Series 65 practice test: free Series 65 exam questions with explanations

Practise for the Series 65, NASAA's Uniform Investment Adviser Law Examination, with original questions on the four official sections: economic factors, investment vehicles, client recommendations and strategies, and laws, regulations and ethics. Start with 5 free questions, then take two timed tests of 65 questions in 84 minutes, split like NASAA's test specifications, with an explanation for every answer (yield, return and CAPM math worked out) and your score per section.

• 5 free questions
• 2 timed tests, 130 questions
• Real pace: 77 s per question
• Score per section
• Practice certificate PDF

Series 65 exam format and passing score

Source: NASAA Series 65 page, Series 65 study guide and Exams FAQ (nasaa.org) and FINRA Series 65 page (finra.org), checked 31 October 2026.

What is on the Series 65: the four sections

NASAA's test specifications (effective 12 June 2023) split the 130 scored questions over four sections:

• I: economic concepts, financial reporting, analytical methods such as time value of money, and types of risk.
• II: cash equivalents, fixed income, equities, pooled investments, derivatives, alternative investments and insurance-based products.
• III: client types and profiles, capital market theory, portfolio strategies, taxes, retirement plans, ERISA, special accounts, estate planning, trading and performance measures.
• IV: regulation of investment advisers, their representatives, broker-dealers, agents and securities under the Uniform Securities Act and federal law, the Administrator's powers, client communications, and ethics and fiduciary duty.

Source: NASAA Series 65 Test Specifications, nasaa.org, checked 31 October 2026. NASAA says questions affected by its May 2026 model rule amendments on advertising will be updated in early 2027, on a date still to be announced.

What you practise on MyLevel

Every MyLevel question is an original question written on the topics of the official specifications, with one correct answer, three wrong ones and a short explanation. Every calculation (current yield, taxable-equivalent yield, present and future value, NAV and sales charge, CAPM, Sharpe ratio, alpha, holding period return, dollar-cost averaging, wash sale basis) was re-solved by script. The two full tests have 65 questions in 84 minutes each: half of the scored exam, at the real pace (180 minutes for 140 items = about 77 seconds per question). Together the two tests follow the official split exactly: 20, 32, 39 and 39 questions. After each test you see your score per section, so you know where to spend your study time.

MyLevel is an independent product: 2 timed Series 65 practice tests for $9.99, a one-time payment with no subscription and no time limit, which also unlocks every other MyLevel job test, including our Series 7 practice test.

Retake rules and how to study for the Series 65

If you fail: you wait 30 days after a first or second failed attempt and 180 days after a third or later failure. For enrollments opened on or after 4 January 2027, the wait after a third failure becomes 60 days (FINRA Series 65 page, checked 31 October 2026). If you fail, you get a score per section but no questions.

• Learn the law sections word for word: sections III and IV are 60% of the exam. Know who is excluded from the definitions of investment adviser, agent and broker-dealer, when an adviser registers with the SEC or the state, and what the Administrator can and cannot do.
• Practise the math by hand: current yield = interest / price, taxable-equivalent yield = muni yield / (1 - tax rate), CAPM = risk-free rate + beta x (market return - risk-free rate), Sharpe = (return - risk-free rate) / standard deviation.
• Expect questions that do not name the rule: NASAA's study guide says a question may describe a situation without naming the concept being tested.
• Train under time: take a full MyLevel test, read the explanation of every miss, study your weakest section and retake. Aim for 71% or more in every section, and 80% for a margin.

MyLevel is independent and not affiliated with, or endorsed by, the North American Securities Administrators Association (NASAA) or the Financial Industry Regulatory Authority (FINRA). The Series 65 is a NASAA exam administered by FINRA. All questions are original practice questions written by MyLevel on the topics of the published test specifications, not real Series 65 exam questions, and a practice score is not a Series 65 score, registration or license.

Sample question with explanation

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