On this page
Your Series 65 study companion
Series 65 Study Center & Exam Guide
Prepare for NASAA’s Uniform Investment Adviser Law Examination with the current four-section NASAA outline, exam format, scored-item counts, and a focused study plan.
Meet the exam
What the Series 65 exam measures
NASAA develops the Uniform Investment Adviser Law Examination, and FINRA administers it. The exam evaluates the financial, investment, client-recommendation, and legal knowledge relevant to investment adviser representatives. Passing alone does not grant state registration or permission to conduct regulated business.
The 10 pretest items are mixed into the exam and are not identified. Treat every question as if it counts.
Your content map · NASAA outline
Plan review across the four Series 65 sections
Use the official scored-item counts to set study priorities. Investment vehicles and client recommendations together account for 55% of scored questions; the law and ethics section carries another 30%.
| Section | Weight | Scored items | Study focus |
|---|---|---|---|
| I. Economic Factors and Business Information | 15% | 20 | Economic indicators and policy, financial reports, analytical methods, ratios, valuation, and risk. |
| II. Investment Vehicle Characteristics | 25% | 32 | Cash, fixed income, equities, pooled and derivative products, alternatives, insurance-based products, and other assets. |
| III. Client Investment Recommendations and Strategies | 30% | 39 | Client profiles, portfolio theory and management, taxes, retirement plans, ERISA, special accounts, and estate planning. |
| IV. Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices | 30% | 39 | Federal and state securities laws, adviser duties, registration, disclosure, custody, conflicts, and unethical conduct. |
These weights and counts follow NASAA’s Series 65 specifications effective June 12, 2023. The 10 unscored pretest items may come from any of the four sections.
Pick a direction
Choose a study route that fits your gaps
Use missed and guessed questions as signals. State the concept, identify the client facts that matter, and explain how product features, risk, time horizon, tax, and law affect an appropriate recommendation.
Give extra review time to sections II–IV, which make up 85% of scored questions, while returning to section I calculations and concepts throughout the week.
A routine you can adapt
A four-week Series 65 study plan
Adjust the pace to your background and appointment date. Keep an error log with the concept, the relevant client or market fact, and why your first answer missed it.
Week 1 · Economic foundations
Study section I. Practice economic indicators, financial statements, ratios, time value of money, valuation, and risk. Start a formula and concept sheet.
Week 2 · Investment vehicles
Study section II. Compare risk, liquidity, tax treatment, fees, and valuation across fixed income, equities, pooled investments, derivatives, alternatives, and insurance products.
Week 3 · Client recommendations
Study section III. Build client profiles, connect goals and constraints to portfolio strategies, and review taxation, retirement plans, ERISA, account types, and estate planning.
Week 4 · Law and mixed review
Study section IV, then complete timed mixed practice. Review adviser duties, registration, disclosures, custody, conflicts, and unethical business practices.
Use NASAA’s current outline as the scope reference. It does not endorse third-party preparation products.
Official exam information · independent study tools
Series 65 practice and study resources
Use NASAA for current exam content and FINRA for enrollment and delivery information. Independent practice tools can help you find gaps; compare their coverage with NASAA’s outline.
NASAA Series 65 outline
Read the current four-section specifications and exact scored-item counts.
NASAA exam overview
Review format, timing, passing score, and licensing distinction.
FINRA Series 65 page
Confirm enrollment details and current exam-day instructions.
Mometrix Series 65 practice test
Use the free practice resource and sort missed questions by subject.
Mometrix Series 65 study guide
Explore the Exam Secrets guide and compare its topics with NASAA’s outline.
Series 65, NASAA, and FINRA are marks or designations of their respective owners. This independent study center is not affiliated with or endorsed by NASAA or FINRA.
Quick answers
Series 65 exam questions, answered
How many questions are on the Series 65 exam?
NASAA’s current overview lists 140 multiple-choice questions: 130 scored and 10 unidentified pretest items.
How long is the Series 65 exam?
The current NASAA outline gives candidates 180 minutes.
What is the Series 65 passing score?
You must correctly answer at least 92 of the 130 scored questions.
Who develops and administers the Series 65?
NASAA develops the examination and outline; FINRA administers the exam.
Does passing the Series 65 grant an investment adviser license?
No. Passing may satisfy a portion of state requirements, but the state must grant registration before you conduct regulated business.
What topics are on the Series 65?
The four areas are economic factors and business information; investment vehicle characteristics; client investment recommendations and strategies; and laws, regulations, guidelines, and prohibited unethical practices.
Are the 10 pretest questions marked?
No. The 10 pretest questions may appear anywhere and are not identified.
Can I bring study notes into the exam?
No. NASAA describes the exam as closed book. Follow current FINRA and test-center instructions for permitted supplies.
Check the source
Official sources and update notes
Exam structure and scored-item weights follow NASAA’s specifications effective June 12, 2023. Registration, retake, and test-day details can change, so confirm them with NASAA, FINRA, and the applicable state regulator.
- NASAA Series 65 Test Specifications — effective June 12, 2023; four sections with exact scored-item counts.
- NASAA Series 65 exam overview — 140 questions, 130 scored, 10 pretest, 180 minutes, and 92 correct to pass.
- NASAA Series 65 Study Guide — exam structure, scope, legal sources, and specifications.
- NASAA Exam FAQs — retake policy and candidate guidance.
- FINRA Series 65 qualification exam — enrollment and exam-day information.
- Mometrix Series 65 practice test — independent provider practice resource.
- Mometrix Series 65 study guide — independent provider study resource.
Reviewed October 15, 2026. This independent exam-preparation resource is educational material and does not guarantee a license or exam result.