Series 65 practice exam
The Series 65 exam - the Uniform Investment Advisor Law Examination - is designed to test an individual's knowledge and ability to advise clients in the area of investing and to discuss general financial concepts. The exam seeks to qualify candidates as investment adviser representatives. The exam covers topics, both regulatory and strategic, that have been determined to be necessary to understand in order to provide investment advice to clients.
The Uniform Investment Advisor Law Exam (aka the Series 65 exam) was created to qualify candidates as investment adviser representatives. The exam covers topics, both regulatory and strategic, that have been determined to be necessary to understand in order to provide investment advice to clients.
Despite commonly being called the "FINRA Series 65" it is more accurately a North American Securities Administrators Association (NASAA) exam administered by FINRA.
An investor pulls the following S&P 500 data from the market:
|Date||Price increases||Price decreases|
|Monday||444 stocks||56 stocks|
|Tuesday||403 stocks||97 stocks|
|Wednesday||373 stocks||127 stocks|
What can be assumed about the market given the data provided?
Handling economic cycles, financial reporting, analytical methods, and types of risk. Topics include monetary and fiscal policy, economic indicators, financial reports and accounting fundamentals, quantitative methods, and basic risk concepts.
The characteristics of different types of investment vehicles. Topics include cash and equivalents, fixed income securities and valuations, equities and equity valuation, pooled investments, derivative securities, and insurance-based products.
Developing a client portfolio, portfolio theory, and suitability. Topics include business entities and trusts; client profiles; capital market theory; portfolio management strategies, styles and techniques; tax considerations; retirement and estate planning; special accounts; trading securities; exchanges and markets; and performance measurement.
The laws, rules, and regulations regarding investment advice. Topics include state and federal securities acts; rules and regulations for IARs and Broker-Dealers; regulation of securities and issuers; communication with clients and prospects; ethical practices; and fiduciary obligations.