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Uniform Investment Adviser Law Examination (Series 65)
The Series 65, Uniform Investment Adviser Law Examination, is developed by the North American Securities Administrators Association (NASAA) and administered by FINRA; it is designed to qualify candidates as investment adviser representatives under U.S. state law. The regulator is NASAA; FINRA administers exam enrollment, scheduling, and delivery.
Official exam siteJump to prep options ↓
Questions140 questions: 130 scored plus 10 unscored pretest
Testing time180 minutes
ScoringAt least 92 of the 130 scored questions must be answered correctly to pass (criterion-based minimum competency exam)
Exam feeUSD 187 examination fee
Prep options
Study resources for Series 65
Independent prep
Courses and study resources
Exam overview
What to know before choosing your prep
- Who runs it
- FINRA
- Category
- Securities Licensing
- Current version
- Series 65 test specifications effective June 12, 2023
- Where it applies
- United States — national
- Exam languages
- English
- Testing provider
- Prometric
- Format
- Computer-based, closed-book, multiple-choice exam delivered at Prometric test centers
- Availability
- By appointment at Prometric test centers within a 120-day enrollment window; one exam attempt per window
- Results
- Result notified immediately upon completion of the exam
- Score validity
- Valid a standard two years, extendable up to five years through NASAA's Examination Validity Extension Program (annual USD 35 fee plus continuing education), recognized only in states that adopted the program
- Remote testing
- Not available
Exam structure
130 scored multiple-choice items across four subject areas: Economic Factors and Business Information (20 items, 15%), Investment Vehicle Characteristics (32, 25%), Client Investment Recommendations and Strategies (39, 30%), and Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices (39, 30%); plus 10 unscored pretest items drawn from any area.
Where rules vary
Developed by NASAA (the association of North American state, provincial, and territorial securities regulators), but the exam qualifies individuals as investment adviser representatives under U.S. state law; the same uniform exam applies across U.S. jurisdictions.
Eligibility
No prerequisites or corequisites; no firm sponsorship required — individuals can open an exam enrollment window directly via FINRA.org
Retake policy
Minimum 30-day wait after a failed attempt before retaking, and a minimum 180-day wait after a third failure (third-attempt wait drops to 60 days on January 4, 2027); waiting periods count failed attempts within a two-year period; one attempt per exam fee/window