Prep for the NASAA Series 65 - Uniform Investment Adviser Law Exam with 1,230+ exam-style questions, chapter quizzes, mini exams, and full-length practice finals. Self-paced online prep covering investment adviser law, ethics, client strategies, investment vehicles, and economic factors.
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The Series 65 — the Uniform Investment Adviser Law Examination — is NASAA’s qualification exam for investment adviser representatives (IARs). Passing it is how you qualify to give investment advice for compensation at the state level: building financial plans, recommending portfolios, and charging fees for advice rather than earning commissions on trades. It’s the standard credential for fee-only advisers, and a common path for career changers, insurance professionals adding advisory work, and brokers moving to the RIA channel.
Passing the exam is not the same as being registered. A passing Series 65 qualifies you to apply; you become an IAR only when a state approves your registration, normally with you associated with a registered investment adviser (RIA) firm. Until then, you cannot hold yourself out as an adviser or charge for advice. Also note what the 65 doesn’t cover: it does not license you to sell securities products for commissions — that’s broker-dealer territory and requires the SIE plus a rep-level exam like the Series 7.
Organized to match how the Series 65 is structured - economics and products first, then client strategies, with heavy focus on investment adviser law, fiduciary duty, and ethics. Functions 3 and 4 are 60% of the exam combined.
Function 1 - 15% (20 questions)
Function 2 - 25% (32 questions)
Function 3 - 30% (39 questions)
Function 4 - 30% (39 questions)
Candidates regularly underestimate the Series 65 because it has no prerequisite. In practice it’s a dense exam: the law and ethics function alone spans two federal acts, the Uniform Securities Act, NASAA model rules, and a long list of prohibited practices — and it’s tested with precise, lawyer-ish wording where one word (“solicit,” “custody,” “person”) changes the answer. The investments half of the exam adds real math: time value of money, yields, and portfolio statistics like beta, alpha, and standard deviation. NASAA does not publish official pass rates, so treat any quoted number as marketing.
The good news: the exam is very learnable with structured repetition. Definitions and exemptions reward flashcard-style drilling, and the scenario questions repeat a manageable set of patterns — registration triggers, de minimis counts, fiduciary conflicts, and suitability by client profile.
No. The Series 65 stands entirely alone — no SIE, no Series 7, no sponsorship. That’s the key structural difference from the Series 66, which does require the Series 7 as a corequisite.
The 66 combines the Series 63 (state agent law) and the Series 65 (adviser law) into one exam for people who are also Series 7-registered reps. If you work at a broker-dealer and need both agent and IAR status, 7 + 66 is the efficient path. If you only need IAR status — fee-only planning, RIA work, no commission business — the 65 alone is the right exam.
The Series 63 registers securities agents (commission sales) at the state level and pairs with the Series 7 or 6. It does not qualify anyone to charge for advice. The 65 is the advice-side license; the 63 is the sales-side one. Many careers eventually involve both, but they answer different regulatory questions.
The Series 7 is a FINRA exam for selling securities through a broker-dealer, requires sponsorship, and leans hard into products, options, and trading. The 65 is a NASAA law exam about giving advice as a fiduciary. They overlap on product basics, but the 65’s center of gravity — the Investment Advisers Act, the USA, and fiduciary conduct — barely appears on the 7.
Original questions written by our instructors in the style of the exam — not taken from our question bank or any other provider.
1. Under the Uniform Securities Act, which of the following is excluded from the definition of "investment adviser"?
Answer: B. Banks (and savings institutions and trust companies) are excluded from the USA’s definition of investment adviser. The other three are squarely in the definition: they provide advice about securities, for compensation, as part of a business.
2. An investment adviser representative works for a federal covered adviser and has no place of business in State B. Over the past 12 months she has 4 individual (retail) clients who are residents of State B. Under the Uniform Securities Act, she is:
Answer: B. The de minimis exemption applies when a person has no place of business in the state and no more than 5 retail clients resident there within the preceding 12 months. With 4 clients and no in-state office, no State B registration is required.
3. A client’s portfolio has a beta of 1.2. If the overall market rises 10%, the portfolio would be expected to:
Answer: C. Beta measures sensitivity to market movement. A beta of 1.2 means the portfolio is expected to move 1.2× the market: 10% × 1.2 = 12%. Beta cuts both ways — the same portfolio would be expected to lose about 12% in a 10% market decline.
4. Which of the following risks CANNOT be reduced through diversification across many securities?
Answer: B. Market (systematic) risk affects the entire market and remains no matter how many securities you hold. Diversification addresses unsystematic risks — those tied to a specific company or industry, like business risk, single-issuer default, or industry regulation.
Every chapter gets a Learn, Apply, and Master quiz — definitions first, scenarios second, exam-level difficulty third — before you graduate to timed mini exams and three full 130-question finals.
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Jason helped me pass my Series 65. He knows the material very well and always knew the answers to my questions. Jason worked around my schedule and made time for sessions. He does the research and gives you what you need to know regarding each topic. He was always willing to answer questions and help outside of sessions as well. I definitely recommend Jason to anyone looking to pass their Series 65.
— Kaleigh, Series 65
I recently worked with Jason to prepare for the Series 65 exam and could not be more satisfied. From the first lesson, Jason demonstrated a deep understanding of the material, breaking down complex topics like investment strategies, economics, and regulations into easily digestible pieces. The tutoring sessions were tailored to my specific needs, with a strong focus on areas where I needed the most improvement. I appreciated Jason’s patience and ability to explain difficult concepts in multiple ways until I truly understood them. Beyond technical knowledge, Jason provided valuable tips on time management, test-taking strategies, and staying calm under pressure. Thanks to his thorough and focused approach, I was ready for the Series 65 exam and passed on my first attempt.
— Will, Series 65
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Sources: NASAA — Series 65 Exam · FINRA — Series 65 exam page · NASAA — Exam FAQs
Content reviewed against the official NASAA outline in July 2026.
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