About the Series 65 Exam
The Series 65 exam, officially known as the Uniform Investment Adviser Law Examination, is administered by FINRA on behalf of the North American Securities Administrators Association (NASAA). It qualifies individuals to act as Investment Adviser Representatives (IARs).
Exam Overview
| Detail | Information |
|---|---|
| Full Name | Uniform Investment Adviser Law Examination |
| Administered By | FINRA (on behalf of NASAA) |
| Questions | 130 scored + 10 unscored (pretest) |
| Time Limit | 3 hours (180 minutes) |
| Passing Score | 70.77% (92 out of 130) |
| Cost | $187 |
| Prerequisite | None required |
What Does the Series 65 License Allow?
Passing the Series 65 exam qualifies you to:
- Provide investment advice for compensation
- Manage client portfolios on a discretionary or non-discretionary basis
- Determine suitability of investment recommendations
- Charge fees for investment advisory services
- Act as a fiduciary to clients
Important: The Series 65 is a state-level license. You must register in each state where you wish to conduct business as an Investment Adviser Representative.
Who Needs the Series 65?
The Series 65 is required for individuals who:
- Work for registered investment advisers (RIAs)
- Provide investment advice for compensation
- Want to become fee-based financial planners
- Need IAR registration without holding a Series 7
Alternative: If you already hold a Series 7 license, you can take the Series 66 instead, which combines the Series 63 and Series 65 content.
Exam Structure by Section
The Series 65 covers four major content areas:
| Section | Topic | Weight | Questions |
|---|---|---|---|
| I | Economic Factors & Business Information | 15% | 20 |
| II | Investment Vehicle Characteristics | 25% | 32 |
| III | Client Investment Recommendations & Strategies | 30% | 39 |
| IV | Laws, Regulations & Guidelines | 30% | 39 |
Key Topics Covered
This study guide covers all major topics tested on the Series 65 exam:
Section I: Economic Factors (15%)
- Economic indicators and business cycles
- Monetary and fiscal policy
- Financial reporting and analysis
- Types of investment risk
Section II: Investment Vehicles (25%)
- Cash equivalents and fixed income securities
- Equity securities
- Pooled investments (mutual funds, ETFs)
- Derivatives, alternatives, and insurance products
Section III: Client Recommendations (30%)
- Client types and profiles
- Portfolio theory and capital markets
- Portfolio management strategies
- Tax considerations and retirement planning
- ERISA and fiduciary requirements
Section IV: Laws & Regulations (30%)
- Regulation of investment advisers and IARs
- Regulation of broker-dealers and agents
- Securities registration and exemptions
- Ethics and fiduciary obligations
How to Use This Guide
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