Series 65 – Uniform Investment Adviser Law Exam Study Guide 2026
Everything you need to pass the Series 65 – Uniform Investment Adviser Law Exam exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 Series 65 – Uniform Investment Adviser Law Exam Exam Format at a Glance
📚 Series 65 – Uniform Investment Adviser Law Exam Topics to Study (21)
✍️ Sample Series 65 – Uniform Investment Adviser Law Exam Questions & Answers
1. Under the Uniform Securities Act, who is defined as an 'investment adviser representative' (IAR)?
An IAR is an individual associated with a registered investment adviser who provides investment advice, manages client portfolios, or solicits advisory clients.
2. What is the formula for calculating a company's price-to-earnings (P/E) ratio?
The P/E ratio is calculated by dividing the market price per share by the earnings per share, reflecting how much investors pay per dollar of earnings.
3. What is the 'business continuity plan' requirement for investment advisers?
Regulators require investment advisers to maintain written business continuity plans that address how the firm will operate in the event of significant disruptions such as natural disasters or system failures.
4. Which retirement plan is available to state and local government employees and allows deferrals without the 10% early withdrawal penalty upon separation from service at any age?
A 457(b) governmental plan has no early withdrawal penalty upon separation from service, making it uniquely flexible for government employees.
5. When a participant rolls over funds from a 401(k) plan to a Traditional IRA, what is the tax treatment if done as a direct rollover?
A direct rollover (trustee-to-trustee transfer) is not a taxable event, avoids mandatory 20% withholding, and incurs no early withdrawal penalty.
6. What is the primary purpose of a hedge fund?
Hedge funds use a wide range of strategies including leverage, short selling, and derivatives to seek absolute returns that are not necessarily correlated with market performance.