Series 65 Exam

If you plan to find work as a certified investment adviser representative, you'll need to take the FINRA Series 65 exam.

The Series 65 exam – also known as the Uniform Investment Adviser Law Examination – will qualify you for a position as an investment adviser representative.  It covers everything you need to know in order to give clients investment advice, including portfolio management strategies, retirement planning, fiduciary obligations, retirement planning, business ethics, and securities regulations.

Series 65 Administration

Unlike many of FINRA's other financial series exams, the Uniform Investment Adviser Law Examination was actually developed by the North American Securities Administrators Association (NASAA) – an organization dedicated to providing investor protection.  However, the exam is administered by FINRA, and all registration details go through this body.

Series 65 Exam Details

This exam has no prerequisite, and it does not require sponsorship.  In order to register, the candidate must either file a paper U-10 form with the FINRA office or request that their firm file an electronic U-4 form.  Copies of these forms are available from the NASAA website at www.nasaa.org. In addition, you'll need to pay a $120 examination fee to register for the exam. 

You may not use any resource materials on the Series 65 test.  However, the test administrator will provide you with scratch paper and a basic, non-programmable calculator if you request it. Anyone caught cheating on the exam will be subject to harsh penalties imposed by FINRA.

Series 65 Exam Questions

The Series 65 test is made up of 130 multiple choice questions, and you will have three hours in which to answer them.  For every question you answer correctly, you’ll gain one point.  You will not be penalized for incorrectly answered questions or skipped questions – so it may be to your advantage to guess on questions you aren't sure of.  You'll need to answer at least 89 questions – or 70% of the exam – correctly in order to pass the test. 

Questions on the Series 65 exam are based only on the most recent rules, regulations, and concepts pertaining to investment laws.  No outdated regulations or interpretations will be used as the basis for a question.  In addition to the 130 standard exam questions, you'll encounter 10 questions that won't count towards your score, but will be used to evaluate potential questions for future exams.

In order to prepare for the test, take advantage of the detailed study guide provided on the NASAA website.  The guide gives you a rough outline of the different areas you'll want to cover in your preparations, as well as areas where you'll want to focus in more depth.