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The Series 65 exam qualifies financial services professionals to work as Investment Advisor Representatives (IARs). The exam consists of 130 scored questions and 10 unscored questions. To pass, you must correctly answer at least 92 of the scored questions within the 180-minute test window. Completing Series 65 sample questions as part of your study plan can help you feel more prepared on exam day.1
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Series 65 Sample Questions
The Series 65 exam covers four core knowledge areas: economic factors and business information, client investment recommendations and strategies, investment vehicle characteristics, and laws, regulations and guidelines. The North American Securities Administrators Association (NASAA), which developed the exam, offers a free Series 65 study guide you can use to prepare.
Series 65 sample questions help you test your knowledge. The following questions are sourced from Pass Perfect, Mometrix, Kaplan and Achievable. Read through the questions, then check your responses against the answer key below.
Question 1
“An investment in a common enterprise for profit, with management provided by a third party” is the definition for a(n): (Source: Pass Perfect)
A. Agent
C. Security
D. Broker-Dealer
Question 2
Which of the following is NOT a portfolio management “style?” (Source: Pass Perfect)
A. Active management
B. Passive management
C. Diversification
D. Indexing
Question 3
Emerging markets equity investors generally don’t have to worry about which of the following risks? (Source: Mometrix)
A. Reinvestment risk
B. Political risk
C. Currency risk
D. Opportunity cost
Question 4
What is the least advantageous structure when it comes to taxation? (Source: Mometrix)
A. Sole proprietorship
B. LLP
C. LLC
D. C corp
Question 5
Which of the following is a proper communication to prospects? (Source: Mometrix)
A. Using the designation “Senior Citizen Certified Adviser”
B. Using someone else’s research and stock recommendations as one’s own
C. Using current clients’ names and account performance as advertising
D. Using guaranteed products in advertising literature
Question 6
A risk-free rate of return is used in which of the following? (Source: Mometrix)
A. Capital asset pricing model
B. Strong form of efficient market hypothesis
C. Weak form of efficient market hypothesis
D. Modern portfolio theory
Question 7
One of the differences between broker-dealers and investment advisers is the disclosures that must be made when the IA is acting as a principal or agent in a transaction with an advisory client. In the case of a firm registered in both capacities, those disclosures would not be required when: (Source: Kaplan)
A. Approval was granted by an officer of the firm
B. Cleared with the Administrator
C. There was a transaction with a client of both entities, but the trade was not based upon advisory services rendered
D. The transaction was in an exempt security
Question 8
A client of yours just received a $200,000 inheritance and plans to invest the funds in the market. They hope to grow the funds to $800,000 and use them to retire early. Assuming you believe their portfolio can consistently attain an annualized rate of return of 10%, how long will it take to grow the funds according to the client’s plan? (Source: Achievable)
A. 7.20 years
B. 10.08 years
C. 14.40 years
D. 25.92 years
Question 9
A state-registered investment adviser wants to post a client testimonial praising the firm on its website. Under NASAA’s amended Model Rule 102(a)(4)-1, which statement correctly describes the adviser’s ability to do this? (Source: Achievable)
A. State-registered advisors are prohibited from using testimonials
B. Only SEC-registered advisors may use testimonials
C. The advisor may use it if required disclosures and conditions are met
D. The advisor may post it without disclosure requirements
Question 10
On a firm’s annual financial disclosures, the CFO reports a number of changes to the firm’s current assets. Which of the following is NOT considered a current asset? (Source: Achievable)
A. Inventory
B. Intellectual property
C. Cash
D. Accounts receivable
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Series 65 Sample Questions Answer Key
| Answer | Explanation |
|---|---|
| Answer: C | The basic definition of a security is: an investment in a common enterprise for profit, with management provided by a third party. |
| Answer: C | The management “styles” are basically active asset management (the manager selects the specific investments) or “passive” asset management, where the manager uses index funds as the investment vehicle. Diversification is not a style; rather it is a technique used to reduce risk. |
| Answer: A | Typically, emerging market equities are invested in for capital appreciation, not income. Income investors tend to prefer less volatility with EM investments. |
| Answer: D | C corporations pay taxes as an entity and shareholders pay income tax as well, resulting in double taxation. |
| Answer: D | The use of products with guarantees is fine if it’s not misleading. Many annuity products feature guarantees. |
| Answer: A | The capital asset pricing model uses the risk-free rate to calculate an expected return for a given security and a given risk. |
| Answer: C | When a firm is registered as both a BD and an IA, the disclosure requirements incumbent upon IAs do not apply when the transaction is solely related to the firm’s capacity as a BD. |
| Answer: C | The best way to calculate the answer is to utilize the Rule of 72: Time needed to 2x money = 72 ÷ 10% Time needed to 2x money = 7.20 years It will take 7.20 years to double the money once, and therefore will take 14.40 years to double it twice. |
| Answer: C | NASAA amended Model Rule 102(a)(4)-1 to permit state-registered investment advisers and their representatives to use testimonials and endorsements. Advisors must clearly disclose whether the person giving the statement is a current client (a testimonial) or a non-client (an endorsement), whether any cash or non-cash compensation was paid, and any material conflicts of interest tied to that relationship. |
| Answer: B | A current asset is an asset that is currently in cash or can reasonably be turned into cash within 1 year. The following are considered current assets: Cash and cash equivalents, marketable securities, inventory and accounts receivable. Intellectual property is considered to be an intangible asset. |
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How to Prepare for the Series 65 Exam
The Series 65 exam has a 65% to 70% pass rate on average, suggesting that the exam can be challenging. Allowing yourself time to prepare and developing a structured study plan can help you prepare more thoroughly for the exam. 2
Here are a few tips to help you get ready for exam day.
Review the Exam Outline
In addition to a study guide, the NASAA publishes an exam outline that breaks down the four core knowledge areas and the subtopics tested under each one. Familiarize yourself with the topics, then use the outline and study guide to formulate your study approach.
Set a Study Schedule
The amount of time you’ll need to prepare for the exam can depend on your existing knowledge of securities law, your ability to retain information as you learn it and your schedule. A typical candidate may spend 50 to 100 hours studying, spread over four to eight weeks. 3
That breaks down to 12.5 hours of study per week. Assuming you plan to study five days per week, that’s 2.5 hours of study time per day. Look at your current schedule to see whether that’s realistic. If not, consider extending your study period. For example, if you take 12 weeks to prepare, you could log 100 hours of study time following a 1.6-hour-per-day, five-day-per-week schedule.
Compare Exam Prep Options
It’s possible to find free Series 65 exam prep materials online, but you may feel more comfortable purchasing a course or study package so that you have all of your materials in one place. The Series 65 sample questions listed above were all sourced from exam prep providers. As you’re comparing options, consider:
- Course format: Exam prep courses may be live, on-demand or a combination of the two.
- Study aids: Look for a course that offers Series 65 sample questions, along with other study aids, like videos, flash cards and practice quizzes.
- Cost: Exam prep pricing can vary widely, so compare costs carefully. Also, consider how long you’ll have to access the materials once you purchase them.
- Guarantees: Some exam prep companies offer guarantees that cover the cost of a second course if you don’t pass your exam the first time.
- Support: Look into the type of support that’s provided. For example, are you limited to regular customer support or do you have access to a dedicated instructor or tutor?
Take Full Practice Tests
Sample questions can offer a taste of what to expect on the Series 65 exam, but a full practice test goes further. Exam prep providers offer full exams, but you can also find them for free online. When you take the test, try to do so in conditions that mirror what will happen on exam day.
Frequently Asked Questions (FAQs)
What Are the Prerequisites to Take the Series 65 Exam?
There are no prerequisites to take the Series 65 exam. You must be 18 or older but you don’t need a college degree or sponsorship from an RIA firm. You don’t need to hold any other securities licenses either, or complete the Securities Industry Essentials (SIE) exam.
What Is the Series 65 Exam Fee?
As of 2026, the Series 65 exam fee is $187. You can check the NASAA website or FINRA’s website for updated fee information.
Can You Retake the Series 65 Exam?
After the first and second failed attempts, the waiting period is 30 days. After a third failed attempt, the current waiting period is 180 days. NASAA has announced that this period will decrease to 60 days for applicable exam windows opened on or after Jan. 4, 2027. You’ll need to pay the $187 registration fee for each new attempt.4
Bottom Line
The average success rate of the Series 65 test can feel a little intimidating, but it’s possible to pass on the first try if you’re thoroughly prepared. Completing sample questions, quizzes and practice tests as part of a comprehensive study plan can help you approach exam day more confidently.
Advisor Marketing Tips
- The Series 65 may be just one license to obtain if you’re looking to become a financial professional. You may also consider professional certifications or designations, such as a CFP® mark or a Chartered Financial Analyst (CFA) designation. Review the prerequisites and exam requirements, as well as continuing education (CE) requirements once you’ve earned a credential.
- If you want to scale your business, having a professional website and social media presence can help increase your visibility in online searches. You might also consider the value of running Google ads to show up in local search results. Want a shortcut to marketing? Consider lead-generation services instead. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
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Article Sources
All articles are reviewed and updated by SmartAsset’s fact-checkers for accuracy. Visit our Editorial Policy for more details on our overall journalistic standards.
- “Series 65 – Uniform Investment Adviser Law Exam.” FINRA, https://www.finra.org/-exams-ce/qualification-exams/series65.
- “Series 65.” Cerifi Pass Perfect, https://www.passperfect.com/securities/series-65.
- Davila, Alexander. “Series 65 Study Time: How Many Hours You Really Need.” CertFuel, 24 Aug. 2026, https://www.certfuel.com/series-65/study-guides/how-long-to-study/.
- “Exam FAQs: What If I Have an Enrollment under the Old Rules, Can I Have the Waiting Period Reduced to 60 Days Instead of Waiting 180?” NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION, https://www.nasaa.org/exams/exam-faqs/?utm_source=chatgpt.com.