Series 65 exam guide: investment adviser law, fee and passing score
Last checked October 16, 2026 · Sources: FINRA qualification exams table and Series 65 page; NASAA exams FAQ and August 10, 2026 announcement; NASAA’s 2023 update as reported by Achievable and Knopman Marks
The Series 65 exam, the Uniform Investment Adviser Law Exam, qualifies investment adviser representatives. It has 130 scored questions in 3 hours, costs $187, and the passing grade is 92 correct out of 130. You don’t need the SIE or a sponsoring firm to take it, which makes it a common route for people who want to give fee-based advice.
What the Series 65 exam covers
The Series 65 is written by NASAA and administered by FINRA. It covers what investment adviser representatives need to know: economic factors and business information, investment vehicles, client investment recommendations and strategies, and the laws, regulations and ethical guidelines that apply to advisers, including fiduciary duties. It’s longer than the Series 63 because it covers investments as well as law.
Why the Series 65 passing score isn’t a percentage
NASAA says the Series 65 passing grade is based on the overall exam and isn’t calculated as a percentage, so a score that looks like 70% can still fail. The passing grade is 92 correct out of 130. NASAA lowered it from 94 in its June 2023 update, as reported by prep providers Achievable and Knopman Marks.
Who needs the Series 65
People who will act as investment adviser representatives, giving advice for a fee, usually need the Series 65 for state registration. Unlike FINRA’s representative exams, it doesn’t require the SIE or a sponsoring firm. If you’ll also be a registered representative with the Series 7, the Series 66 combined with the Series 7 can replace taking both the Series 63 and 65.
| Series 65 | Series 66 | |
|---|---|---|
| Role | Investment adviser representative | Agent and adviser, with the Series 7 |
| Questions / time | 130 / 3 hr | 100 / 2 hr 30 min |
| Fee | $187 | $177 |
| To pass | 92 of 130 | 73 of 100 |
| Needs the Series 7? | No | Yes, as a co-requisite for the combined registration |
Fees and format from FINRA’s qualification exams table; passing scores from NASAA, checked October 16, 2026.
Retakes
NASAA requires 30 days after a first or second unsuccessful attempt. After a third, the wait is currently 180 days but drops to 60 days from January 4, 2027, according to NASAA. You pay the $187 fee again each time. See our 2027 exam changes page.
How to prepare for the Series 65
- Plan for a longer exam: 130 questions in 3 hours means practicing stamina, not just knowledge.
- Give real time to investment content (economics, products and portfolio strategies) as well as law and ethics.
- Learn fiduciary duty and adviser-specific rules, which set the Series 65 apart from the Series 63.
- Aim well above 92 correct on practice exams, since the passing grade isn’t a simple percentage.
Achievable lists its Series 65 course at $199, as of October 2026. Kaplan also sells Series 65 prep.
Common questions about the Series 65 exam
How many questions are on the Series 65?
130 scored questions in 3 hours, according to FINRA’s exam table.
What is the Series 65 passing score?
92 correct out of 130. NASAA says the passing grade isn’t calculated as a percentage.
Do I need the SIE or a sponsor for the Series 65?
No. The Series 65 doesn’t require the SIE or a sponsoring firm, according to NASAA and FINRA.
How much does the Series 65 cost?
$187, according to FINRA’s exam table.
Series 65 or Series 66?
The Series 65 is for investment adviser representatives on its own. The Series 66 combines state and adviser law but is taken with the Series 7.
See also our Series 63 guide, Series 66 guide and formats and scoring. MockTestPrep is independent and is not affiliated with NASAA or FINRA.