Series 65

Loading the player...

What is the 'Series 65'

The Series 65 is a securities license required by most U.S. states for individuals who act as investment advisors. The Series 65 exam, called the Uniform Investment Adviser Law Examination, covers laws, regulations, ethics and topics such as retirement planning, portfolio management strategies and fiduciary responsibilities. The exam itself is administered by FINRA.

BREAKING DOWN 'Series 65'

Successful completion of the Series 65 exam qualifies an investment professional to function as an Investment Adviser Representative in certain states. Other FINRA administered qualification examinations include Series 3 National Commodity Futures (CR); Series 7 General Securities Representative (GS); and Series 63 Uniform Securities Agent State Law.

Series 65 Exam Structure

The Series 65 examination contains 130 multiple choice questions. Candidates sitting for the exam have a time limit of 180 minutes to finish all 130 questions. In order to obtain a passing grade, candidates must get 94 of the 130 questions correct, a score of 72.3%. The person administering the exam provides candidates with a basic electronic calculator. Only this calculator may be used during the exam. A dry-erase whiteboard and marker are also provided for candidates. No reference materials of any kind are permitted in the exam room, and there are severe penalties for those who are caught attempting to cheat. An individual's firm can schedule a candidate to take the exam by filing a Form U4 or Form U-10 and paying the $155 examination fee.

Series 65 Exam Content

The North American Securities Administrators Association provides updated information of the exam's content on its website. Currently the exam questions are allocated as follows:

Economic Factors and Business Information (14%): Topics include monetary and fiscal policy, economic indicators, financial reporting, quantitative methods and basic risk concepts.

Investment Vehicle Characteristics (34%): Topics include cash and cash equivalents, fixed income securities, methods of fixed income valuation, equities and methods used to in equity valuation, pooled investments, derivative securities and insurance-based products.

Client Investment Recommendations and Strategies (31%): Topics include individuals, business entities and trusts, client profiles, capital market theory, portfolio management styles, strategies and techniques, tax considerations, retirement planning, ERISA issues, special types of accounts, trading securities, exchanges and markets, and performance measurement.

Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices (31%): Topics include state and federal securities acts, rules and regulations for investment advisers, investment adviser representative, broker-dealers, and agents, ethical practices, and fiduciary obligations, including communications with clients, compensation, client funds and conflicts of interest.

RELATED TERMS
  1. Series 66

    An exam administered by the Financial Industry Regulatory Authority ...
  2. Series 7

    A general securities registered representative license administered ...
  3. Series 63

    A securities license entitling the holder to solicit orders for ...
  4. Series 86/87

    An exam administered by the Financial Industry Regulatory Authority ...
  5. Series 11 License - Assistant Representative ...

    A securities license, administered by the Financial Industry ...
  6. Series 4

    A securities license entitling the holder to supervise options ...
Related Articles
  1. Investing

    What is the Series 66?

    The Series 66 exam is one of two tests required to register as both a securities agent and an investment advisor.
  2. Managing Wealth

    Introduction To The Series 65 Exam

    The Series 65 is required in many states in order to be a fee-based advisor. Find out what it is and whether you need it.
  3. Professionals

    Who Needs to Take the Series 65?

    Most states require individuals to pass the Series 65 exam in order to act as investment advisors.
  4. Investing

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  5. Financial Advisor

    CFA Vs. Series 7: Which is Easier

    Find out which is exam is easier: The Chartered Financial Analyst (CFA) exam, or the Series 7 securities exam for registered representatives.
  6. Professionals

    Understanding Series 63

    Series 63 is a securities license that entitles the holder to sell securities in a particular state.
  7. Professionals

    Sell-Side Analysts Need Series 86/87 Exams

    Though these tests are not particularly difficult or comprehensive, passing them is mandatory to work as a sell-side analyst.
  8. Financial Advisor

    How Hard are the CFA Exams?

    Learn about the difficulty of the CFA exams with a description of the tests, some statistics on pass rates and suggestions that can help you pass the exams.
  9. Professionals

    What To Expect On The CFA Level I Exam

    Becoming a chartered financial analyst requires the passing of three grueling exams covering an array of topics.
  10. Professionals

    Series 6 Exam Prep: What Is A Security?

    Before you take the series 6, you need to understand what a security is as defined by the exam.
RELATED FAQS
  1. Where do I take the Series 63 examination?

    Find out where to take the Series 63 examination for securities agents, and learn more details about the test's purpose and ... Read Answer >>
  2. Do I need a class to take the Series 63 exam?

    Learn more about the educational requirements for the Series 63 and what candidates should study. Find out more about NASAA ... Read Answer >>
  3. If I have passed the Series 7 exam, do I need to write the 6 and 63 exams as well?

    Not always. According to the Financial Industry Regulatory Authority (FINRA), (formerly National Association of Securities ... Read Answer >>
  4. Do I have to successfully complete the Series 7 exam before I can register for the ...

    There are no prerequisites to register for the Series 63 exam. However, once you have registered for the exam, you must schedule ... Read Answer >>
  5. For what reasons are electronics stocks commonly purchased by a value investor?

    Learn about the breakdown of subjects on the Series 6 while reviewing important aspects of the exam, including its content ... Read Answer >>
  6. What is the best way to study for the series 63 exam?

    Learn more about the content of the series 63 exam and how candidates should prepare for the test. Find out about potential ... Read Answer >>
Hot Definitions
  1. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  2. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  3. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  4. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  5. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
  6. Enterprise Value (EV)

    A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is ...
Trading Center