This unit introduces the state securities laws and regulations tested on the Series 65. If you’ve taken other securities exams (such as the SIE, Series 6, 7, or 79), you’ll recognize many of the securities concepts that show up here. If you’ve taken the Series 63, you’ve already seen most of the ideas in the Laws & regulations unit.
If this is your first licensing exam - or it’s been a while since your last one - this program walks you through the material step by step.
The Series 65 is the Uniform Investment Adviser Law Examination. Passing the exam allows a person to register as an investment adviser representative (IAR). This registration is required for anyone who provides investment advisory products and/or services related to securities. Because of that, you should expect questions on:
The North American Securities Administrators Association (NASAA) writes the exam questions, and the Financial Industry Regulatory Authority (FINRA) administers the exam. NASAA represents the state administrators who enforce state securities laws and regulations. That’s why the Series 65 includes a strong focus on state-based rules and ethical requirements.
Achievable’s Series 65 program follows the same general outline as NASAA’s Series 65 exam outline. This program contains 4 units:
Investment Vehicles (25% - 32/130 questions)
Tests knowledge of numerous investments and their characteristics, including common stock, preferred stock, US government debt, municipal debt, corporate debt, mutual funds, closed-end funds, exchange-traded funds (ETFs), derivatives, and various insurance products.
Recommendations & Strategies (30% - 39/130 questions)
Tests ability to make suitable recommendations based on various client scenarios, knowledge of brokerage products, and comprehension of market dynamics.
Economic Factors & Business Information (15% - 20/130 questions)
Tests knowledge of time value of money concepts, financial ratios, valuation ratios, and descriptive statistics.
Rules & Regulations (30% - 39/130 questions)
Tests knowledge of various state laws, federal laws, and ability to act ethically in the industry.
Unlike other FINRA exams, the Series 65 does not require sponsorship from a firm. If you plan to register with a firm, the firm may still help you with the registration process.
Similar to FINRA’s SIE exam, you can register for and take the exam without being sponsored by a financial firm.
The Series 65 is a timed, multiple-choice exam structured similarly to other FINRA exams. You’ll receive 140 questions total, including 10 “experimental” questions. That means there are 130 graded questions.
Plan to do three things consistently:
If you’re new to the platform, this guide explains how to use the program effectively: click here. If you want to make studying easier on your phone, this page shows how to turn the program into an app: study on the go.
A steady routine matters more than occasional long sessions. If you can set aside 20-30 minutes each day, studying becomes a habit. As your exam date approaches, you can gradually increase your study time.
Try to finish the reading portion of the program about 2 weeks before your exam. During those final two weeks, focus on:
This approach gives you repeated exposure to full-length practice exams that feel like the real test. It also lets the Achievable algorithm identify weaker areas and bring them back through your assigned reviews.
The textbook’s wrap-up section includes practical details about taking the Series 65 exam, including how to register, exam cost, and test-taking options.
This course is designed to cover every major topic tested on the Series 65. Achievable exam prep includes an online textbook, review questions, full-length practice exams, and videos on key topics. Work through the course in order - start with the textbook, then move into practice questions and exams - so you build both knowledge and test-day performance.