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Series 65 exam guide: format, scoring and registration boundary
Understand the current Series 65 format, the 92-of-130 pass requirement and what passing does—and does not—mean.
The Series 65 is the Uniform Investment Adviser Law Examination developed by NASAA and administered by FINRA. The current exam has 130 scored questions and 10 unscored pretest questions. Candidates receive 180 minutes and must answer at least 92 scored questions correctly.
Passing is not a licence
Passing normally satisfies an examination prerequisite for investment adviser representative registration. It does not by itself authorise investment-adviser activity. Registration, background review, fees and other requirements remain jurisdiction-specific.
Use the current outline
The exam is closed book and its questions are periodically updated for legal, regulatory and tax changes. Build your plan around the current NASAA outline rather than an old percentage summary or recalled questions.
Official sources
Confirm current fees, enrolment, accommodation and jurisdiction-specific registration rules before acting.