Learn / Exam prep / Series 65

To pass the Series 65 you need 92 right answers out of the 130 questions that count.

Every study page here is free.

The exam, one square per question

92 right answers to pass38 you can get wrong and still pass10 trial questions that do not count

140 questions, 180 minutes: about 77 seconds each. The 10 trial questions look like the rest, so answer every one as if it counts.

Law and client advice are 78 of the 130

20 32 39 39

15%25%30%30%

1 The pass mark

The pass mark is a count, not a percentage: 92 correct out of 130.

You see 140 questions. 130 are scored. The other 10 are trial questions, and you cannot tell which.
About 70.8% gets you there, which is why you will see "70%" and "72%" quoted elsewhere. Neither is the rule.
Until June 2023 the mark was 94. NASAA, the state regulators who write the exam, lowered it to 92.
Only right answers count. A wrong answer costs nothing extra, so never leave one blank.

Sources: FINRA, Series 65 exam page, and NASAA, passing score notice.

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2 What it covers

Four topics. Law and client recommendations together are 60% of the score.

20 questions · 15%

Economic factors

Interest rates, inflation, the business cycle, reading financial statements, kinds of risk.

Study this topic

32 questions · 25%

Investment vehicles

Stocks, bonds, funds, options, retirement plans and insurance-based products.

Study this topic

39 questions · 30%

Client recommendations

Client profiles, building a portfolio, taxes, retirement planning, measuring returns.

Study this topic

39 questions · 30%

Laws and ethics

The Uniform Securities Act, the Investment Advisers Act of 1940, registration, unethical practices.

Study this topic

Question counts from the NASAA exam outline. The share of the 130 scored questions is fixed; which questions you get is not.

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3 Free study pages

8 study pages, all free, no account needed.

Study guide →The four topics, how scoring works and what exam day looks like.8-week study plan →Hours, topic and practice for each week; 4 weeks if you study full time.Practice test, 15 questions →Drawn from all four topics and scored on the page.Cheat sheet →Topic weights, return formulas, the securities laws and the waiver list.Glossary →The terms most often tested, A to Z.Exam-day guide →ID, check-in, the on-screen calculator, accommodations, scoring.Waivers →Which designations let most states skip the exam, and how to check yours.Questions people ask →Sponsors, cost, scheduling, retakes, study time.

ALAN Pro members also have the full course inside ALAN: 765 practice questions and a timed 140-question practice exam. Open the course

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4 Before you book

You can book the Series 65 yourself. No firm has to sponsor you.

Enroll directly with FINRA, then pick a date and a test center or online session through Prometric.
Hold a CFP, CFA, ChFC, PFS, CIC or CIMA? Most states waive the exam. Check with your state securities regulator before you study.

Waivers ↑ Back to the bottom line

Study on a schedule, not on a feeling.

Every Series 65 page on this site is free to read and needs no account. Leave your address if you want an ALAN account to go with them. The Series 65 course itself, with the full question bank and the exam simulator, comes with ALAN PRO.

ALAN study materials are written independently. ALAN is not affiliated with, endorsed by or sponsored by FINRA, NASAA, the SEC or Prometric.

Learn / Exam prep / Series 65

To pass the Series 65 you need 92 right answers out of the 130 questions that count.

Every study page here is free.

The exam, one square per question

92 right answers to pass38 you can get wrong and still pass10 trial questions that do not count

140 questions, 180 minutes: about 77 seconds each. The 10 trial questions look like the rest, so answer every one as if it counts.

Law and client advice are 78 of the 130

20 32 39 39

15%25%30%30%

1 The pass mark

The pass mark is a count, not a percentage: 92 correct out of 130.

You see 140 questions. 130 are scored. The other 10 are trial questions, and you cannot tell which.
About 70.8% gets you there, which is why you will see "70%" and "72%" quoted elsewhere. Neither is the rule.
Until June 2023 the mark was 94. NASAA, the state regulators who write the exam, lowered it to 92.
Only right answers count. A wrong answer costs nothing extra, so never leave one blank.

Sources: FINRA, Series 65 exam page, and NASAA, passing score notice.

↑ Back to the bottom line

2 What it covers

Four topics. Law and client recommendations together are 60% of the score.

20 questions · 15%

Economic factors

Interest rates, inflation, the business cycle, reading financial statements, kinds of risk.

Study this topic

32 questions · 25%

Investment vehicles

Stocks, bonds, funds, options, retirement plans and insurance-based products.

Study this topic

39 questions · 30%

Client recommendations

Client profiles, building a portfolio, taxes, retirement planning, measuring returns.

Study this topic

39 questions · 30%

Laws and ethics

The Uniform Securities Act, the Investment Advisers Act of 1940, registration, unethical practices.

Study this topic

Question counts from the NASAA exam outline. The share of the 130 scored questions is fixed; which questions you get is not.

↑ Back to the bottom line

3 Free study pages

8 study pages, all free, no account needed.

ALAN Pro members also have the full course inside ALAN: 765 practice questions and a timed 140-question practice exam. Open the course

↑ Back to the bottom line

4 Before you book

You can book the Series 65 yourself. No firm has to sponsor you.

Enroll directly with FINRA, then pick a date and a test center or online session through Prometric.
Hold a CFP, CFA, ChFC, PFS, CIC or CIMA? Most states waive the exam. Check with your state securities regulator before you study.

Waivers ↑ Back to the bottom line

Study on a schedule, not on a feeling.

ALAN study materials are written independently. ALAN is not affiliated with, endorsed by or sponsored by FINRA, NASAA, the SEC or Prometric.