Free Series 65 Exam Prep for Aspiring Investment Adviser Representatives

What is the Series 65 exam?

The Series 65 — officially the Uniform Investment Adviser Law Examination — is developed by NASAA and is the exam most states require before you can register as an Investment Adviser Representative (IAR). It tests four areas: economic factors and business information, investment vehicle characteristics, client investment recommendations and strategies, and the laws, regulations, and ethical obligations that govern how advisers and their representatives actually do business.

Why you actually need to study for it

This isn't a rubber-stamp exam. It's 140 questions in 180 minutes, and you need to answer at least 92 of the 130 scored questions correctly — about 71% — to pass. A meaningful chunk of that is dense securities law most candidates have never read before: the Uniform Securities Act, the Investment Advisers Act of 1940, and NASAA's model rules on custody, recordkeeping, and unethical business practices. Fail, and you're looking at a mandatory 30-day wait before your next attempt (180 days after a third failure) — time you're not earning as a registered IAR.

Everything you need to pass, in one place

• Practice questions by topic — written in the same style and format as the real exam, weighted to match how heavily each subject is actually tested.
• Flashcards — key terms and definitions across every topic, with known/needs-review tracking.
• A full-length timed practice exam — 90 minutes, questions drawn proportionally by topic weight, with a real pass/fail score and section breakdown.
• A complete study guide — the actual text of the Uniform Securities Act, the Investment Advisers Act of 1940, and the NASAA model rules the exam draws from, readable and highlightable so you can study the primary source, not just someone's summary of it.
• AI-powered explanations — highlight any confusing passage in the study guide, or review any question you missed on a quiz or practice exam, and get an instant, plain-English explanation of why the right answer is right — using your own free Gemini or Groq API key.
• Progress tracking — so you know which topics are actually ready and which still need work before you sit for the real thing.