NASAA Series 65 Study Guide (2026)
A comprehensive, source-linked curriculum designed to master the Uniform Investment Adviser Law Examination. Covers economic indicators, investment vehicles, portfolio theory, and state & federal adviser regulations across 4 chapters and 16 interactive lessons.
NASAA Exam Blueprint & Content Weighting
The Series 65 is weighted across 4 official content areas established by the North American Securities Administrators Association (NASAA):
Economic Factors & Business Information
Macroeconomic indicators (GDP, CPI, PPI), business cycles, monetary & fiscal policy, financial statement analysis, and valuation models.
Investment Vehicle Characteristics
Equity securities, fixed income debt instruments, packaged products (mutual funds, ETFs, REITs), variable annuities, and derivatives.
Client Investment Recommendations & Strategies
Modern Portfolio Theory, asset allocation, UPIA prudent investor standard, client profiling, retirement accounts, education savings, and estate planning.
Laws, Regulations, and Guidelines
The decisive core: Investment Advisers Act of 1940, NSMIA AUM thresholds, Form ADV, custody rules, code of ethics, prohibited practices, and statutory penalties.
Curriculum Chapter Roadmap
Economic Factors & Business Information
Master macroeconomic indicators, monetary and fiscal policy, financial statement analysis, and valuation models tested on the Series 65.
Investment Vehicle Characteristics
Deep-dive into the features, risks, and taxation of equities, fixed income securities, packaged pooled vehicles, and derivatives.
Client Investment Recommendations & Strategies
Fiduciary asset management, Modern Portfolio Theory, retirement accounts, education savings, tax strategies, and estate planning.
Laws, Regulations, and Guidelines
The regulatory core: Investment Advisers Act of 1940, NSMIA thresholds, Form ADV, custody rules, ethics codes, and prohibited practices.
Frequently Asked Questions
What is the NASAA Series 65 examination?
The Series 65 is the Uniform Investment Adviser Law Examination, administered by FINRA on behalf of the North American Securities Administrators Association (NASAA). It qualifies candidates to register as Investment Adviser Representatives (IARs) to provide fee-based investment advice, financial planning, and portfolio management.
Do you need firm sponsorship to take the Series 65?
No. Candidates may register for and sit 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 time limit for the Series 65 exam?
The Series 65 consists of 130 scored multiple-choice questions plus 10 unscored experimental pretest questions (140 questions total). Candidates have 180 minutes (3 hours) to complete the examination. The passing score is 70% (minimum 92 out of 130 scored questions correct).
How does the Series 65 differ from the Series 66?
The Series 65 is a standalone 130-question exam that qualifies an individual only as an Investment Adviser Representative. The Series 66 is a 100-question exam combining the Series 63 and Series 65, which qualifies an individual as both a broker-dealer agent AND an IAR, but requires co-requisite completion of the Series 7.
What are the primary governing statutes tested on the Series 65?
The Series 65 tests federal securities laws (Investment Advisers Act of 1940, Investment Company Act of 1940, Securities Act of 1933, Securities Exchange Act of 1934, ERISA) and state blue sky law (Uniform Securities Act of 1956 and 2002), alongside NASAA Statements of Policy on Dishonest and Unethical Business Practices.