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Series 65 - Uniform Investment Adviser Law Exam

The Series 65 Exam is required by most states for individuals to register as investment advisers (IAs) or investment adviser representatives (IARs) within those states. The exam is developed and maintained by the North American Securities Administrators Association (NASAA) and administered by FINRA.

Exam

Exam Details

Exam Format: 130 multiple-choice questions

Exam Duration: 3 hours (180 minutes)

Passing Score: 72% (94 correct of 130)

Broker-dealer Sponsorship: not required

Exam Outline

TOPIC DESCRIPTION Percentage of Exam No. Questions
Economic Factors and Business Information 15% 20
Investment Vehicle Characteristics 25% 32
Client Investment Recommendations and Strategies 30% 39
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices 30% 39
TOTAL 100% 130

Test Center

Prometric is the sole vendor delivering all FINRA-administered exams. Prometric facilities are located in most cities. To schedule an exam, contact Prometric at:

If your local test center does not have favorable availability, consider testing in a neighboring city. Ask about parking when you schedule your exam. Candidates must present valid, current, government-issued photo identification. This includes:

Student IDs are NOT accepted by Prometric.

COVID-19 Considerations: Due to COVID-19 health concerns, all Prometric test centers require face coverings, and that all testers are free from COVID infection and/or exposure during the previous 14 days. See https://www.prometric.com/covid-19-update/test-center-policies for the latest COVID updates.

In addition, many exams allow Remote Proctoring - see https://www.prometric.com/test-takers/search/1finra for more info.

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