SERIES 65 EXAM PREP
Modeled on the official NASAA outline. Original SME-authored practice questions built to mirror real-exam difficulty. Track your readiness across three criteria designed to reflect real-exam preparedness, then earn the READY status before you schedule.
Included with ALAN PROChapter 4 · Section 4.2 · The Investment Advisers Act of 1940
The Investment Advisers Act of 1940 defines an investment adviser using a three-part test, sometimes called the “ABC test.” A person is an investment adviser if they (a) provide advice about securities, (b) are in the business of doing so, and (c) receive compensation for it.
All three prongs must be met. A neighbor offering an opinion at a barbecue isn't an adviser: they're not in the business and they're not paid. A magazine publisher writing about markets in print isn't an adviser either, because the advice is impersonal and the publication is not the business of advising (the Lowe v. SEC case settled this in 1985).
[Sample only. Full chapter available with course access.]
Every Series 65 page on this site is free to read and needs no account: the 8-week plan, the study guide, the glossary, the cheat sheet and a 15-question practice set. 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.
The Series 65 course isn't sold separately; it comes with the ALAN PRO research terminal, alongside SIE prep, deep fundamentals, options analytics, alerts and everything else PRO unlocks.
$29.99 /month
Certification prep included for as long as you subscribe
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No. The Series 65 is one of the few FINRA-administered exams that doesn't require a sponsor. You enroll directly through FINRA's TESS system, then schedule with Prometric.
92 of 130 scored questions, which works out to about 70.77%. You'll see 140 questions total; 10 are unscored experimental questions.
No. We don't promise a pass; we help you know when you're ready. The course tracks three readiness criteria (90% of lessons completed, 850+ practice questions attempted, 90% on at least one full-length practice exam). When you hit all three, you're statistically prepared.
The course is included with ALAN PRO and above: you have full access for as long as you're subscribed. If you bought the course as a one-time purchase before it became a membership perk, your purchase keeps its access.
Most states waive the Series 65 if you hold one of these designations. Check with your state administrator before you start studying. Our /waivers page covers the details.
Four chapters matching the official NASAA outline weighting: Economic Factors (15%), Investment Vehicle Characteristics (25%), Client Recommendations (30%), Laws & Regulations (30%). Plus a full-length exam simulator, spaced-repetition flashcards, and a weak-topic heatmap.