How Many Questions Are on the Series 65 Exam?

The Series 65 exam, officially known as the Uniform Investment Adviser Law Examination, serves as a significant credential for individuals aiming to become Investment Adviser Representatives (IARs). This examination evaluates a candidate’s knowledge and understanding of investment-related principles, regulations, and ethical practices. Passing this exam is a standard requirement for those seeking to register as an IAR across various states.

Total Questions on the Series 65 Exam

The Series 65 examination consists of 140 multiple-choice questions. Of these, 130 questions are scored. The remaining 10 questions are considered “pretest” or experimental items. These unscored questions are included by the exam administrators to evaluate their suitability for future versions of the examination. They are indistinguishable from the scored questions and are randomly distributed throughout the test, meaning candidates will not know which questions count towards their score.

Exam Structure and Passing Score

Candidates are allotted 180 minutes to complete the Series 65 exam. The examination is presented in a multiple-choice format, requiring test-takers to select the best answer from the given options. To successfully pass the Series 65 exam, an individual must correctly answer at least 92 out of the 130 scored questions. This translates to a passing score of approximately 70.8% or 72%. Unscored questions do not impact the pass/fail outcome, as they are solely for developmental purposes.

Core Content Areas Covered

The Series 65 exam assesses a broad range of topics considered relevant for investment adviser representatives. The content is divided into four primary subject matter areas. These include economic factors and business information, which covers various economic concepts, financial reporting, and types of risk. Another significant section focuses on investment vehicle characteristics, testing knowledge of different investment types such as fixed income, equities, and other securities, along with their valuation.

The examination also delves into client investment recommendations and strategies. This area encompasses understanding various client types, tax considerations, developing client profiles, and applying knowledge of risk and portfolio theory to formulate appropriate advice. Finally, a substantial portion of the exam is dedicated to laws, regulations, and guidelines, including the prohibition of unethical business practices. This section covers federal and state securities acts, rules for investment advisers and representatives, ethical conduct, and fiduciary obligations.