Free Series 65 Practice Exam
Practice Series 65 questions on economics, investment vehicles, client strategies and investment adviser law, with a worked answer for every calculation, then take a full mock in the real format: 140 questions in 180 minutes, scored on the 130 that count.
140 questions in 180 minutes, scored on the 130 that count, with a score by outline section and a worked answer for every question.
Or start with a free 10-question drill- 190 original Series 65 questions with worked answers
- 5 free drills: every outline section plus a mixed set
- 140 questions in the full mock, 180 minutes, as on exam day
The Federal Open Market Committee wants to slow rising inflation by draining reserves from the banking system. Which action is consistent with that goal?
Series 65 exam format
The NASAA Series 65 Uniform Investment Adviser Law Exam, run by NASAA and administered by FINRA.
- Questions
- 140 multiple-choice questions: 130 scored plus 10 unscored pretest questions
- Time limit
- 180 minutes at a Prometric test center
- Passing score
- 92 of the 130 scored questions (about 71%)
- Fee
- US$187
- Prerequisites
- None, and no sponsor is needed. Most states waive the exam for holders of a designation on NASAA’s list: CFP, ChFC, CFA, PFS and, in states that adopted the 2024 update, CIMA
- Retakes
- Wait 30 days after a first or second failed attempt and 180 days after a third. For enrollments opened on or after January 4, 2027 the wait after a third failure is 60 days
- Sections
- Economics 15% (20) · Investment vehicles 25% (32) · Recommendations and strategies 30% (39) · Laws and ethics 30% (39)
- Law tested
- Investment Advisers Act of 1940, the Uniform Securities Act of 1956 as amended by NASAA, SEC and NASAA rules, ERISA and the Uniform Prudent Investor Act
What’s on the Series 65 exam
NASAA’s outline sections. Our full mock draws its 130 scored questions at the official counts and adds 10 unscored pretest questions, as on the real exam. Every topic has a study guide and a free ten-question drill with a worked answer after every question.
| Topic | What it covers | Guide and drill |
|---|---|---|
| I. Economic factors and business information20 scored questions (15%) | Business cycles, monetary and fiscal policy, financial statements, time value of money, statistics and risk types | 10-question drill |
| II. Investment vehicle characteristics32 scored questions (25%) | Cash equivalents, bonds, stocks, pooled investments, derivatives, alternatives and insurance products | 10-question drill |
| III. Client investment recommendations and strategies39 scored questions (30%) | Client profiles, portfolio theory, strategies, taxes, retirement plans, ERISA, estate planning and performance measures | 10-question drill |
| IV. Laws, regulations and ethics39 scored questions (30%) | The Uniform Securities Act, the Investment Advisers Act, registration, custody, contracts, Form ADV, Administrator powers and unethical practices | 10-question drill |
What the Series 65 tests
- Seventy percent of the exam is finance: economics and financial statements, how investments work and are valued, portfolio theory, taxes, retirement plans and performance measures.
- Thirty percent is law and ethics: adviser and IAR registration, custody, advisory contracts, Form ADV, fiduciary duty and NASAA’s unethical practices for advisers.
- Expect calculations: present value, yields and duration, CAPM, Sharpe ratio, time-weighted versus dollar-weighted return, and after-tax returns.
Take a full Series 65 mock under the real clock
140 questions in 180 minutes, scored on the 130 that count, with a score by outline section and a worked answer for every question.
Or start with a free 10-question drillHow to take the Series 65
- Passing the Series 65 is normally required to register as an investment adviser representative (IAR) in a state.
- Open an enrollment window through FINRA (no sponsor needed) and pay the US$187 fee, then schedule at a Prometric test center.
- Sit the 140-question exam in 180 minutes.
- After passing, register through a firm within two years in most states; IARs in many states then complete annual IAR continuing education.
The securities licensing path
Most representatives pass the SIE, then the Series 7 with a sponsoring firm, then the state exam their role needs: the Series 63 to sell as an agent, the Series 65 to give advice as an investment adviser representative, or the Series 66 in place of both alongside the Series 7.
Start
SIE practice examFINRA · 75 scored questions · no sponsor
Then
Series 7 practice examFINRA · 125 scored questions
State exam
Series 63 practice examNASAA · 60 scored questions
State exam
Series 65 practice exam
NASAA · 130 scored questions
State exam
Series 66 practice examNASAA · 100 scored questions
Common questions
How many questions are on the Series 65?
140 multiple-choice questions: 130 count and 10 are unscored pretest questions. You have 180 minutes.
What score do you need to pass the Series 65?
At least 92 of the 130 scored questions, about 71%.
Do I need a sponsor for the Series 65?
No. You can open your own enrollment window through FINRA and pay the US$187 fee. The Series 65 has no prerequisite or corequisite.
Series 65 or Series 66?
The Series 65 qualifies you as an investment adviser representative on its own. The Series 66 combines the 63 and 65 for people who also hold the Series 7: it is shorter (100 scored questions) because it skips material the SIE and Series 7 already test.
How long do I wait to retake the Series 65?
30 days after a first or second failed attempt and 180 days after a third. For enrollments opened on or after January 4, 2027, the wait after a third failure is 60 days.
Can a designation replace the Series 65?
Most states waive the Series 65 for current holders of the CFP, ChFC, CFA or PFS designation, and states that adopted NASAA’s 2024 update also accept the CIMA. Your state securities regulator confirms which designations it accepts.
Are these real Series 65 questions?
No. NASAA does not release exam questions. These are original practice questions written to NASAA’s published outline, with an explanation and the rule or formula behind every answer.
Ready for exam day?
140 questions in 180 minutes, scored on the 130 that count, with a score by outline section and a worked answer for every question.
Or start with a free 10-question drillNext: the Series 66
One securities licensing pass covers every full mock exam and unlimited drills for the Series 7, 63, 65 and 66. The SIE has its own page.
Exam format, fees, passing scores and retake rules checked November 2026: FINRA: Series 65 exam · NASAA Series 65 content outline · NASAA Series 65 study guide · NASAA: Exam FAQs.
Original independent practice questions written to the published NASAA content outline. Not affiliated with or endorsed by FINRA or NASAA.