Series 65 Exam Information



The Uniform Investment Adviser Law Examination is developed by NASAA, The North American Securities Administrators Association. The Series 65 exam, is designed to qualify candidates as investment adviser representatives. The exam covers the following topics:

Ethics and legal guidelines: 45 questions
Investment Strategies: 39 questions
Investment Vehicles: 26 questions
Economics and Analysis: 20 questions

The Uniform Investment Adviser Law Examination consists of 130 questions. Each candidate will also receive 10 practice questions that do not count towards their score. Each candidate will be allowed 180 minutes to complete the examination. This time limit has been designed to provide enough time for all candidates to complete the exam. At least 89 (68.5%) of the questions must be answered correctly for an individual to pass the Series 65 exam.

The examination is conducted as a closed book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.

The examination is administered by the NASD. To schedule a candidate for the examination, an individual's firm should file an electronic Form U-4 or the individual should file a paper Form U-10 and pay the $120.00 examination fee to the NASD.

Study Materials From The Securities Institute of America, Inc.

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