Series 65 Uniform Investment Adviser Law Examination Practice Test

The Series 65 alone qualifies you as an Investment Adviser Representative. The Series 66 combines the Series 65 content with the Series 63 (Uniform Securities Agent State Law Exam). You typically take the Series 66 if you have already passed the Series 7 (General Securities Representative Exam). If you do not hold the Series 7, the Series 65 is the appropriate standalone exam.

The exam consists of 130 scored questions (plus 10 unscored pretest questions). A passing score is 72.31%, which means you must answer at least 94 of the 130 scored questions correctly. The 10 pretest questions are not identified and do not count toward your score.

Yes, a core component of the Series 65 is the study of fiduciary duty, including the Investment Advisers Act of 1940 and state-level regulations. The exam heavily emphasizes the legal and ethical obligation to act in the client's best interest, including disclosure of conflicts, suitability, and the duty of care and loyalty.

A successful strategy involves three phases: 1) A comprehensive first pass of all material to build foundational knowledge. 2) Active reinforcement using flashcards and note-taking on key laws, definitions, and formulas. 3) Extensive practice testing to identify weak areas, improve question analysis, and simulate the timing and pressure of the actual exam. Focus on understanding concepts, not just memorizing facts.

No. The exam is closed-book and closed-note. A basic on-screen calculator is provided for the few questions that require calculations. You must rely entirely on your memorized knowledge of laws, regulations, and formulas.