Finance Practice Questions

series 65 practice test Practice Questions

Series 65 - Uniform Investment Adviser Law Examination — Use this series 65 practice test to sharpen your grasp of investment adviser rules, economics, securities analysis, portfolio strategies, and ethical obligations. The five sample questions explain the reasoning, so you can spot the rule behind each answer instead of merely memorizing a letter.

130

Total Questions

3 hours

Time Limit

72% (94 of 130)

Passing Score

$187

Registration Fee

Free Sample Questions

Here are 5 free sample questions from our full bank of 600+ series 65 practice testpractice questions. Try them out below — click "Show Answer" to reveal the correct response and explanation.

An investment adviser is preparing an advertisement that includes client performance results. Which action is most consistent with an adviser's fiduciary duty?

APresenting only the best-performing accounts without explanation

BGuaranteeing that future clients will receive comparable returns

CProviding performance information that is fair, balanced, and not misleading

DOmitting fees because each client agreement contains a fee schedule

A client owns a bond with a 6% annual coupon and a $1,000 par value. What annual interest payment does the client receive from the issuer?

A$60

B$6

C$600

D$1,060

Which portfolio change would generally be most appropriate for an investor who expects market interest rates to rise substantially?

AIncreasing the portfolio's average bond duration

BReplacing short-term bonds with long-term zero-coupon bonds

CConcentrating the portfolio in lower-coupon long-term bonds

DReducing the portfolio's average bond duration

Under the Uniform Securities Act, which person is most likely an investment adviser representative?

AA clerical employee who only processes account paperwork

BAn employee of an investment adviser who regularly gives clients securities recommendations

CA newspaper columnist publishing general market commentary for the public

DA bank teller who accepts deposits and has no advisory role

A diversified portfolio holds stocks from many industries, bonds, and cash equivalents. Which risk can diversification most directly reduce?

AUnsystematic risk tied to a particular company or industry

BSystematic risk caused by an economy-wide recession

CInflation risk affecting the purchasing power of cash flows

DInterest-rate risk affecting all existing fixed-income securities

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About the series 65 practice test

Format & Structure

Total Questions: 130
Time Limit: 3 hours
Format: Multiple choice

Scoring & Cost

Passing Score: 72% (94 of 130)
Registration Fee: $187

Frequently Asked Questions

What is the Series 65?

The Series 65 is the Uniform Investment Adviser Law Examination developed by NASAA and administered by FINRA. It is designed for people who will provide investment advice or manage client portfolios for compensation, subject to the registration rules in their jurisdiction.

How many questions are on the Series 65?

The Series 65 contains 130 scored multiple-choice questions. NASAA also includes 10 unscored pretest questions, so candidates see 140 questions in total and should approach every one as though it counts.

How long do I get for the Series 65?

Candidates have 180 minutes, or three hours, to complete the Series 65. That is enough time for a deliberate pace, but lengthy suitability and ethics scenarios can still eat up minutes if you have not practiced reading for the key facts.

What score is required to pass the Series 65?

The passing score is 72%, which is 94 correct answers out of the 130 scored questions. Because the unscored questions are not identified, aim above the minimum in your Series 65 practice test sessions rather than treating 72% as a comfortable target.

How much does the Series 65 cost?

The Series 65 registration fee is $187 as of 2026. Fees and scheduling procedures can change, so confirm the current amount and your state registration requirements through FINRA or the relevant securities regulator before enrolling.

Do I need firm sponsorship for the Series 65?

No FINRA member-firm sponsorship is required to sit for the Series 65. A candidate can open an enrollment window through FINRA, although becoming registered as an investment adviser representative later depends on state rules and the firm or adviser relationship involved.

What topics should I study for the Series 65?

Expect questions on economic factors, investment vehicles, client recommendations and strategies, analysis methods, laws and regulations, and unethical business practices. The legal material matters, but so do portfolio math, risk concepts, taxation basics, and matching a recommendation to a client's objectives.

Is the Series 65 harder than the Series 63?

Many candidates find the Series 65 broader because it combines adviser regulation with economics, products, analysis, and portfolio management. The Series 63 is more concentrated on state securities law, while Series 65 practice questions ask you to apply rules alongside investment concepts.

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