Free Series 65 Exam Prep
Uniform Investment Adviser Law Examination
Prepare for the Series 65 exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
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Series FINRA Series Exams License: Complete Roadmap
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Economics & Business ConceptsYou are here
Study economic indicators, business cycles, financial reporting, quantitative methods, and time value of money — 15% of the exam.
Investment Vehicles
Master equity, fixed-income, pooled investments (mutual funds, ETFs, hedge funds), derivatives, and alternative investments — 25% of the exam.
Client Recommendations & Strategies
Learn portfolio management, retirement planning (401k, IRA, Roth), estate planning, and tax considerations — 30% of the exam.
Laws, Regulations & Ethics
Study federal/state securities regulation, fiduciary duties, Uniform Securities Act, and ethical practices — 30% of the exam.
Can You Take the Series 65 Exam?
Check if you meet the basic eligibility requirements
- •No SIE exam required — the Series 65 is a standalone exam
- •No firm sponsorship needed to sit for the exam
- •A state may waive the exam for active CFP, ChFC, MSFS, CFA, PFS, or CIMA designees under its adopted rule; the state regulator decides
- •State registration required after passing to practice as an IAR
Series 65 Quick Facts
Time to Get Licensed
Editorial study plans vary; NASAA does not publish a required preparation timeline
From start to license in hand
Retake Policy
30-day wait after 1st and 2nd failures, 180-day wait after 3rd failure and beyond. No limit on total attempts.
Total Cost Breakdown
Exam Exemptions
Holders of these professional designations may be exempt from all or part of the exam:
An active CFP may satisfy the exam requirement where the state has adopted and applies the waiver rule
An active CFA may satisfy the exam requirement where the state has adopted and applies the waiver rule
An active ChFC may qualify under a state's adopted waiver rule
An active PFS may qualify under a state's adopted waiver rule; a CPA license alone is not the PFS designation
Active Master of Science in Financial Services designees may qualify under a state's adopted waiver rule
Active Certified Investment Management Analyst designees may qualify under a state's adopted waiver rule
Free Series 65 Prep Tools
Reported exam pass rate: NASAA does not publish an official Series 65 pass rate. Check the exam sponsor for the latest official figure.
603+ Practice Questions
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Updated for 2026
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What You'll Study
19 chapters covering the exam topics in this guide
Introduction
2 sections
Chapter 1: Economic Factors & Business Cycles
6 sections
Chapter 2: Financial Reporting & Analytical Methods
7 sections
Chapter 3: Types of Risk
6 sections
Chapter 4: Cash Equivalents & Fixed Income Securities
6 sections
Chapter 5: Equity Securities
5 sections
Chapter 6: Pooled Investments
5 sections
Chapter 7: Derivatives, Alternative Investments & Insurance Products
5 sections
Chapter 8: Client Types & Profiles
5 sections
Chapter 9: Portfolio Theory & Capital Markets
5 sections
Chapter 10: Portfolio Management Strategies
4 sections
Chapter 11: Tax Considerations & Retirement Planning
5 sections
Chapter 12: ERISA, Special Accounts & Performance Measures
4 sections
Chapter 13: Regulation of Investment Advisers
5 sections
Chapter 14: Regulation of Investment Adviser Representatives
3 sections
Chapter 15: Regulation of Broker-Dealers & Agents
3 sections
Chapter 16: Securities Registration & Exemptions
4 sections
Chapter 17: Communications & Client Relationships
4 sections
Chapter 18: Ethics & Fiduciary Obligations
4 sections
Series 65 Exam Details
Uniform Investment Adviser Law Examination
Administered by NASAA
Exam Content Breakdown
Based on the official NASAA content outline
Economics, financial reporting, analysis methods
Equity, debt, pooled investments, derivatives, alternatives
Client profiles, portfolio management, retirement, tax considerations
State/federal regulations, fiduciary duties, ethics
What's Included
19 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
Quality Exam Prep Shouldn't Cost Hundreds
I'm Ran Chen, an engineer with 20+ years of coding experience. I passed my Life Insurance license, EA exam, SIE, Series 6, 63, 65, and finally the CFP® exam.
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What's Next After the Series 65?
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