If you need help studying for the Series 65 exam or just want some more information about what the exam is like, you’ve come to the right place.
Click below to take a free Series 65 practice exam!
What’s on the Series 65 Exam?
First, let’s talk about the questions on the test. There are 140 multiple-choice questions total, but only 130 of the questions will count toward your score. Why is that?
The 10 unscored questions on the Series 65 exam are called “experimental” questions. These are added to the tests to determine if they’re good enough questions to add to future versions of the test.
The trick is that you won’t have any way of knowing which questions are scored and which ones are experimental. They will appear just like the scored questions throughout the test.
The time limit for the exam is 3 hours. There aren’t any scheduled breaks, but you’re free to take restroom breaks as needed.
Let’s take a closer look at the different sections of the Series 65 exam.
1. ECONOMIC FACTORS AND BUSINESS INFORMATION
20 scored questions
- Basic economic concepts
- Financial reporting
- Analytical methods
- Types of risk
2. INVESTMENT VEHICLE CHARACTERISTICS
32 scored questions
- Types and characteristics of cash (and cash equivalents)
- Types of fixed income securities
- Characteristics and valuation factors of fixed income securities
- Types and characteristics of equity securities
- Methods used to determine the value of equity securities
- Equity public offering
- Types of pooled investments
- Characteristics of pooled investments
- Types and characteristics of derivative securities
- Alternative investments
- Insured-based products
- Other assets
3. CLIENT INVESTMENT RECOMMENDATIONS AND STRATEGIES
39 scored questions
- Type of client
- Client profile
- Capital market theory
- Portfolio management styles, strategies, and techniques
- Tax considerations
- Retirement plans
- ERISA issues
- Special types of accounts
- Ownership and estate planning techniques
- Trading securities
- Portfolio performance measures
4. LAWS, REGULATIONS, AND GUIDELINES INCLUDING PROHIBITION ON UNETHICAL BUSINESS PRACTICES
39 scored questions
- Regulation of investment advisers
- Regulation of investment adviser representatives
- Regulation of broker-dealers and their agents
- Remedies and administrative provisions
- Communication with clients and prospects
- Ethical practices
- Fiduciary obligations
How to Register
If you work for a FINRA member firm, they can register you for the exam using a U4 form. Otherwise, you can register yourself through FINRA’s Test Enrollment Services System (TESS).
The exam fee is $187 regardless of how you register.
Series 65 Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The test is scored using a the Angoff method. Here’s how it works:
The Angoff method involves a group of subject-matter experts taking an educated guess at the percentage of candidates who would correctly answer each question on the test. These estimates are then averaged to set a cut-off score, which test-takers must meet or exceed to pass.
This method aims to ensure the pass threshold reflects the level of knowledge or skill that is deemed minimally acceptable for a particular profession or field.
To pass, you’ll need to answer at least 92 scored questions correctly.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake the test after a 30-day waiting period.
Keep in mind that you will have to pay the full testing fee every time you retake the test.
FAQs
How many questions are on the Series 65 exam?
The exam contains 140 questions.
How hard is the Series 65 exam?
The Series 65 exam is considered to be moderately difficult.
How long is the Series 65 exam?
The time limit for the exam is 3 hours.
What is the passing score for the Series 65 exam?
You’ll need to answer at least 92 scored questions correctly to pass.
How much does the Series 65 exam cost?
The testing fee is $187.