Free Series 65 Exam Flashcards
Memorize 50 essential terms and definitions for the Series 65 Uniform Investment Adviser Law Exam. See the term, recall the definition, then flip to check yourself.
Gross Domestic Product (GDP)
The total market value of all final goods and services produced within a country during a specific period. The primary measure of economic output. Rising GDP indicates economic growth; two consecutive quarters of negative GDP growth indicates a recession.
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About These Series 65 Flashcards
These 50 flashcards are designed to help you memorize key terms and definitions for the Series 65 Uniform Investment Adviser Law Exam. Each card shows a term on the front and its definition on the back—the classic flashcard format for vocabulary memorization. Use these alongside our practice questions to build both recall and comprehension.
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Frequently Asked Questions
What is the Series 65 exam pass rate?
The Series 65 has an estimated pass rate of 65-70%, based on exam prep company reports (NASAA doesn't publish official rates). In June 2023, NASAA lowered the passing score from 94/130 (72.3%) to 92/130 (70.8%) to align with updated test specifications. The exam costs $187 and does not require firm sponsorship, making it popular for independent RIA representatives.
Can I take the Series 65 without firm sponsorship?
Yes, the Series 65 is one of the few securities exams you can take without firm sponsorship. You can register directly through FINRA's TESS system. This makes it popular for: (1) aspiring independent investment advisers, (2) individuals starting their own RIA firms, (3) professionals transitioning from insurance to fee-based advice, and (4) CFPs seeking investment adviser representative (IAR) registration.
What's the difference between Series 65 and Series 66?
Series 65 qualifies you as an Investment Adviser Representative (IAR) only - you can give fee-based investment advice but cannot sell securities for commissions. Series 66 combines Series 65 content with Series 63 (state agent laws), qualifying you as both an IAR and securities agent. Series 66 requires the Series 7 as a corequisite. If you don't need to sell securities, Series 65 alone is sufficient.
How long is the Series 65 exam?
The Series 65 has 130 scored questions plus 10 unscored pretest questions (140 total). You have 180 minutes (3 hours) to complete the exam. This gives you about 1.4 minutes per question. The exam covers: Economic Factors (15%), Investment Vehicle Characteristics (25%), Client Investment Recommendations (30%), and Laws/Regulations (30%). Most candidates find the regulatory section most challenging.
Do CFPs need to take the Series 65?
CFP certification alone doesn't qualify you to register as an investment adviser representative (IAR). In most states, you need the Series 65 or Series 66. However, some states waive the Series 65 for CFP certificants (and other designations like CFA, ChFC, or PFS). Check your state's specific waiver requirements. Even with a waiver, you still must register as an IAR through your RIA firm.
What happens if I fail the Series 65?
If you fail the Series 65, you must wait 30 days before retaking it. There's no limit on total attempts, but each retake costs $187. Unlike FINRA exams with the 180-day wait after three failures, NASAA maintains a consistent 30-day waiting period for all retakes. You'll need to re-register and pay the full fee for each attempt.