All You Need to Know About the Series 65 Exam

Apr 5, 2023

Introduction

If you're looking to become a registered investment adviser or qualify as an accredited investor without meeting standard financial requirements, the Series 65 exam might be just what you need. The Uniform Investment Adviser Law Examination, or Series 65, is a comprehensive test designed to evaluate your knowledge and understanding of investing principles, laws, and ethics. In this article, we'll take a closer look at the Series 65 exam, including its content, providers, and how to sign up and take the test.

What's Included in the Series 65 Exam

The Series 65 exam consists of 130 multiple-choice questions, which you must complete within 180 minutes. The exam covers four main areas:

  1. Economic Factors and Business Information (15%): This section focuses on economic concepts, financial reporting, and quantitative methods used in investment analysis.

  2. Investment Vehicle Characteristics (25%): In this part, you'll be tested on various investment vehicles, such as stocks, bonds, mutual funds, ETFs, and alternative investments.

  3. Client Investment Recommendations and Strategies (30%): This section evaluates your ability to assess client needs, develop suitable investment strategies, and make appropriate recommendations.

  4. Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices (30%): This part tests your knowledge of state and federal securities laws and regulations, as well as ethical guidelines for investment advisers.

To pass the Series 65 exam, you must score at least 72%, or correctly answer 94 of the 130 questions.

Where the Exam is Offered

The Series 65 exam is administered by the Financial Industry Regulatory Authority (FINRA) and developed by the North American Securities Administrators Association (NASAA). You can take the exam at any Prometric or Pearson VUE testing center, which have locations across the United States and around the world.

How to Sign Up and Take the Series 65 Exam

To sign up and take the Series 65 exam, follow these steps:

  1. Create an account with FINRA: Start by opening a FINRA account to obtain your Central Registration Depository (CRD) number. This unique identifier is required for scheduling your exam.

  2. Schedule your exam: Once you have your CRD number, visit either the Prometric or Pearson VUE website to find a testing center near you and schedule your Series 65 exam. You'll need to pay an exam fee during the scheduling process.

  3. Prepare for the exam: Utilize study materials such as textbooks, online courses, and practice exams to prepare for the Series 65 test. The more prepared you are, the better your chances of passing on your first attempt.

  4. Take the exam: On the day of your exam, arrive at the testing center with a government-issued ID and be ready to take the test. You'll have three hours to complete the 130 questions. After the exam, you'll receive your results immediately.

Conclusion

The Series 65 exam is an important step for those who want to become registered investment advisers or qualify as accredited investors without meeting the standard financial criteria. By understanding the exam's content, providers, and registration process, you can set yourself up for success. Remember to allocate ample time for preparation and use available resources to ensure you're ready for the big day. Good luck on your Series 65 exam journey!