NASAA Series 65 Practice Exam & Full Question Bank
Master the Uniform Investment Adviser Law Examination with 130 scored blueprint-accurate questions. Features an authentic 180-minute Prometric exam engine, comprehensive 4-area score analytics, four-option distractor autopsies, and primary statutory citations.
NASAA Series 65 Blueprint Weightings
Official topic breakdown established by the North American Securities Administrators Association (NASAA):
Economic Factors
Macroeconomic indicators, business cycles, monetary and fiscal policy, financial statements analysis, key financial ratios, and basic equity valuation techniques tested in real-world advisory scenarios.
- Macroeconomic Indicators (GDP, CPI, PPI, Unemployment Rate, Leading vs. Lagging Indicators)
- Business Cycles (Expansion, Peak, Contraction, Trough) and Monetary Policy Tools (Fed Funds Rate, Open Market Operations, Reserve Requirements)
- Fiscal Policy (Government Spending, Taxation, Budget Deficits/Surpluses)
- Financial Statement Analysis (Balance Sheet, Income Statement, Cash Flow Statement)
- Key Financial Ratios (P/E Ratio, Current Ratio, Quick Ratio, Debt-to-Equity Ratio)
- Equity Valuation Basics (Dividend Discount Model, Price-to-Book, EV/EBITDA)
Investment Vehicles
Characteristics, risks, and regulatory treatment of equities, fixed income securities, packaged products (mutual funds, ETFs, variable annuities), alternative investments, and options basics for investment adviser practice.
- Equity Securities (Common Stock, Preferred Stock, ADRs, Rights, Warrants)
- Fixed Income Securities (Treasuries, Agency Bonds, Municipal Bonds, Corporate Bonds, Convertibles)
- Packaged Products (Mutual Fund NAV/POP, Closed-End Funds, ETFs, REITs, Variable Annuities)
- Alternative Investments (Hedge Funds, Private Equity, Commodities, Limited Partnerships)
- Options Basics (Calls, Puts, Premium, Intrinsic/Time Value)
- Money Market Instruments and Short-Term Vehicles (T-Bills, Commercial Paper, CDs)
Client Recommendations
Portfolio theory, asset allocation, client profiling, retirement planning, tax strategies, education funding, and estate planning as applied by registered investment advisers under the fiduciary standard.
- Modern Portfolio Theory (Efficient Frontier, Beta, Alpha, Sharpe Ratio, Standard Deviation)
- Asset Allocation and Diversification (Strategic vs. Tactical, Correlation, Rebalancing)
- UPIA Prudent Investor Standard (Total Return Approach, Delegation, Duty of Loyalty)
- Client Profiling (Risk Tolerance, Time Horizon, Liquidity Needs, Investment Objectives)
- Retirement Planning (Traditional IRA, Roth IRA, SEP-IRA, SIMPLE IRA, 401(k), 403(b), Required Minimum Distributions)
- Tax Strategies (Tax-Loss Harvesting, Qualified vs. Non-Qualified Accounts, Tax-Deferred vs. Tax-Exempt)
- Education Planning (529 Plans, Coverdell ESAs, UGMA/UTMA Accounts)
- Estate Planning (Wills, Revocable/Irrevocable Trusts, Beneficiary Designations, Step-Up in Basis)
Laws & Regulations
Investment Adviser Act of 1940, NSMIA federal vs. state registration thresholds, IAR registration, Form ADV requirements, custody rules, proxy voting, codes of ethics, Uniform Securities Act prohibited practices, anti-fraud provisions, and civil/criminal liability.
- IA Definition ABC Test (Advice, Business, Compensation) and Exclusions (L.A.T.E., Publishers, BD Incidental)
- NSMIA AUM Thresholds: Mandatory SEC ≥$110M; May Go SEC $100M-$110M; State <$100M
- IAR Registration (State Where Managing Clients; Federal Covered IA IARs Still Register in State)
- Form ADV Parts 1 & 2 — Brochure Rule (Initial Delivery, Annual Update, Material Change Delivery)
- Custody Requirements (Notice to Admin, Quarterly Client Statements, Annual Surprise CPA Audit)
- Proxy Voting Policy (Written Policy Required; Inform Clients How to Get Proxy Voting Records)
- Codes of Ethics (Insider Trading Prohibition; Access Person Holdings/Transaction Reports; IPO Pre-Clearance)
- Prohibited Practices (Borrowing, Churning, Front-Running, Scalping, Unauthorized Discretion, Performance Fees Limits)
- Anti-Fraud — IAA Section 206 (Applies to All IAs Regardless of Registration Status)
- Civil/Criminal Penalties (IA Act: $10,000 fine/5 yrs; USA: 2-yr discovery/3-yr occurrence civil SOL)
NASAA Series 65 Investment Adviser Law Exam Simulator
Experience the authentic testing environment of the Uniform Investment Adviser Law Examination (Series 65). Practice under the official 70% passing benchmark, 180-minute time constraint, question flagging, and comprehensive 4-area diagnostic analytics.
Complete 130-Question Blueprint Exam
130 scored questions distributed strictly across all 4 NASAA content areas, heavily weighted on Laws, Regulations & Guidelines (41%).
- ⏱ 3 Hours (180 mins)
- 🎯 70% Passing Threshold (92 / 130)
- 📊 Full 4-Area Performance Diagnostic
32-Question Rapid Assessment
A proportional diagnostic sprint testing economic factors, investment vehicles, portfolio strategies, and investment adviser regulations.
- ⏱ 45 Minutes timed session
- 🎯 70% Benchmark Target
- ⚡ Immediate high-yield feedback
Complementary Series 65 Study Resources
Comprehensive Study Guide
Full 4-chapter curriculum covering the Investment Advisers Act of 1940 and Uniform Securities Act with interactive checkpoints.
Read Study Guide →Series 65 Cram Cheat Sheet
High-yield tables comparing AUM registration thresholds, Form ADV deadlines, custody rules, and prohibited practices.
View Cheat Sheet →4-Week Mastery Study Plan
Structured study plan and exam-day Prometric dump-sheet strategy emphasizing Area 4 regulatory dominance.
Open Study Plan →Frequently Asked Questions About NASAA Series 65
What does the NASAA Series 65 license qualify you to do?
The Series 65 qualifies individuals to function as Investment Adviser Representatives (IARs) providing fee-based investment advice, managing client portfolios, and issuing financial plans under state and federal law without requiring broker-dealer sponsorship.
Do you need firm sponsorship to take the NASAA Series 65 exam?
No. Anyone may register for the Series 65 examination without broker-dealer or investment adviser sponsorship by opening an enrollment window through FINRA's Test Enrollment Services System (TESS) using Form U10.
What is the passing score and format of the Series 65 exam?
The Series 65 consists of 130 scored multiple-choice questions plus 10 unscored experimental questions (140 questions total). The time limit is 180 minutes (3 hours). The passing score is 70% (minimum 92 out of 130 scored questions correct).
How is the Series 65 weighted across NASAA's 4 content areas?
The 130 scored questions are partitioned strictly according to NASAA's blueprint: Area 1 (Economic Factors & Business Information) has 14 Qs (11%); Area 2 (Investment Vehicle Characteristics) has 24 Qs (18%); Area 3 (Client Investment Recommendations & Strategies) has 39 Qs (30%); and Area 4 (Laws, Regulations, and Guidelines) has 53 Qs (41%).
What is the difference between the Series 65 and the Series 66?
The Series 65 is a standalone 130-question exam qualifying an individual solely as an Investment Adviser Representative. The Series 66 is a 100-question combined exam that assumes prior completion of the Series 7; it combines state broker-dealer agent law (Series 63) and investment adviser law (Series 65).
What is the waiting period if a candidate fails the Series 65?
NASAA follows standard waiting periods: 30 days after the first failed attempt, another 30 days after the second failed attempt, and 180 days (6 months) after the third consecutive failed attempt.