Series 65 — Uniform Investment Adviser Law Examination
NASAA's exam for investment adviser representatives — economics, investments, client strategies and the law and ethics of giving advice.
About the exam
The Series 65 qualifies you to act as an investment adviser representative — giving investment advice for a fee — in most states. There's no prerequisite and no firm sponsorship needed to sit it. Most states waive it for holders of certain professional designations, such as the CFP®, CFA®, ChFC®, PFS or CIC; check with your state.
The exam has 140 multiple-choice questions in 180 minutes: 130 scored and 10 unscored pretest items. You pass by answering 92 of the 130 scored questions correctly (about 71%). Expect some calculations — returns, yields, time value of money and performance measures.
Our practice covers all four sections of NASAA's June 2023 test specifications with scenario questions on client profiles, portfolio strategy, retirement plans and fiduciary duty, plus flashcards, case simulations where an advisory client's plan unfolds with every recommendation, and interactive illustrated guides to the theory and regulation you need.
How we track your progress
Every blueprint domain moves through five levels as you study:
- Not startedNo questions answered in this domain yet.
- Getting startedFirst questions answered — not enough yet to judge.
- DevelopingAt least 5 answered and 50% or better on your recent questions.
- ProficientAt least 15 answered and 70% or better on your recent questions.
- Exam readyAt least 25 answered, 80% or better recently, and holding up on hard questions.
The exam blueprint
NASAA Series 65 test specifications effective June 12, 2023 (Exam Study Guide, September 2023) — 4 sections — recommendations and strategies, and laws and ethics, are 30% each. Tap a domain to see its topics.
1 Economic Factors and Business Information 15% of the exam
69 practice questions in this domain so far
2 Investment Vehicle Characteristics 25% of the exam
111 practice questions in this domain so far
3 Client Investment Recommendations and Strategies 30% of the exam
135 practice questions in this domain so far
4 Laws, Regulations and Guidelines, Including Prohibition on Unethical Business Practices 30% of the exam
135 practice questions in this domain so far
What you get when you access this exam
Free with your QuizMe account.
Questions built on the official outline
Every question is tagged to one of the 4 Series 65 sections and its topics — written as client and trade scenarios, not trivia.
Hints that teach the rule
Reveal the principle behind the question — the rule, the calculation, the exception. Every answer comes with the full rationale.
Adaptive practice
Questions steer toward your weakest areas, weighted like the real exam, and get harder as you get stronger.
Timed practice exams
Outline-weighted exams at the real pace — 130 scored questions in about 2 hr 47 min — with a pacing indicator and full review.
Flashcards, case simulations and guides
120 flashcards, 8 unfolding advisory client cases where every decision shows its consequence, and interactive illustrated guides you explore hotspot by hotspot.
Progress in every section
Each section moves from Not started to Exam ready, so you know exactly what to study next.
Test at home or at a center
NASAA develops the Series 65; FINRA handles enrollment and Prometric delivers it. You can enroll without a firm sponsor, and you have a 120-day window to test once enrolled.
At a Prometric test center
- NASAA exams have been test-center only since April 1, 2022 — online delivery is available only as an approved medical accommodation.
- Schedule with Prometric once your 120-day enrollment window is open.
- Arrive about 30 minutes early with current government-issued photo ID that matches your enrollment exactly.
- Phones, bags, watches and notes go in a locker; scratch material is provided.
Exam-day game plan
How to walk in ready — and how to pace 130 scored multiple-choice questions at the real pace.
Pacing checkpoints
The real Series 65 gives you 180 minutes for 140 questions, including 10 unscored pretest items. Our simulation drops the pretest items and keeps the real pace: 130 questions in about 167 minutes.
The week before
- Take one full-length timed practice exam 3–5 days out, then rest.
- Split your last sessions between Recommendations & Strategies and Laws & Ethics — 60% of the exam between them.
- Rework the calculations you'll see: current yield, YTM concepts, TVM, Sharpe ratio, time- vs. dollar-weighted returns.
- Confirm your Prometric appointment, ID and route.
During the exam
- Read the whole question and find the cue: best, first, most suitable, except, not.
- For a client scenario, start with objectives, time horizon, liquidity needs and taxes — then match the strategy.
- When two answers look right, choose the one that puts the client's interest first and is fully disclosed.
- Pick your best answer, flag it and move on; revisit flags at the end.
- Answer every question — there's no penalty for guessing.
Keep your head
- A few nerves sharpen focus. If you freeze, take three slow breaths and reread the question.
- You're measured against a fixed standard — 92 of 130 passes — not other test-takers.
- Change an answer only when you find a real reason in the question.
After you pass
- Your pass qualifies you for 2 years — register as an investment adviser representative within that window or you'll need to retest.
- In states that have adopted NASAA's IAR continuing education rule, complete 12 credits a year: 6 Products & Practice and 6 Ethics & Professional Responsibility.
- Next step: register through your advisory firm — and add the Series 7 and 63 if you'll also act as a broker-dealer agent.
Official sources and further reading
- NASAA — Series 65 Exam Study Guide ↗Official test specifications effective June 12, 2023.
- NASAA — Exam study guides ↗Current outlines and notes on recent rule changes.
- NASAA — Exams FAQ ↗Fees, enrollment window, designation waivers and retest waits.
Ready to start?
450 questions and scenarios across the blueprint — and growing.
NASAA® is a registered trademark of the North American Securities Administrators Association, Inc.; FINRA® is a registered trademark of Financial Industry Regulatory Authority, Inc. QuizMe and thinQtank Learning are not affiliated with or endorsed by NASAA, FINRA or Prometric. Details are summarized from NASAA's Series 65 Exam Study Guide (test specifications effective June 12, 2023) and the NASAA Exams FAQ; fees and policies change — always confirm at nasaa.org. Our Exam ready level asks for 80% or better.