Series 65 exam: what it is, requirements, cost and how to prepare
The Series 65 exam is NASAA’s Uniform Investment Adviser Law Examination, administered by FINRA, and passing it is normally a prerequisite for registering as an investment adviser representative in a state. It has 140 multiple-choice questions in 180 minutes, 130 of them scored, and you need at least 92 correct. The fee is $187 and there is no corequisite.
- Official name
- Uniform Investment Adviser Law Examination (NASAA exam administered by FINRA)NASAA and FINRA, checked 18 October 2026
- Qualifies you as
- Investment adviser representative (state registration required)NASAA Series 65 study guide, checked 18 October 2026
- Questions
- 140 multiple choice: 130 scored, 10 unscored pretestNASAA and FINRA, checked 18 October 2026
- Time
- 180 minutesNASAA and FINRA, checked 18 October 2026
- Passing score
- At least 92 of the 130 scored questionsNASAA and FINRA, checked 18 October 2026
- Exam fee
- $187NASAA Exam FAQs and FINRA, checked 18 October 2026
- Prerequisite / corequisite
- NoneFINRA Series 65 page, checked 18 October 2026
- Delivery
- Prometric test centers; online only as a testing accommodationNASAA Exam FAQs and FINRA, checked 18 October 2026
- Pass rate
- Not published by NASAA or FINRA on the pages checkedNASAA and FINRA, checked 18 October 2026
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Why you can trust these 65 questions
What is the Series 65 exam?
The Series 65 Uniform Investment Adviser Law Exam is written by the North American Securities Administrators Association (NASAA) and administered by FINRA, which is why it is often called the FINRA Series 65 exam. NASAA describes its purpose as setting standards of professional competency for investment adviser representatives under state laws.
Unlike the Series 63, it is not only a law exam. Seventy percent of the scored questions cover economics, investment products and client recommendations; the remaining 30% cover laws, regulations and ethics. The current test specifications took effect on June 12, 2023.
Source: NASAA — Series 65 Exam Study Guide (September 1, 2023). Checked 18 October 2026.
What is a Series 65 license and what can you do with it?
What is a Series 65 license in practice? It is shorthand for registration as an investment adviser representative (IAR) with a state after passing the exam. NASAA says passing the Series 65 is normally a prerequisite for that registration, but passing alone does not give you the right to do business in any state; each state’s requirements also apply.
So what can you do with a Series 65 license? Once a state registers you, you can work as an investment adviser representative. If you also want to represent a broker-dealer, look at the Series 66: NASAA treats passing it as equivalent to passing both the Series 63 and Series 65, with a valid SIE and Series 7 required as corequisites.
Source: NASAA — Exam FAQs. Checked 18 October 2026.
What is on the Series 65 exam?
NASAA divides the scored questions into four sections. Each comes with a detailed list of subtopics in the study guide, from basic economic concepts and financial reporting to ERISA issues and fiduciary obligations.
- Economic Factors and Business Information: 15% (20 questions)
- Investment Vehicle Characteristics: 25% (32 questions), including fixed income, equity, pooled investments, derivatives, alternative investments and insurance based products
- Client Investment Recommendations and Strategies: 30% (39 questions), including capital market theory, portfolio management, taxes, retirement plans and performance measures
- Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices: 30% (39 questions)
Source: NASAA — Series 65 Exam Study Guide (September 1, 2023). Checked 18 October 2026.
Series 65 exam format at a glance
The Series 65 test has 140 multiple-choice questions: 130 scored and 10 unscored pretest questions. You have 180 minutes, and you pass with at least 92 of the 130 scored questions correct. NASAA stresses that the passing grade is not 70% and is not calculated as a percentage.
The exam is closed book and taken at a Prometric test center; FINRA offers it online only to candidates who need a testing accommodation. Our Series 65 exam page covers scoring, registration and scheduling in detail.
Source: FINRA — Series 65 exam. Checked 18 October 2026.
Series 65 requirements and prerequisites
There are no formal requirements for Series 65 candidates on the exam side: FINRA lists no corequisite, and NASAA confirms you do not need a firm to sponsor you. Unsponsored candidates can open an enrollment window through FINRA and pay for the exam themselves.
The Series 65 license requirements come afterwards and are set by states. You have two years after passing to register with a state, or the exam expires. In jurisdictions that have adopted NASAA’s model rule, registered IARs must also complete 12 continuing education credits each year: 6 in Products and Practices and 6 in Ethics and Professional Responsibility.
Source: NASAA — IAR Continuing Education FAQ. Checked 18 October 2026.
How to get a Series 65 license
Enroll for the exam, either through the investment adviser you work for (Form U4) or independently through FINRA. FINRA then opens a 120-day window in which you schedule and take the exam with Prometric.
Pass with at least 92 of 130 scored questions, then register with a state as an investment adviser representative within two years. NASAA’s Exam Validity Extension Program can let eligible individuals keep the exam valid for up to five years in states that have adopted it.
Source: NASAA — Series 65 Exam Content Outline. Checked 18 October 2026.
Series 65 exam cost
The Series 65 exam cost is $187, paid to FINRA when you enroll. NASAA and FINRA both list the same fee.
Beyond the fee, your total Series 65 cost depends on the materials or classes you choose. For the cost of Series 65 exam preparation, note that NASAA’s own study guide is publicly available on nasaa.org.
Source: NASAA — Exam FAQs. Checked 18 October 2026.
How hard is the Series 65 exam?
NASAA and FINRA do not publish a pass rate on the pages we checked, so there is no official measure of how difficult the Series 65 exam is. What NASAA publishes shows where the effort goes:
- Length: 140 questions in 180 minutes, about 77 seconds per question by our calculation.
- Breadth: four sections ranging from economics and financial reporting to derivatives, retirement plans, ERISA and state securities law.
- The bar: 92 of 130 scored questions. NASAA notes the sections are weighted differently, so you cannot work out your overall result by averaging section scores.
- Closed book: everything, including portfolio performance measures, has to be in your head.
Source: NASAA — Exam FAQs. Checked 18 October 2026.
Series 65 exam prep: courses, classes and self-study
NASAA says candidates are responsible for their own course of study and that it does not endorse any third-party preparation services. There is no official Series 65 prep course or Series 65 training from NASAA, and no official ranking of the best Series 65 exam prep.
Series 65 classes and a Series 65 exam prep course give you structure and a schedule; self-study with a good book gives you flexibility. Either way, judge any Series 65 course against NASAA’s study guide and its June 2023 specifications, and make sure your Series 65 test prep ends with timed practice. Good Series 65 exam preparation is measured by practice results per section, not by hours of video. Our Series 65 study guide page goes through materials and study time.
Source: NASAA — Series 65 Exam Study Guide (September 1, 2023). Checked 18 October 2026.
Free Series 65 practice tests and a Series 65 question of the day
NASAA and FINRA do not offer free Series 65 practice tests on the pages we checked, and NASAA’s study guide contains no sample questions. Any free practice set you find is from a third party, so check that it follows the June 2023 specifications.
A short daily Series 65 practice quiz, like a Series 65 question of the day, is a good habit between full-length sessions: it keeps definitions and formulas fresh without taking three hours.
Source: NASAA — Series 65 Exam Study Guide (September 1, 2023). Checked 18 October 2026.
Series 65 practice questions
Certsqill’s Series 65 practice questions are expert-developed and mapped to NASAA’s four sections, from economic factors to laws, regulations and ethics. Take a full Series 65 practice test of 140 questions under the 180-minute limit, or drill Series 65 questions by section.
Every one of our Series 65 practice exam questions comes with an explanation for each answer option, and your results build a readiness score per section. A 7-day money-back guarantee applies.
Series 65 questions people ask
What is the Series 65 exam?
NASAA’s Uniform Investment Adviser Law Examination, administered by FINRA, which qualifies candidates as investment adviser representatives. Source: NASAA, checked 18 October 2026.
How many questions are on the Series 65 test?
140 multiple-choice questions, 130 scored and 10 unscored, in 180 minutes. Source: NASAA and FINRA, checked 18 October 2026.
What is the cost of the Series 65 exam?
$187, paid to FINRA. Source: NASAA Exam FAQs and FINRA, checked 18 October 2026.
Do I need a sponsor for the Series 65?
No. Unsponsored candidates can open an enrollment window through FINRA and pay for the exam. Source: NASAA Exam FAQs, checked 18 October 2026.
Does the Series 65 have a prerequisite?
No. FINRA lists no corequisite, unlike the Series 66, which requires the SIE and Series 7. Source: FINRA, checked 18 October 2026.
Are there official Series 65 sample questions?
NASAA’s study guide contains none, and we found no official Series 65 sample test on NASAA or FINRA pages. Checked 18 October 2026.
What are typical Series 65 exam questions about?
They cover four sections: economic factors, investment vehicles, client recommendations and strategies, and laws, regulations and ethics. Source: NASAA Series 65 study guide, checked 18 October 2026.
Where do Series 65 test questions come from?
NASAA writes the exam and FINRA delivers it. Scored questions follow NASAA’s published outline; 10 unscored pretest questions are new items being trialed.
How difficult is the Series 65 exam?
NASAA and FINRA publish no pass rate. You need 92 of 130 scored questions across four broad sections in 180 minutes, closed book. Checked 18 October 2026.
Do Series 65 holders need continuing education?
In jurisdictions that adopted NASAA’s model rule, IARs need 12 credits a year: 6 Products and Practices, 6 Ethics. Source: NASAA, checked 18 October 2026.
