NASAA develops the Series 65 Uniform Investment Adviser Law Examination; FINRA administers it through Prometric. Sponsorship is not required to sit. It has 130 scored questions, allows 180 minutes, requires 92 correct answers, and costs $187. Passing Series 65 does not itself create investment-adviser-representative registration.

Exam overview

Exam summary
NASAA Series 65 — Uniform Investment Adviser Law
Exam-specific prerequisites
No
Prerequisite explanation
No sponsor is required; associated candidates use Form U4 and unaffiliated candidates may use FINRA TESS.

Exam structure

Number of questions
130 scored questions
Exam duration
180 minutes
Passing threshold / published scoring model
92 of 130
Exam format
NASAA-developed, FINRA-administered investment-adviser-law examination
Testing method
In-person

Cost & attempts

Exam fee
$187

Administrator (time-sensitive)

Administrator last verified date
2026-08-26

Source governance

Official candidate handbook / exam outline
https://www.nasaa.org/exams/general-exam-information/series-65-exam-content-outline/
Primary authoritative source
https://www.nasaa.org/exams/exam-faqs/
Last verified date
2026-08-26
Verification status
Verified
Review / recheck date
2026-09-26

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