An exam administered by the North American Securities Administrators Association (NASAA). 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.

Time Limit:	Three hours
Number of Questions:	140 questions, 10 of which are pretest questions which will not count toward the final mark. Note that the exam does not indicate which questions these are.
Passing Score:	68.5%
Format:	Multiple Choice
Exam Enrollment Fee:	$120 US as of August 2006. Note that this is the examination enrollment fee ONLY--other fees may also apply. Please visit the NASD Registration/Exam Fee Schedule for more information.
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 (pdf).
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

For an in-depth breakdown of Series 65 exam topics,refer to the study outline provided by the NASAA here (PDF).

• 403b Plan • Active Investing • Convertible Bonds • Deflation • Dollar Cost Averaging - DCA

• Employee Retirement Income Security Act - ERISA • Liquidity • Prudent Person Rule • Risk Tolerance • Time Value of Money