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Exam Review

Key Facts: Series 65 Exam

140

Displayed Questions

130 scored + 10 pretest

92 of 130

Passing Score

NASAA

603

Local Practice Items

Current Open Exam Prep inventory

30%

Laws & Regulations

Largest section (tied)

$187

Exam Fee

NASAA

3h

Exam Duration

NASAA

The Series 65 displays 140 questions: 130 scored and 10 unidentified pretest items. Candidates have 180 minutes and must answer at least 92 scored questions correctly. Laws and ethics and client recommendations are each 30% and 39 scored questions. The current fee is $187, no firm sponsorship is required merely to sit, and passing does not itself create state registration.

Sample Series 65 Practice Questions

Try these sample questions to review concepts for the Series 65 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 603+ 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

The Series 65 is NASAA's Uniform Investment Adviser Law Examination, administered by FINRA. Passing can satisfy an examination requirement for investment adviser representative registration, but it does not itself grant a license or registration and does not require the SIE as a prerequisite.

Exam sponsor: NASAA. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

140 questions

Time Limit

3 hours

Passing Score

92 of 130 scored questions

Exam / Certification Fees

$187

Exam sponsor website

Reported exam pass rate: Not published. NASAA does not publish an official Series 65 pass rate Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

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

Preparing for the Series 65 Exam

What You Need to Know

  • Passing score: 92 of 130 scored questions
  • Exam length: 140 questions
  • Time limit: 3 hours
  • Exam / certification fees: $187 Official sources

Using Our Practice Resources

  • Work through all 603 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Series 65: Suggested Study Strategy

1Understand portfolio management concepts like Modern Portfolio Theory and asset allocation
2Master the Investment Advisers Act of 1940 and fiduciary duties
3Know that registration thresholds and exemptions are rule-dependent; verify the current federal and state requirements rather than relying on one memorized AUM shortcut
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 is NASAA's Uniform Investment Adviser Law Examination. Passing can satisfy an examination requirement for investment adviser representative registration, but the state regulator decides whether the applicant meets all registration requirements.

What is the Series 65 pass rate?

NASAA does not publish an official Series 65 pass rate. The official passing requirement is at least 92 correct answers among 130 scored questions, not a rounded percentage or an industry-estimated success rate.

How many questions are on the Series 65 exam?

Candidates see 140 multiple-choice questions: 130 scored and 10 unscored pretest questions that are not identified. Open Exam Prep's current 603 local practice items are a separate, changing inventory.

Do I need the SIE for Series 65?

No. The Series 65 is written by NASAA and administered by FINRA, and has no prerequisite or corequisite exam: FINRA representative exams such as the Series 7 require the SIE as a corequisite, but the Series 65 does not. This makes it accessible for career changers and those entering the RIA space directly.

Series 65 vs Series 66 - which should I take?

Take the Series 65 if you only need investment adviser qualification. Take the Series 66 if you will also hold the SIE and Series 7 and need both agent and adviser registration: the Series 66 has no prerequisite, but the SIE and Series 7 are corequisites for registering with it, passed in any order. The Series 65 is standalone.

What is SEC Rule 205-3's qualified-client test?

Rule 205-3 lets an adviser charge performance-based fees only to qualified clients. Under the SEC order effective June 29, 2026, a qualified client has at least $1.4 million under management with the adviser, or a net worth (alone or jointly with a spouse) of more than $2.7 million excluding the primary residence; the SEC adjusts these amounts for inflation about every five years.

How long should I study for Series 65?

NASAA does not publish a required study-hour total or a practice-score guarantee. Build a plan around the four official domains, use the full 180-minute format for timed work, and diagnose misses against the current NASAA outline.