Finance · Securities
NASAA Series 65 Uniform Investment Adviser Law Exam
The exam most investment adviser representatives need before giving paid advice in a state: economics, investment products, client strategies, tax and retirement planning, and the adviser laws and ethics under the Uniform Securities Act and the Investment Advisers Act.
Questions last checked against the official sources on October 11, 2026.
The real exam at a glance
- Questions
- 140 multiple choice: 130 scored + 10 unscored pretest
- Time
- 180 minutes
- To pass
- 92 of the 130 scored questions (about 71%)
- Fee
- $187, paid to FINRA
- Prerequisite
- None; no firm sponsorship needed (enroll through FINRA)
- Retakes
- Wait 30 days after a first or second fail, 180 days after a third
- Delivered by
- FINRA, closed book, result on screen at the end
- Body
- NASAA
What you'll practise
Try a question
Which financial statement shows a company's assets, liabilities and shareholders' equity at one point in time?
- The statement of comprehensive income
- The income statement
- The balance sheet
- The statement of cash flows
Show the answer
C. The balance sheet — The balance sheet is a snapshot: assets = liabilities + shareholders' equity. The income and cash flow statements cover a period of time.
Sample questions by topic (in English)
- 1. Economic Factors and Business Information
- 2. Investment Vehicle Characteristics
- 3. Client Investment Recommendations and Strategies
- 4. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices
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Questions about the Series 65
Is this the official Series 65?
No. Semplr is independent and not affiliated with the exam body. We write every question ourselves, in the official format and at the official level.
What is the real Series 65 like?
Questions: 140 multiple choice: 130 scored + 10 unscored pretest. Time: 180 minutes. To pass: 92 of the 130 scored questions (about 71%). Fee: $187, paid to FINRA. Prerequisite: None; no firm sponsorship needed (enroll through FINRA). Retakes: Wait 30 days after a first or second fail, 180 days after a third. Delivered by: FINRA, closed book, result on screen at the end. Body: NASAA.
How is my practice marked?
Instantly. You see your score against the pass mark, and an explanation for every question — including the ones you got right.
Can I take it on my phone?
Yes. The whole mock exam works on a phone, and your progress is saved in your browser.
Ready for a full run?
One sitting, real timing, then your score against the pass mark.
Start the free mock exam