Series 65 pass rate and study guide

The Series 65 exam, formally called the Uniform Investment Adviser Law Examination, is a common prerequisite to becoming an investment adviser representative (IAR). Broader and more rigorous than the Series 63 (the Uniform Securities Agent State Law Examination), it covers fundamental topics such as economics, diverse investment vehicles, portfolio management techniques, and professional ethics.

Earning your Series 65 license demands considerable preparation and dedication, but passing the Series 65 exam is absolutely attainable with a solid study plan. The following guide outlines key strategies for exam success and provides insight into how long you should study for the Series 65 based on your background and approach.

How hard is the Series 65?

You may wonder how many candidates successfully earn their Series 65 license each year. The Series 65 pass rate typically falls between 65% and 70%, reflecting the exam’s moderate level of difficulty. Thorough preparation is essential for passing the Series 65 exam, so it is recommended to dedicate enough time to study and seek guidance as needed. Understanding how hard the Series 65 can be, along with knowing how long to study for the Series 65, will help ensure you fully grasp the material and improve your chances of success.

What’s on the Series 65?

Take time to review the exam format before beginning your study journey. The Series 65 exam consists of 140 multiple-choice questions in total; 130 will count toward your final score, and 10 will not. You will not know which questions are unscored, so make sure to complete each question as if it were scored. You will be given 180 minutes to complete the exam.

Below is an overview of the content you will see on the test:

The test is more extensive and covers more than the Series 63, so pacing and endurance matter. Do not take too long on one question; if you get stuck, move on and go back at the end. You can get a sense of how challenging the Series 65 and related topics will be for you by reading through the more detailed content outline below:

Economic Factors and Business Information

20 Questions: 15% of the exam

Covers economic cycles, financial statements, analytical techniques, and risk concepts. Topics include fiscal and monetary policy, economic indicators, fundamentals of accounting and financial reporting, quantitative methods, and core risk principles.

Investment Vehicle Characteristics

32 Questions: 25% of the exam

Focuses on the features of different types of investment products. Areas include cash equivalents, fixed income securities and their valuations, equity securities and valuation methods, pooled investment vehicles, derivatives, and insurance-based financial products.

Client Investment Recommendations and Strategies

39 Questions: 30% of the exam

Centers on portfolio development, investment theory, and suitability analysis. Topics span client profiling, business entities and trusts, capital market concepts, portfolio management approaches, tax planning, retirement and estate strategies, trading practices, special account types, market structures, and performance evaluation.

Laws, Regulations, and Guidelines

39 Questions: 30% of the exam

Examines the legal and regulatory framework for providing investment advice. Topics cover federal and state securities laws, compliance requirements for IARs and broker-dealers, securities and issuer regulations, client and prospect communications, ethical standards, and fiduciary responsibilities.

To earn your license, you must achieve a passing score of 72%, which means correctly answering at least 92 out of 130 questions. Understanding the Series 63 exam structure is crucial for developing a winning study plan and ensuring success on your first attempt.

What can you do with a Series 65 license?

The Series 65 enables individuals to provide financial advice in their given state and is a major qualification for financial advisors and wealth managers. Paired with the Series 63, financial professionals can deliver advice and transact certain investment products within state boundaries. The suite of products IARs can sell depends on whether they hold the Series 6 or Series 7 licenses, with the Series 7 covering a broader range of financial instruments.

How to study for the Series 65

Review exam requirements

Before beginning your preparation, there are certain eligibility requirements you must meet to be able to sit for the Series 65 exam:

1. Age: You must be 18 years old or older.
2. Enroll: You must enroll for Series 65 yourself using FINRA’s Test Enrollment Services System (TESS). The Series 65 does not require candidates to be sponsored by a FINRA-registered firm to take the test.
3. Exam fee and registration: The Series 65 exam costs $187 and must be taken at an official Prometric test center near you.

You don’t need any co-requisite licenses to sit for the Series 65, but it’s often combined with other securities-related certifications. For example, passing the Securities Industry Essentials (SIE) exam and holding the Series 6, Series 63, and Series 65 licenses allows you to sell and provide investment advice on a number of financial products within your state. With the SIE, Series 7, and Series 65, you can deliver advisory services across an even broader range of securities products. Completing the SIE and the Series 6 or Series 7 before attempting the Series 65 not only expands your career opportunities but also makes the Series 65 content more manageable.

Review the content and assess your existing knowledge

Use the high-level content outline above to review all of the topics covered in the Series 65. Start your preparation by taking a Series 65 practice test to see where you stand in your competency and familiarity with the test. Use your results to identify strengths and areas of improvement so you know what to focus on as you prepare. Be sure to track your progress by continuing to take plenty of practice tests and Series 65 practice problems.

Create a Series 65 study schedule

Your study schedule highly depends on how you feel about the material and how you like to study. Some individuals found that they passed after cramming for a week full-time, while others took their time over 4 to 6 weeks. Your timeline should reflect how familiar you are with investing and advisory regulations. Achievable makes it easy to plan a study schedule covering any length of time with our dynamic study planner.

Here’s a general guide for planning out the number of study hours you’ll need:

• Quick study: 30 - 40 hours (for those with finance backgrounds)
• Moderate pace: 50 - 80 hours over 3 - 5 weeks
• Thorough prep: 100+ hours, especially if the material is all new

Break up your schedule into learning and review phases. This gives you enough time to understand the material and practice as much as possible. Spending the last 20 - 25% of your time just doing practice questions may be helpful. This will help your comprehension and also your speed. The more you practice, the faster you get.

Unlike the Series 63 exam, the Series 65 covers a broader and more quantitative range of material, which impacts the overall Series 65 pass rate. To improve your chances of passing the Series 65, it’s best to prioritize your study time according to the exam’s topic weighting. Focusing your efforts based on these percentages can help you identify which areas need the most attention, ensuring you spend more time on challenging sections and seeking help when necessary.

To boost your success rate on the Series 65, devote additional time to topics often featured in exam questions, such as suitability, fiduciary responsibility, ethics, and investment products, including ETFs, REITs, and annuities. Targeting these core concepts is essential for improving your performance and positively influencing your chance of passing.

Use quality study materials

Use a Series 65 course plan and textbook that provides guided instruction, helpful study tools, a hefty question bank, and several exams for review. Flash cards, Series 65 “dump sheets,” and study aids can help in your review process and promote active recall. Choose a study program with diverse resources that also offers a pass guarantee, so you can be sure whatever platform you use covers all the bases. Achievable’s library of Series 65 resources offers a selection of useful Series 65 study tools, from cheat sheets to podcast episodes.

Practice, practice, practice

It’s one thing to learn and review the material, but another to retain it. We can’t stress this enough: make sure to take practice exams and spend time completing several practice questions. Repeated practice will help you memorize all the content needed and improve your test-taking speed. Since this is a timed exam, it is important to finish in time to increase your chances of passing.

• Before taking the real exam, aim for a consistent score of at least 80% on practice tests.
• Make flashcards from every missed question to keep practicing those concepts.
• Go over the explanations carefully, especially for ethics and regulation questions. The question wording can easily confuse or overwhelm.

Many individuals find the real test is similar in difficulty to popular third-party practice questions with a slightly different tone. You will eventually get better at recognizing tricky wording the more you practice.

Prepare for exam day

The night before your exam, glance over your Series 65 review materials, address any last-minute confusion, and get a good night’s sleep. Do not cram the night or morning before, as this can negatively impact your performance. Bring a valid government ID, such as a driver’s license or passport, on the day of the test. Arrive at the test center 30 minutes before your scheduled exam time to avoid any issues checking in. Remember to stay focused and calm throughout the exam. Additional stress makes it more difficult to concentrate, which can affect your memory and the ability to properly interpret each question.

Series 65 retake policy

If you do not pass the Series 65 on your first try, you can retake the test after 30 days. The test can be taken unlimited times, but after the third attempt onward, you must wait 180 days before you can try again. If you don’t pass the Series 65 on your first attempt, dedicate your time between your first test and your retake to focused study.

Final notes

Obtaining the Series 65 license can be difficult due to both the length of the certification exam and the wide range of material covered. With a relatively modest pass rate, the Series 65 exam can be overcome by remaining motivated and well-prepared. Achieving success on the exam comes down to following proven methods and knowing how long to study for the Series 65 license based on your background and commitment.

Just remember these final tips:

• Dedicate sufficient time to studying for the Series 65 exam: In most cases, 50 to 80 hours is recommended for candidates.
• Concentrate on the areas most frequently tested: These sections weigh heavily in your final Series 65 score.
• Reinforce your understanding: Use Series 65 practice questions frequently to improve retention and familiarity with exam topics.
  • Many Series 65 candidates find Achievable’s adaptive platform effective, as it provides constant assessments and adjusts your study plan based on performance.
• Create a systematic test-taking strategy. This will help you manage time during the actual Series 65 license exam and ensure accurate answers.
• Seek support from external sources: If a particular subject on the Series 65 exam is challenging to grasp, look for resources on the topic. You can also explore hiring a Series 65 tutor to guide your preparation.

By strategically preparing, your chances of earning your Series 65 license and joining the ranks of those who successfully pass the exam are greatly improved.