Question 1

What is the Series 65 exam?

Accepted Answer

The Series 65 (Uniform Investment Adviser Law Examination) qualifies you to be an Investment Adviser Representative (IAR). Unlike other exams, no SIE is required.

Question 2

What's the Series 65 passing score?

Accepted Answer

The Series 65 passing score is 72%. The exam has 130 questions (120 scored) and takes 3 hours. The exam fee is $187.

Question 3

Series 65 vs Series 66 - which should I take?

Accepted Answer

If you already passed the Series 7, take the Series 66 (combines 63 + 65 content). If you don't have Series 7 and want to be an investment adviser only, take Series 65.

Question 4

How long should I study for the Series 65?

Accepted Answer

Most candidates study 60-80 hours over 4-6 weeks. The Series 65 is moderately difficult with four main sections covering economics, investment vehicles, client analysis, and regulations. The largest section (Laws and Regulations at 35%) requires significant memorization of compliance rules.

Question 5

What careers can I pursue with a Series 65 license?

Accepted Answer

Series 65 holders work as investment adviser representatives, financial planners, wealth managers, and RIA firm employees. Entry-level IARs earn $55,000-$75,000, while experienced advisors managing significant assets earn $100,000-$300,000+. Many fee-only financial planners hold only the Series 65.

Question 6

What are common mistakes to avoid on the Series 65?

Accepted Answer

Common mistakes include confusing fiduciary duty rules, misunderstanding registration requirements for IAs vs IARs, mixing up prohibited practices, and overlooking economic indicators. The ethics and regulations sections trip up many candidates. Focus extra time on compliance and fiduciary standards.

Question 7

What are the prerequisites for the Series 65?

Accepted Answer

The Series 65 has no prerequisites - no SIE, no firm sponsorship required. Anyone can register and take it independently through NASAA. This makes it popular for career changers, CFPs, CPAs, and attorneys who want IAR status without going through a broker-dealer. You only need valid ID and the exam fee.

Question 8

What's included for free?

Accepted Answer

All study guides, practice questions, and explanations are completely free. We also include 10 AI-powered questions daily. For unlimited AI assistance, you can upgrade to Pro.

Question 9

Why is the content free?

Accepted Answer

OpenExamPrep was founded by Ran Chen, a CFP® who passed multiple financial exams and believes quality exam prep shouldn't cost hundreds of dollars. With AI, we can create quality content at scale and make it accessible to everyone.

Question 10

Is the content up to date?

Accepted Answer

Yes! Our content is aligned with the latest exam outlines and updated regularly. Last update: January 2026.

Series 65

Free Series 65 Exam Prep

Series 65 Exam Details

Uniform Investment Adviser Law Examination

Exam Content Breakdown

What's Included

19 Chapters

Practice Quizzes

Free to Start

Quality Exam Prep Shouldn't Cost Hundreds

What's Next After the Series 65?

CFP

EA

Series 65 Exam FAQ

Course Content

Introduction

Chapter 1: Economic Factors & Business Cycles

Chapter 2: Financial Reporting & Analytical Methods

Chapter 3: Types of Risk

Chapter 4: Cash Equivalents & Fixed Income Securities

Chapter 5: Equity Securities

Chapter 6: Pooled Investments

Chapter 7: Derivatives, Alternative Investments & Insurance Products

Chapter 8: Client Types & Profiles

Chapter 9: Portfolio Theory & Capital Markets

Chapter 10: Portfolio Management Strategies

Chapter 11: Tax Considerations & Retirement Planning

Chapter 12: ERISA, Special Accounts & Performance Measures

Chapter 13: Regulation of Investment Advisers

Chapter 14: Regulation of Investment Adviser Representatives

Chapter 15: Regulation of Broker-Dealers & Agents

Chapter 16: Securities Registration & Exemptions

Chapter 17: Communications & Client Relationships

Chapter 18: Ethics & Fiduciary Obligations

Compare the Series 65

Official NASAA Resources

More Free Resources

Ready to Start Your Free Series 65 Prep?