Introduction | Achievable Series 65

First, welcome to the world of state security laws and regulations! If you’ve followed the path of most test takers, this is likely your last securities licensing exam. If you’ve taken the SIE, Series 6, 7, 79, or other combination of exams, you’ve already learned a great deal about the finance industry. Good news - the knowledge you’ve gained related to securities will help you on numerous Series 65 topics. If you’ve previously taken the Series 63, you have already been exposed to most of the concepts in the Laws & regulations unit.

Even if this is your first licensing exam or it’s been years since your last exam, the Achievable Series 65 program has you covered. Let’s get started!

What does this exam cover?

The Series 65 is known as the Uniform Investment Adviser Law Examination. Passing this exam allows a person to register as an investment adviser representative (IAR). This registration is required for any person offering investment advisory products and/or services related to securities. And that’s why you should expect to see test questions on characteristics of securities, investment advice, performing securities transactions, and all their relevant regulations.

The North American Securities Administrators Association (NASAA) is responsible for writing the test questions, while the Financial Industry Regulatory Authority (FINRA) administers the exam. NASAA represents all the state administrators, which are regulators focused on enforcing state securities laws and regulations. Therefore, you should expect to encounter a number of questions on state-based rules and ethical concerns.

Achievable’s Series 65 program is written in the same general outline as NASAA’s Series 65 exam outline. This program contains 4 units:

Investment Vehicles
Recommendations & Strategies
Economic Factors & Business Information
Laws & Regulations

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.

What’s the exam structure?

The Series 65 is a timed multiple choice exam structured similarly to FINRA exams. You’ll be provided a 140 question exam with 10 “experimental” test questions, resulting in 130 graded questions. You must score a 70% (92 correct answers out of 130 questions) in 180 minutes (3 hours) or less in order to pass. Similar to FINRA’s SIE exam, you do not need to be sponsored by a financial firm to sit for the exam. After paying a $187 test fee, anyone can sit for the exam. You can learn more about the exam by following this link.

How can I be successful on the first try?

Do the work. Make sure you read through the material, click ‘Complete’ at the end of a chapter, and consistently do your assigned reviews (click here to learn more on how to properly use our program). Achievable is built to be “on the go” and easy to use on your phone. Check out this page to learn how to easily turn this program into an app. The more accessible the program is, the more likely it is you’ll do the work.

Humans are creatures of habit. Think about it - how difficult is it to start a new diet or routine? The key to success is taking small, “bite-sized” steps. If you can allocate 20-30 minutes every day to studying, it will soon be a built habit. As you get closer to your exam, allocate more time to your studies.

We recommend you attempt to finish the reading portion of this program with roughly 2 weeks to spare prior to your test. At that point, you should be primarily taking final exams (you’ll find the link in the Achievable tab menu), extensively reviewing those final exams, and keeping up with your assigned reviews. That way, you’ll gain exposure to practice exams built to feel like the real exam, while allowing the Achievable algorithm to identify and remind you of your weak areas in your assigned reviews.