SeriesPrepKit

Series 65 Study Guide

This Series 65 study guide follows the official NASAA outline section by section: how much each is worth, what to know, and the trap that costs the most points.

Updated 2026-09-23 · 2 sources · By the SeriesPrepKit team

The outline at a glance

Source: NASAA - Series 65 Test Specifications (effective June 12, 2023). Weights as published; item counts are per exam form.
SectionWeightScored questions
I. Economic Factors and Business Information15%20
II. Investment Vehicle Characteristics25%32
III. Client Investment Recommendations and Strategies30%39
IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices30%39

Total

100%130

I. Economic Factors and Business Information

15% of the exam, 20 scored questions.

  • Business cycles, monetary and fiscal policy, inflation, interest rates, yield curves and credit spreads.
  • Financial statements and accounting basics.
  • Time value of money (IRR, NPV, FV), descriptive statistics (standard deviation, beta, alpha, Sharpe), and ratios (current, quick, debt-to-equity, P/E, P/B).
  • Systematic vs. unsystematic risk; capital structure and liquidation priority.

Common trap: Confusing standard deviation (total risk) with beta (systematic risk).

II. Investment Vehicle Characteristics

25% of the exam, 32 scored questions.

  • Cash equivalents, fixed income types and valuation (duration, YTM, YTC, credit spread).
  • Equities, valuation methods and public offerings, including SPACs.
  • Pooled investments: mutual funds, private funds, UITs, ETFs, REITs; share classes and costs.
  • Derivatives, alternatives (ETNs, leveraged and inverse funds), annuities, life insurance, commodities and digital assets.

Common trap: Holding leveraged or inverse funds long term: they reset daily and can drift far from the multiple of the index over time.

III. Client Investment Recommendations and Strategies

30% of the exam, 39 scored questions.

  • Client types, client profile and risk tolerance.
  • CAPM, Modern Portfolio Theory and the Efficient Market Hypothesis.
  • Strategies and styles: strategic vs. tactical allocation, active vs. passive, growth vs. value.
  • Taxes, retirement plans, ERISA, special accounts (529, Coverdell, UTMA/UGMA, HSA) and estate planning.
  • Trading terminology, best execution and performance measures (time-weighted vs. dollar-weighted return).

Common trap: Using dollar-weighted return to judge a manager who does not control client cash flows; time-weighted is the right measure.

IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices

30% of the exam, 39 scored questions.

  • Definitions and registration of IAs and IARs, including federal covered vs. state-registered advisers and notice filing.
  • Books and records, custody, discretion and fiduciary duty.
  • Communications, performance-based fees, soft dollars and compensation disclosure.
  • Prohibited practices: loans with clients, sharing in accounts, selling away, insider trading, exploitation of vulnerable adults.

Common trap: Assuming a federal covered adviser is outside state jurisdiction entirely; states still receive notice filings and enforce antifraud rules.

How to use this guide

The NASAA exams reward exact definitions. Build a one-page list of “is it registered / is it exempt / who is excluded” and quiz yourself daily in the last week.

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Frequently asked questions

What is on the Series 65?

The official outline has 4 sections: I. Economic Factors and Business Information (15%); II. Investment Vehicle Characteristics (25%); III. Client Investment Recommendations and Strategies (30%); IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices (30%).

Where do I find the official Series 65 content outline?

On NASAA’s website; we link the current PDF in the sources below. NASAA’s current specifications took effect June 12, 2023.

How many hours should I study for the Series 65?

Most candidates plan roughly 70-120 hours. That range is our editorial estimate, not an official figure; adjust it after a diagnostic test.

Sources

  1. NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
  2. FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
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