Series 65 - Uniform Investment Adviser Law Examination Practice Test
Build your confidence for Series 65 - Uniform Investment Adviser Law Examination. Practice the concepts, understand the answers, and strengthen your knowledge one question at a time.
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FINRA/NASAA Series 65 Uniform Investment Adviser Law Examination. Focus on economics, investment vehicles (equities, bonds, mutual funds), portfolio management principles, and investment adviser regulations. Administered by FINRA as a linear format exam. Key domains include Client Investment Recommendations and Strategies, Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices, Investment Vehicle Characteristics and Economic Factors and Business Information.
Sample Questions
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An investment adviser exercises discretionary authority over client accounts that hold publicly traded equities. When the companies in which clients are invested solicit proxy votes, what obligation does the adviser have under the Investment Advisers Act of 1940?
An investment adviser holds a client portfolio containing both a 2-year Treasury note and a 20-year Treasury bond, each with a 5% coupon. The Fed unexpectedly raises the federal funds rate by 75 basis points. Which of the following statements about price impact is MOST accurate?
An SEC-registered investment adviser pays a referral fee to an unregistered individual for referring new clients. Under Rule 206(4)-3 (the Cash Solicitation Rule) and the 2022 Marketing Rule, what disclosure must be made at the time of referral?
A non-profit endowment fund with a $10 million portfolio hires an investment adviser. The fund's spending policy requires distributing 5% of assets annually for charitable purposes. An investment adviser developing an Investment Policy Statement (IPS) for this fund should establish a return objective MOST consistent with:
A client is comparing agency bonds from GNMA (Ginnie Mae), FNMA (Fannie Mae), and FHLMC (Freddie Mac). The client asks whether these bonds are "just like Treasuries" in terms of safety. The investment adviser should explain that:
Career Opportunities & Salary
Exam insights and study advice
Successfully passing the Series 65 is not merely a regulatory hurdle; it establishes your legal authority to operate as a fiduciary investment adviser. This credential allows you to build a practice centered on client trust, where your compensation is aligned with providing ongoing advice rather than product sales. In the real world, it opens doors to roles in Registered Investment Adviser (RIA) firms, wealth management, and comprehensive financial planning. It signifies a professional commitment to understanding the complex legal and ethical framework designed to protect investors, which is fundamental to building a sustainable and reputable advisory business.
What this exam covers
Use the published domain weights to plan your study. Practice results do not predict your certification exam score.
01Client Investment Recommendations and Strategies
Topics
- Investment Objectives
- Risk Tolerance
- Suitability
- MPT
- CAPM
- Asset Allocation
- Behavioral Finance
- Tax Strategies
- Retirement Planning
- Estate Planning
- Insurance
- Education Accounts
- Investment Policy Statement
02Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices
03Investment Vehicle Characteristics
Topics
- Equity Securities
- Fixed Income
- Money Market Instruments
- Mutual Funds
- Variable Insurance Products
- Annuities
- REITs
- Limited Partnerships
- DPPs
- Hedge Funds
- Alternative Investments
- ETFs
- UITs
- Derivatives
- Structured Notes
04Economic Factors and Business Information
Topics
- Macroeconomics
- Business Cycle
- Inflation
- Federal Reserve
- Fiscal Policy
- International Economics
- Yield Curve
- Time Value of Money
- Risk-Adjusted Returns
- Quantitative Analysis
- Financial Ratios
- Cash Flow Analysis