This page is for candidates preparing for the Investment Advisory Representative exam, the Series 65, which FINRA administers for the North American Securities Administrators Association (NASAA). It gives you free practice sets by topic, the official fee, time limit and passing score, and a study plan that pairs our questions with the official outline.
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Time limit (Series 65) | 180 minutes[1] | North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers · Oct 22, 2026 |
| Passing score (Series 65) | 92 of 130 scored questions (about 71%)[1] | North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers · Oct 22, 2026 |
| Exam fee (Series 65) | $187 per attempt[2] | nasaa.org · Oct 22, 2026 |
| Exam fee (Series 66) | $177 per attempt[2] | nasaa.org · Oct 22, 2026 |
| Retake fee (Series 65) | Full fee for each attempt; no limit on retakes[2] | nasaa.org · Oct 22, 2026 |
| Validity (Series 65) | 2 years to register; valid while registered[2] | nasaa.org · Oct 22, 2026 |
| Renewal (Series 65) | IAR CE in adopting states; EVEP can extend exam validity up to 5 years[1] | North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers · Oct 22, 2026 |
| Delivery (Series 65) | Prometric test centers; online only by approved accommodation[1] | North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers · Oct 22, 2026 |
| Eligibility (Series 65) | No sponsor or prerequisite needed; some designations (CFP, CFA, ChFC…) may waive the exam[2] | nasaa.org · Oct 22, 2026 |
| Score release (Series 65) | Results given at the test site; no certificate[2] | nasaa.org · Oct 22, 2026 |
| Testing window (Series 65) | 120-day enrollment window[2] | nasaa.org · Oct 22, 2026 |
According to North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers, “In order for a candidate to pass the Series 65 exam, they must correctly answer at least 92 of the 130 scored questions.”[1]
The IAR credential relies on the Series 65 exam. NASAA is the official body, and FINRA administers the exam at Prometric test centers. Online delivery is offered only to candidates with an approved accommodation, so plan on a testing center.
You get 180 minutes. To pass, you must answer at least 92 of the 130 scored questions correctly, about 71%. Results are given at the test site. There is no certificate, although the testing center may give you another copy of your results if you ask.
The fee is $187 per attempt. For comparison, NASAA lists $177 for the Series 66. You do not need a sponsor. Unsponsored candidates who are not affiliated with a firm can open an enrollment window through FINRA and pay the fee. After the request is processed, FINRA notifies you of a 120-day window in which you must take the exam. Some designations, such as CFP, CFA and ChFC, may waive the exam, so check your own situation with your state regulator.
There is no limit on retakes, but each attempt costs the full fee and waiting period rules apply. Those waiting periods are not listed here, so read the NASAA exam FAQ.
After you pass, you have 2 years to register with a state or the exam expires. Once you are registered, it stays valid for as long as you stay registered. In states that adopt the model rule, IAR continuing education applies, and the EVEP program can extend the validity of your exam for up to 5 years if you complete annual CE. Rules differ by state, so confirm them with your state regulator and on nasaa.org.
The content areas below are copied from the official IAR content outline published by North American Securities Administrators Association (NASAA); exam administered by FINRA at Prometric test centers. The right-hand column shows which of our practice sets covers it.
| Official content area | Practice on this site |
|---|---|
| Client Investment Recommendations and Strategies[3] | IAR Investment Strategies & Portfolio Mana... Practise matching a strategy, asset allocation and rebalancing decision to a client's goals and risk profile. |
| Economic Factors and Business Information[3] | IAR Economics & Economic Indicators Practise reading economic indicators and explaining how they bear on markets and client portfolios. |
| Investment Vehicle Characteristics[3] | IAR Fixed Income Securities & Markets Practise comparing how different securities work, starting with fixed income, and what risks and features each carries. |
| Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices[3] | IAR Regulations & Compliance Practise telling which regulator and which rule applies to a situation, and recognising conduct that is prohibited. |
Prepare for the IAR - Investment Advisory Representative Certification exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: What is the relationship between Banking Operations & Products and ethical professional conduct?
Answer: A. Ethical considerations are integrated into all aspects of professional practice in this area
Explanation:
The correct answer is that ethical considerations are integrated into all aspects of professional practice in this area. Banking operations and products are not a separate technical zone with ethics bolted on; honest disclosure and fair treatment of clients shape ordinary daily work.
Ethics applying only to separate, unrelated decisions is wrong because it treats ethics as an occasional event. Saying there is no connection between technical knowledge and ethics is wrong because you need to understand a product to explain it fairly. Saying ethics matters only when legal issues arise is wrong because ethical duties apply before anything goes wrong, not just after.
Rule to remember: ethics is a standard applied to every recommendation and process, not a trigger that switches on when a problem appears.
Question: Which regulatory body primarily oversees Investment Advisory Representatives (IARs) in the U.S.?
Answer: C. Securities and Exchange Commission (SEC) or state regulators
Explanation:
The correct answer is the Securities and Exchange Commission (SEC) or state regulators. Which of the two oversees an adviser depends on how the advisory firm is registered, and both enforce the federal adviser statute and state securities laws.
The Federal Reserve is wrong because it supervises banks and sets monetary policy, not investment advisers. FINRA is wrong because it oversees broker-dealers and administers the exam, but it is not the primary regulator of IARs. The FDIC is wrong because it insures bank deposits.
Rule to remember: match the regulator to the function. Advisers answer to the SEC or the state; broker-dealers answer to FINRA; banks answer to banking regulators.
Question: What does 'rebalancing' a portfolio involve?
Answer: B. Adjusting holdings to maintain target asset allocation
Explanation:
The correct answer is adjusting holdings to maintain the target asset allocation. Market movements push some asset classes above their intended share and others below it, so rebalancing means buying or selling to bring the mix back in line with the client's chosen risk level.
Selling all investments annually is wrong because it abandons the allocation instead of restoring it and creates needless transactions. Shifting entirely to cash during downturns is wrong because that is market timing, not a return to target. Investing only in top-performing sectors is wrong because it increases concentration and drifts further from the target.
Rule to remember: rebalancing is about restoring the planned risk profile, not chasing or fleeing performance.
Start with the official outline and the NASAA exam FAQ so you know the four content areas and the rules for enrollment, scoring and retakes. Then take one of our sets in each area, untimed, and read every explanation, including those for questions you got right.
Near your test date, do mixed sessions under the real time limit of 180 minutes and aim to finish with time to review. Our questions are written by us and are not real exam questions, so treat them as practice for the reasoning, and rely on official material for rules that vary by state.
You must answer at least 92 of the 130 scored questions correctly on the Series 65, which is about 71%. Your result is given at the test site when you finish. There is no separate certificate, though the testing center may give you another copy of your results if you ask.
Candidates have 180 minutes. The exam is delivered at Prometric test centers. Online delivery is available only for candidates who require a testing accommodation, so most people should plan to test in person at a center.
The Series 65 fee is $187 per attempt. If you do not pass, you can retake it, because there is no limit on retakes. You pay the full fee for each attempt and must respect the applicable waiting period, which is described in the NASAA exam FAQ.
No. Unsponsored candidates who are not affiliated with a firm can open an enrollment window through FINRA and pay the fee. FINRA then notifies you of a 120-day window in which you must take the exam. Some designations, such as CFP, CFA and ChFC, may waive the exam.
After you pass, you have 2 years to register with a state or the exam expires. Once you are registered, the exam stays valid as long as you remain registered. In states that adopt the model rule, EVEP can extend validity up to 5 years with annual CE.
No. Our questions are written by us with AI tools and are not real exam questions. They are meant to help you practise the reasoning in each content area. For rules, fees and dates, use NASAA and FINRA, since details can vary by state.
How we verify: editorial & fact-checking policy. Report an error: contact us.