Series 65 Exam

An exam administered by the Financial Industry Regulatory Authority (FINRA) (previously the National Association of Securities Dealers (NASD)). Completion of the Series 65 Exam will qualify an investment professional to operate as an Investment Advisor Representative in certain states. The exam focuses on topic areas that are important for an investment advisor to know when providing investment advice. These areas include topics such as retirement planning, portfolio management strategies, and fiduciary obligations.

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Series 65 Online Study Guide

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Exam Details

Time Limit: Three hours
Cost: $155
Number of Questions: 130, plus 10 "pre-test" questions
Passing Score: 72%
Format: Multiple Choice / 50% Essay
Prerequisites: You do not have to be sponsored or employed by a member firm. If registering as an individual, you must complete Form U-10.
Exam Date(s): Any day of the week, excluding Sundays
Exam Locations: Find your U.S. or international exam center here
Official Exam Website: http://www.nasaa.org


Exam Topic Weights

For an in-depth breakdown, see the North American Securities Administrators Association's (NASAA) study guide.

Series 65 Exam Topic Weights By Section


Question of the Week

Your client, Todd, owns 100 shares HAT stock in his taxable stock portfolio. The stock has been inactive for the last year and Todd expects it to have another sluggish year ahead. To help Todd increase his return on the stock and reduce risk, you would recommend which of the following strategies?

  • a) Sell a call on HAT stock
  • b) Buy a put on HAT stock
  • c) Sell a put on HAT stock
  • d) Buy a call on HAT stock
  • View Answer »

Professionals FAQs
  1. Where can I look for a financial planner?

    References from trusted friends or family members can help you find a financial planner; however, keep in mind that your friends' financial situations and goals may differ from yours and, therefore, their planners won't necessarily be the best fit for you.The Certified Financial Planner (CFP) Board of Standards certifies financial planners and maintains an online list of certified financial planners on its CFP Board of Standards website.
  2. If I am looking to get an Investment Banking job. What education do employers prefer? MBA or CFA?

    If you are looking specifically for an investment banking position, an MBA may be marginally preferable over the CFA. The caveat here is that the MBA would most probably need to be from a Top-20 B-School.The Chartered Financial Analyst (CFA) is well worth considering if you (a) are aiming for an entry-level position in investment banking, and/or (b) cannot afford to shell out six figures for an MBA or have to settle for a lesser-known B-school.That's because in the investment banking field, most entry-level positions are at the analyst level.
  3. Can I still pass the CFA Level I if I do poorly in the ethics section?

    You may still pass the Chartered Financial Analysis (CFA) Level I even if you fare poorly in the ethics section, but don't count on it. The CFA Institute has long emphasized that ethics is a particular area of focus for it. The seriousness with which the CFA Institute views ethics is evident from the fact that for exam candidates with borderline total scores, performance on the ethics section can mean the difference between passing and failing the exam.
  4. Under the USA, registration as an IAR includes all of the following EXCEPT:

    Under the USA, registration as an IAR includes all of the following EXCEPT: A. Minimum net capitalB. Passing a qualification examC. Filing a consent to service of processD. Posting a surety bond The correct answer is "A", since only an IA would need to prove minimum net capital requirements.
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