548+ Free Series 65 Practice Questions

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Blue sky laws are:

Federal securities regulations

State securities regulations

International securities regulations

Self-regulatory organization rules

to track

2026 Statistics

Key Facts: Series 65 Exam

68-75%

First-Time Pass Rate

Industry estimate

70%

Passing Score

91/130 questions

60-80 hrs

Study Time

Recommended

30%

Laws & Regulations

Largest section (tied)

$187

Exam Fee

NASAA

Exam Duration

NASAA

The Series 65 exam has an estimated 68-75% first-time pass rate. It requires 70% (91/130 questions) to pass in 3 hours. The 'Laws & Regulations' and 'Client Recommendations' sections each account for 30% of the exam. Plan for 60-80 hours of study over 4-6 weeks. The Series 65 is the only path to becoming an Investment Adviser Representative without needing FINRA exams.

Sample Series 65 Practice Questions

Try these sample questions to test your Series 65 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 548+ question experience with AI tutoring.

1Blue sky laws are:

A.Federal securities regulations

B.State securities regulations

C.International securities regulations

D.Self-regulatory organization rules

Explanation: Blue sky laws are STATE-level securities regulations designed to protect investors from fraud. Each state has its own blue sky laws, which may differ from federal regulations.

2The Securities Act of 1933 primarily regulates:

A.Secondary market trading

B.New issues of securities (primary market)

C.Investment advisers

D.Broker-dealer conduct

Explanation: The Securities Act of 1933 (Paper Act) regulates the PRIMARY market - new issues of securities. It requires registration and disclosure through a prospectus.

3Which act created the Securities and Exchange Commission (SEC)?

A.Securities Act of 1933

B.Securities Exchange Act of 1934

C.Investment Company Act of 1940

D.Investment Advisers Act of 1940

Explanation: The Securities Exchange Act of 1934 created the SEC and regulates secondary market trading, broker-dealers, and exchanges.

4Under the Uniform Securities Act, an "agent" is:

A.Any employee of a broker-dealer

B.A person who represents a broker-dealer in securities transactions

C.The owner of a broker-dealer

D.A compliance officer

Explanation: Under state law (USA), an agent is an individual who represents a broker-dealer or issuer in effecting or attempting to effect securities transactions.

5Variable annuities are considered securities because:

A.They pay a fixed interest rate

B.The return depends on the performance of underlying investments

C.They are issued by the federal government

D.They have a guaranteed death benefit

Explanation: Variable annuities are securities because the return varies based on the performance of underlying sub-accounts (similar to mutual funds). This investment risk makes them securities requiring registration.

6When interest rates rise, what typically happens to existing bond prices?

A.They rise

B.They fall

C.They stay the same

D.They become more volatile but unchanged on average

Explanation: Bond prices and interest rates have an inverse relationship. When rates rise, new bonds offer higher yields, making existing bonds (with lower coupon rates) less attractive. To compete, existing bond prices must fall until their yields match the new market rates.

7Which bond would experience the largest price decline if interest rates rose by 1%?

A.A bond with 2-year duration

B.A bond with 5-year duration

C.A bond with 10-year duration

D.All would decline equally

Explanation: Duration measures how sensitive a bond price is to interest rate changes. A bond with 10-year duration would decline approximately 10% for a 1% rate increase, while a 5-year duration bond would decline about 5%, and a 2-year duration bond about 2%. Longer duration means greater rate sensitivity.

8What is an American Depositary Receipt (ADR)?

A.A U.S. government bond held by foreign investors

B.A U.S. security representing shares of a foreign company

C.A receipt for goods imported into the United States

D.A currency exchange contract

Explanation: An ADR is a certificate issued by a U.S. bank that represents shares of a foreign company. ADRs trade on U.S. exchanges or OTC, are priced in dollars, and pay dividends in dollars, making it convenient for U.S. investors to own foreign stocks without dealing with foreign exchanges.

9A stock with a beta of 1.5 would be expected to:

A.Move 50% less than the market

B.Move exactly with the market

C.Move 50% more than the market

D.Move in the opposite direction of the market

Explanation: A beta of 1.5 means the stock is 50% more volatile than the market. If the market moves 10%, this stock would be expected to move 15% (1.5 x 10%) in the same direction.

10In a Joint Tenants with Rights of Survivorship (JTWROS) account, what happens to the assets when one owner dies?

A.Assets go to the deceased owners estate

B.Assets go to the surviving owner(s)

C.Assets are frozen until probate is complete

D.Assets are divided between estate and survivors

Explanation: In a JTWROS account, when one owner dies, the assets automatically pass to the surviving owner(s), avoiding probate. This differs from Tenants in Common (TIC), where the deceased owners share goes to their estate.

About the Series 65 Exam

Required for investment adviser representatives who provide investment advice for compensation. The Series 65 is unique because it doesn't require the SIE as a prerequisite.

Questions

130 scored questions

Time Limit

3 hours

Passing Score

70%

Exam Fee

$187 (NASAA)

Series 65 Exam Content Outline

15%

Economic Factors and Business Information

Economic analysis, financial reporting, quantitative methods

25%

Investment Vehicle Characteristics

Stocks, bonds, derivatives, alternatives, and pooled investments

30%

Client Investment Recommendations and Strategies

Portfolio management, risk analysis, and suitability

30%

Laws, Regulations, and Guidelines

Federal and state securities laws, ethics

How to Pass the Series 65 Exam

What You Need to Know

Passing score: 70%
Exam length: 130 questions
Time limit: 3 hours
Exam fee: $187

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

Series 65 Study Tips from Top Performers

1Understand portfolio management concepts like Modern Portfolio Theory and asset allocation

2Master the Investment Advisers Act of 1940 and fiduciary duties

3Know the difference between state and SEC registration requirements ($110M AUM threshold)

4Study economic indicators and their impact on markets

5Learn the differences between broker-dealers and investment advisers

Frequently Asked Questions

What is the Series 65 exam?

The Series 65 qualifies you as an Investment Adviser Representative (IAR). It tests knowledge of economics, investment analysis, portfolio management, and securities regulations.

What is the Series 65 pass rate?

The Series 65 exam has an estimated pass rate of 68-75% for first-time test-takers. The exam is considered moderately difficult due to its conceptual nature, focusing on investment theory, fiduciary duties, and portfolio management rather than product-specific knowledge.

How hard is the Series 65 exam?

The Series 65 is moderately difficult with 130 questions in 3 hours. It's more conceptual than the Series 7, focusing on investment theory, fiduciary responsibilities, and the Investment Advisers Act of 1940. Plan for 60-80 hours of study.

Do I need the SIE for Series 65?

No. Unlike FINRA exams, the Series 65 is administered by NASAA and does not require the SIE as a prerequisite. This makes it accessible for career changers and those entering the RIA space directly.

Series 65 vs Series 66 - which should I take?

Take Series 65 if you only need investment adviser qualification. Take Series 66 if you already have Series 7 and need both state agent and adviser registration. Series 65 is standalone; Series 66 requires Series 7.

How long should I study for Series 65?

Plan for 60-80 hours of study over 4-6 weeks. Focus on portfolio management concepts (30% of exam) and laws/regulations (30%). Complete at least 500 practice questions and score 80%+ consistently before scheduling.