the most points.
How to implement: Use adaptive practice platforms that track your accuracy by topic and generate targeted question sets for your weakest areas. Our AI identifies your top 5 weakest topics within your first 50 practice questions.
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Series 65 Pass Rate by Candidate Background
Your professional and educational background has a measurable impact on your likelihood of passing. Here is what the data suggests.
| Background | Estimated Pass Rate | Notes |
|---|---|---|
| Finance/economics degree + industry experience | 80-88% | Strongest baseline knowledge |
| Finance/economics degree, no industry experience | 75-82% | Strong theory, need Laws focus |
| Non-finance degree + industry experience | 72-78% | Experience helps with application questions |
| Non-finance degree, no industry experience | 65-72% | Requires most study time (100-120 hrs) |
| Career changers from unrelated fields | 62-70% | Need comprehensive prep; 120+ hours recommended |
| CPA/law background | 78-85% | Strong regulatory reasoning skills transfer |
What This Means for Your Study Plan
If you have a finance background, you can likely pass with 80-100 hours of study. Focus disproportionately on the Laws section, which your degree probably did not cover in depth.
If you are a career changer, plan for 100-120+ hours and start with the fundamentals. Do not skip the economics section -- it provides the foundation for understanding investment vehicles and portfolio theory.
If you have a legal or CPA background, your regulatory reasoning skills transfer well to the Laws section. Focus your study on investment vehicles and portfolio management theory, which are likely your weakest areas.
The Retake Reality: What Happens After Failing
Understanding retake dynamics is important because it underscores why first-attempt preparation matters so much.
Retake Pass Rate Data
| Metric | Estimate |
|---|---|
| First-time pass rate | 72-75% |
| Second attempt pass rate | 60-68% |
| Third attempt pass rate | 50-60% |
| Fourth+ attempt pass rate | 45-55% |
Why Retake Pass Rates Drop
The declining retake pass rate is not because the exam gets harder -- it is the same exam. The drop occurs because:
- Candidates do not change their approach. Most retakers use the same study materials and methods that failed them the first time
- Confidence erosion. Failing creates self-doubt that affects performance on subsequent attempts
- Knowledge decay during waiting periods. The 30-day mandatory wait (or 180 days after a third failure) causes material to fade
- Study fatigue. Motivation declines with each failed attempt, leading to less rigorous preparation
The Retake Waiting Period Schedule
| Attempt | Waiting Period | Exam Fee |
|---|---|---|
| After 1st failure | 30 days | $187 |
| After 2nd failure | 30 days | $187 |
| After 3rd failure | 180 days | $187 |
| After 4th+ failure | 180 days | $187 |
The 180-day cliff after a third failure is particularly punishing for career timelines. If you fail three times, you are looking at a minimum of 8-9 months from your first attempt to your fourth -- not counting additional study time.
How to Break the Retake Cycle
If you have already failed once, here is how to change your trajectory:
- Analyze your score report. Identify the specific sections where you underperformed
- Change your study materials. Use a different provider, different question bank, different approach
- Double your practice questions. If you did 300, do 600. If you did 500, do 800
- Get outside help. Use AI tutors, study groups, or a structured course instead of solo self-study
- Focus on application, not memorization. Practice scenario-based questions that mirror exam format
Key Takeaways
- The Series 65 pass rate is estimated at 72-75% for first-time candidates in 2026 -- NASAA does not publish official data, but multiple independent sources converge on this range
- Historical pass rates have been stable at 70-75% over the past decade, with slight improvements as study resources have expanded
- The Laws, Regulations, and Guidelines section (30%) is the primary differentiator between passing and failing candidates, with the widest performance gap of any section
- 500+ practice questions raise pass rates to 80-85% -- this is the single highest-impact study strategy
- Retake pass rates drop to 55-65% because candidates typically do not change their study approach, making first-attempt preparation critical
- The Series 65 pass rate compares favorably to the Series 7 (~65-72%) and Series 66 (~68-72%), making it the most accessible path to an IAR license
- Background matters but is not destiny -- career changers with no finance experience can still achieve 70%+ pass rates with 100-120 hours of structured preparation
- After a third failure, the 180-day waiting period creates a significant career delay -- invest in thorough first-attempt preparation to avoid this
The Series 65 is passable for any motivated candidate. The data clearly shows that structured preparation, high-volume practice questions, and disproportionate focus on the Laws section are the keys to beating the odds.
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