Free Series 65 Practice Test 2026
200 original questions on NASAA's outline: economics, investment vehicles, client strategies, taxes and retirement plans, adviser law and ethics. Four 50-question mock tests weighted like the real exam. Tuned for mobile. No account needed.
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The Series 65 exam at a glance
The Series 65 is the Uniform Investment Adviser Law Examination, written by NASAA and administered by FINRA. It has 130 scored multiple-choice questions plus 10 unscored pretest questions in 180 minutes, and you pass by answering at least 92 of the 130 scored questions correctly. Most states require it, or an approved professional designation such as the CFP, before registering an investment adviser representative. No firm sponsorship is needed. Its four sections are economic factors (15%), investment vehicles (25%), client recommendations and strategies (30%), and laws, regulations and ethics (30%).
Tigertest has 200 Series 65 practice questions with explanations, all free with no account required.
- Questions
- 130 scored, plus 10 unscored
- Time
- 180 minutes
- Passing score
- 92 of 130 correct
- Sponsorship
- Not required
- Qualifies you as
- Investment adviser representative (IAR)
- Largest sections
- Recommendations 30%, laws and ethics 30%
- Run by
- NASAA, administered by FINRA
Updated by the Tigertest team. Practice questions follow NASAA's Series 65 content outline (effective June 12, 2023) and exam page, checked November 2026. Exam rules change, so confirm current details with NASAA: Series 65 Exam Content Outline.
How It Works
Train by Topic
Six training sets: economics and analysis, investment vehicles, clients and portfolio strategy, taxes, retirement and estates, adviser and state law, and ethics and fiduciary duty. Questions you miss come back until you have mastered them.
Weighted Mock Tests
Four mock tests of 50 questions in the real exam's proportions, each needing 36 right to pass, close to the real 92 of 130. No question appears in more than one test, and every calculation is worked through in the explanation.
Built on NASAA's Test Specifications
NASAA splits the 130 scored questions across four sections. Each mock test here keeps the same balance: 8 questions on economics, 12 on investment vehicles, 15 on client recommendations and 15 on laws, regulations and ethics.
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Share FeedbackHow to Pass the Series 65
1. Learn the law sections as definitions first
Most law questions turn on who is an investment adviser, an investment adviser representative, a broker-dealer or an agent, and who is excluded. Learn each definition and its exclusions before the rules that hang on them.
2. Think like a fiduciary
When an ethics question offers two reasonable choices, pick the one that puts the client first and discloses the conflict. Custody, discretion, principal trades, soft dollars and fees all come back to that duty.
3. Work the formulas by hand
Practice the taxable-equivalent yield, CAPM, the Sharpe ratio, present and future value, current yield and holding period return until they are quick. The explanations here show every step.
4. Match each recommendation to the client
For a client question, start from the goal, time horizon, tax bracket and risk tolerance, then rule out what does not fit. Aim for 80% or better on every mock test before you sit the real exam.
Series 65 Frequently Asked Questions
What is the Series 65 exam?
The Series 65 is NASAA's Uniform Investment Adviser Law Examination. Most states require it, or an approved professional designation, before they register someone as an investment adviser representative (IAR), the person who gives investment advice for a fee. NASAA writes the exam and FINRA administers it. You do not need a sponsoring firm to take it.
How many questions are on the Series 65 and what is the passing score?
The exam has 130 scored multiple-choice questions plus 10 unscored pretest questions, and you have 180 minutes. You need 92 of the 130 scored questions right to pass, about 71 percent. Each mock test here has 50 questions in the same proportions as the real exam, and 36 of 50 is a pass.
What does the Series 65 cover?
NASAA's outline has four sections: economic factors and business information (15 percent, 20 questions), investment vehicle characteristics (25 percent, 32), client investment recommendations and strategies (30 percent, 39), and laws, regulations and guidelines, including the prohibition on unethical business practices (30 percent, 39). The training sets here follow those sections.
What is the difference between the Series 65, the Series 63 and the Series 66?
The Series 65 qualifies you as an investment adviser representative. The Series 63 is the state law exam for securities agents of broker-dealers. The Series 66 combines the two but is taken together with the Series 7, and passing it counts as passing both the Series 63 and the Series 65.
Are these the real Series 65 questions?
No. Every question is original, written by Tigertest from NASAA's published outline, the Uniform Securities Act, the Investment Advisers Act and NASAA's model rules. Tigertest is not affiliated with NASAA or FINRA. It is free practice and does not replace a full prep course.
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