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Series 65 Exam Overview

The Series 65 exam, officially known as the Uniform Investment Adviser Law Examination, is designed for individuals who want to become investment adviser representatives (IARs). Unlike many of the other FINRA exams, the Series 65 is administered by FINRA on behalf of the North American Securities Administrators Association (NASAA) but is not tied to FINRA firm sponsorship.

Passing the Series 65 qualifies individuals to provide investment advice and manage client portfolios for a fee—either as independent advisers or as part of an advisory firm. If your goal is to work as a financial planner, portfolio manager, or fiduciary adviser, this is a key exam on your path.

What the Series 65 Exam Covers

The Series 65 exam focuses on laws, regulations, ethics, and investment vehicles that govern fiduciary advisory practices. Unlike the Series 7 or Series 63, which are often geared toward broker-dealer roles, the Series 65 emphasizes the responsibilities of investment advisers and their obligations to clients.

Key topics include:

• Economic factors and business information
• Types and characteristics of investment vehicles (stocks, bonds, mutual funds, alternatives, etc.)
• Investment recommendations and portfolio management strategies
• Laws, regulations, and ethical business practices under the Uniform Securities Act
• Fiduciary duty, client communication, and conflicts of interest

This exam is heavily weighted toward regulatory and ethical issues, so understanding the Uniform Securities Act and its implications is essential.

Series 65 Exam Format and Scoring

The exam consists of 130 multiple-choice questions, and candidates are given 180 minutes (3 hours) to complete it. Of the 130 questions, 10 are unscored pretest questions used to evaluate new material.

To pass, candidates must score at least 94 out of the 130 questions correctly, which equals a 72% passing score.

Additional notes:

• The Series 65 is closed book, and calculators, notes, or outside materials are not allowed.
• Scratch paper and basic calculators are typically provided at testing centers.
• The test is administered at Prometric testing centers or via online proctoring, depending on availability.

Series 65 Licensing

Passing the Series 65 exam is a core licensing requirement for individuals who intend to become investment adviser representatives (IARs). It is often required at the state level—and in many cases, states will not allow advisers to operate without it, unless they hold a professional designation such as the CFP®, CFA®, or ChFC®.

Importantly, the Series 65:

• Does not require sponsorship by a FINRA-member firm
• Is valid for two years unless you become registered within that period
• May be combined with other licenses depending on your career goals and business model

Once licensed, you’ll be qualified to give financial advice, create investment plans, and manage client assets on a fee-based or fiduciary basis.

How to Prepare for the Series 65

The Series 65 is often considered one of the more text-heavy and regulation-focused licensing exams. It does not require deep mathematical knowledge, but success depends on understanding legal language, ethical requirements, and broad investment concepts.

Effective Series 65 exam prep should include:

• A thorough study guide that explains key laws, investment strategies, and economic principles
• Flashcards and summaries for memorizing definitions and legal terminology
• Multiple full-length practice exams to build pacing and familiarity with the format
• Timed practice questions to improve comprehension and application of the material
• Concept review sessions focused on ethics, fiduciary duty, and prohibited practices

Our site offers free Series 65 practice questions and simulated test experiences to help you sharpen your skills and build confidence ahead of test day.

Final Thoughts

The Series 65 exam is an essential credential for anyone seeking a career as an investment adviser or fiduciary financial planner. It opens the door to working directly with clients, building financial strategies, and delivering personalized advice—all under a regulatory framework that prioritizes integrity and investor protection.

With the right preparation and tools, you can pass the Series 65 and take a major step forward in your financial career. Start today with our Series 65 practice exams and study resources.