Series 65 – Uniform Investment Adviser Law Exam Practice Test 2026 ... 📗

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Series 65 – Uniform Investment Adviser Law Exam Practice Test Questions

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Sample Series 65 – Uniform Investment Adviser Law Exam Practice Questions

Try these questions from our free Series 65 – Uniform Investment Adviser Law Exam practice tests. The correct answer and an explanation follow each question.

At what age must Required Minimum Distributions (RMDs) begin for most retirement accounts under current law (SECURE 2.0)?
- A. 70½
- B. 72
- C. 73
- D. 75
Answer: C. 73
Under SECURE 2.0 Act (effective 2023), the RMD starting age was raised to 73 for individuals born between 1951 and 1959.
Which of the following securities is exempt from registration under the Uniform Securities Act?
- A. A new corporate IPO
- B. U.S. government securities
- C. A variable annuity contract
- D. Shares of a new startup company
Answer: B. U.S. government securities
U.S. government securities are exempt from registration under the Uniform Securities Act because they are issued by the federal government and subject to federal oversight.
What type of retirement account is exclusively available to self-employed individuals and small business owners, allowing contributions both as employee and employer?
- A. SIMPLE IRA
- B. Solo 401(k)
- C. 403(b)
- D. 457 plan
Answer: B. Solo 401(k)
A Solo 401(k) (also called an Individual 401(k)) is designed for self-employed individuals, allowing contributions in both the employee deferral and employer profit-sharing capacity.
Which document must investment advisers provide to clients under the Investment Advisers Act?
- A. Form ADV Part 2 (the brochure)
- B. Form 10-K
- C. Form S-1
- D. Schedule 13D
Answer: A. Form ADV Part 2 (the brochure)
Form ADV Part 2 is the adviser's disclosure brochure that must be delivered to clients and prospective clients, containing information about the adviser's services, fees, and conflicts of interest.

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Series 65 – Uniform Investment Adviser Law Exam Questions and Answers

Who administers the Series 65 exam?

The Series 65 exam, officially the Uniform Investment Adviser Law Examination, is developed by the North American Securities Administrators Association (NASAA) and administered by FINRA through Prometric testing centers. Unlike some other securities exams, Series 65 does not require sponsorship from a FINRA member firm, making it accessible to independent candidates.

How many questions are on the Series 65 exam?

The Series 65 exam contains 140 multiple-choice questions, of which 130 are scored and 10 are unscored pretest questions randomly distributed throughout. Candidates are given 180 minutes (3 hours) to complete the exam. The pretest questions are indistinguishable from scored ones and are used by NASAA to validate future content.

What score do I need to pass the Series 65?

Candidates must answer at least 94 of the 130 scored questions correctly to pass the Series 65, which equates to a passing score of 72 percent. Results are delivered immediately upon completing the exam at the Prometric center. The score report shows performance broken down by each of the four content sections.

How much does the Series 65 exam cost?

The Series 65 exam fee is $187, payable to FINRA at the time of enrollment. Candidates must submit Form U4 or Form U10 to register, depending on whether they are affiliated with a firm. The fee is non-refundable if you fail to appear or reschedule within five business days of your appointment.

What are the main content areas tested on the Series 65?

The exam covers four sections: Economic Factors and Business Information (15 percent), Investment Vehicle Characteristics (25 percent), Client Investment Recommendations and Strategies (30 percent), and Laws, Regulations, and Guidelines including Prohibition on Unethical Business Practices (30 percent). The largest emphasis is placed on client recommendations and regulatory compliance topics.

Do I need a sponsor to take the Series 65?

No, the Series 65 does not require sponsorship from a broker-dealer or investment adviser firm, unlike the Series 7 or Series 6. Candidates can self-enroll by submitting Form U10 directly through FINRA. This makes Series 65 popular among individuals transitioning into financial planning or launching independent registered investment advisory (RIA) practices.

What license does passing the Series 65 provide?

Passing the Series 65 qualifies individuals to act as Investment Adviser Representatives (IARs) in most US states, allowing them to provide fee-based investment advice to clients. It satisfies state registration requirements under the Uniform Securities Act. Some states waive Series 65 for candidates holding designations like CFP, ChFC, CFA, PFS, or CIC.

How long should I study for the Series 65 exam?

Most candidates spend between 50 and 100 hours studying for the Series 65 over a period of four to eight weeks. Effective preparation includes reading a current NASAA-aligned study manual, completing topic-specific quizzes, and taking multiple full-length practice exams. Focusing heavily on ethics, fiduciary duty, and portfolio management topics yields the best score improvements.