The Uniform Investment Adviser Law Exam — adaptive practice across economics, products, client strategy, and the adviser regulation that dominates the scoring.
The Series 65 (the Uniform Investment Adviser Law Examination, from NASAA) licenses investment-adviser representatives — the fee-based advice side of the industry. It is broader than the Series 63: 130 scored questions in 180 minutes, passing at 92 correct, spanning economics and business information, investment vehicle characteristics, client investment recommendations and strategies (including suitability, portfolio concepts, and tax basics), and — the heart of it — the laws, regulations, and fiduciary ethics governing advisers under the Uniform Securities Act and the Investment Advisers Act of 1940.
Unlike the sales-oriented exams, the Series 65 rewards understanding advice: when someone IS an investment adviser (the ABC test — advice, business, compensation), federal versus state registration, Form ADV and the brochure rule, custody, performance fees, and the fiduciary duty that runs beneath every scenario. Keentune’s adaptive drills cover the full span with the three shared securities skills, and every explanation names the trap. Original questions from the public NASAA outline — never real exam items.
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What’s on the Series 65 exam
Questions
130 scored (+ 10 unscored pretest)
Time
180 minutes
Passing score
92 of 130 (~71%)
Format
Multiple choice, proctored
Prerequisites
None (no SIE required)
Economic factors & business information
~15%
Cycles, policy, financial basics, and risk/return math.
Investment vehicle characteristics
~25%
The product shelf and its risks — equities, debt, funds, insurance products, alternatives.
Client investment recommendations & strategies
~30%
Suitability, portfolio concepts, retirement plans, and taxation.
Laws, regulations & guidelines (incl. ethics)
~30%
Adviser and agent regulation plus the fiduciary ethics — the heaviest-weighted single area.
Structure from the public NASAA Series 65 exam specifications, reviewed 2026-07-17. Verify current details with NASAA before booking.
Practice by section
Economic factors & business information
Business cycles, monetary and fiscal policy, financial reporting basics, and the quantitative concepts (yield, return measures, risk statistics) the exam expects.
The Uniform Securities Act and the Advisers Act — who must register, Form ADV, custody and fees, communications, and the fiduciary standard that frames every ethics question.
Original practice aligned to the public NASAA Series 65 content outline — never actual exam questions. Keentune is independent study practice, not affiliated with or endorsed by NASAA or FINRA, never guarantees a pass, and teaches how the rules and products WORK — it is educational practice, not investment advice.
No — the Series 65 stands alone. It is one of the few paths into the industry with no corequisite exam, which is why career-changers and fee-only advisers often start there. (The broker-dealer path — SIE plus Series 7 plus 63/66 — is a separate track.)
What does the Series 65 test most heavily?
The two biggest areas are client recommendations/strategies and the laws-and-ethics domain — together well over half the exam. Products and economics matter, but the differentiator is knowing adviser regulation cold: who must register and where, Form ADV, custody, performance fees, and fiduciary duty applied to messy scenarios.
Series 65 vs Series 66?
The 66 combines the 63 and 65 into one shorter exam but is only useful alongside a Series 7; the 65 is the standalone adviser exam with no prerequisite. If you hold (or will hold) a Series 7, the 66 is usually the efficient path; if not, take the 65.
Is this investment advice?
No. This is exam preparation — how products, markets, and adviser rules WORK, authored from public outlines and primary sources. It is educational only, never a recommendation to buy, sell, or pursue any strategy, and never a substitute for a licensed professional.
All exam, test, and product names and trademarks are the property of their respective owners and are used here for identification and reference only. Keentune is independent study practice — not affiliated with, authorized, or endorsed by any of these organizations.