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Series 65 – Uniform Investment Adviser Law Exam

NASAA has updated the test specifications for each of its examinations to better reflect the skills and knowledge needed by broker-dealer agents and investment adviser representatives today. The updated test specifications will be effective starting June 12, 2023. For more information, please visit the NASAA website.

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.

For information about IAR CE, please visit NASAA's IAR CE page. Investment adviser representatives (IARs) can apply Regulatory Element training to the Products and Practices requirement. For information on how to do this, individuals can visit the FinPro (Financial Professional Gateway) page or firms can visit the Firm Settings Guide.