551+ Free Series 65 Practice Questions
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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
3h
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.
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
Economic Factors and Business Information
Economic analysis, financial reporting, quantitative methods
Investment Vehicle Characteristics
Stocks, bonds, derivatives, alternatives, and pooled investments
Client Investment Recommendations and Strategies
Portfolio management, risk analysis, and suitability
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
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.