Exam Outline
The Uniform Investment Adviser Law Examination consists of 130 questions plus 10 pretest questions
Applicants are allowed 180 minutes to complete the examination. At least 94 (72%) of the questions must be answered correctly for an individual to pass the Series 65 exam.
In order to pass the NASAA Series 65 Exam, you must pass 94 out of 130 scored questions, or 72%.
The questions in this exam are randomly picked from a bank of questions, based on a pre-defined probability distribution across different topics.
As of August 2022, the exam questions are distributed between the four main topics in this way:
- Economic Factors and Business Information — 15% — 20 questions
- Investment Vehicle Characteristics — 25% — 32 questions
- Client Investment Recommendations and Strategies — 30% — 39 questions
- Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices — 30% — 39 questions
The exact distribution of questions within each topic is published on the NASAA website, here. As these can be updated now and then, we recommend going straight to the source for the test specification.
A good textbook, like the 📖 Kaplan Series 65 Securities License Exam Manual, will be updated in a timely manner to keep pace with the latest changes to the exam questions.