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Series 65 – Uniform Investment Adviser Law Exam

COVID-19 Guidance on FINRA-Administered Exams

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The Series 65 exam — the NASAA Investment Advisers Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.

The exam consists of 130 scored questions. Candidates have 180 minutes to complete the exam. In order for a candidate to pass the Series 65 exam, he/she must correctly answer at least 94 of the 130 scored questions.

For additional information about this exam, including the content outline, please visit the exams page on the NASAA website.

NASAA is in the process of updating questions on the Series 63, 65, and 66 exams in light of recent regulatory changes. Exam questions are expected to be updated to reflect the Investment Adviser Marketing Rule by March 31, 2022. At this time candidates should answer exam questions reflecting the state of the law as of December 31, 2020. 

For information about IAR CE, please visit NASAA's IAR CE page.