Uniform Investment Adviser Law Examination (Series 65) — exam facts
United States (state securities regulators; NASAA member jurisdictions)
Every source below was read on 2026-09-20
| Administering body | North American Securities Administrators Association (NASAA) — exam delivered by FINRA The Series 65 is a NASAA exam administered by FINRA. FINRA states the exam is available online only for candidates who require a testing accommodation; everyone else takes it at a test center. An unsponsored candidate opens an enrollment window through FINRA rather than filing a Form U4, and FINRA then allows 120 days in which to schedule and sit the exam. Source: FINRA — Series 65 – Uniform Investment Adviser Law Exam (2026-09-20) |
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| Questions | 140 questions (130 scored, 10 unscored pretest) A candidate sees 140 questions and is graded on 130 of them: NASAA states the exam "consists of 130 questions plus 10 pretest questions", and FINRA states the same split as "130 scored questions and 10 unscored questions". FINRA's own at-a-glance box lists "Number of Items 130", which is the scored count, not the number of questions on the paper — so both 140 and 130 are correct answers to different questions and neither should be quoted alone. Source: NASAA — Series 65 Exam Content Outline (Uniform Investment Adviser Law Examination), test specifications effective June 12, 2023 (2026-09-20) |
| Time limit | 180 minutes NASAA allows 180 minutes for the whole exam, FINRA states the same duration, and neither publishes a separate per-question or per-section limit. Source: NASAA — Series 65 Exam Content Outline (Uniform Investment Adviser Law Examination), test specifications effective June 12, 2023 (2026-09-20) |
| Passing score | 92 of 130 correct 92 of the 130 scored questions. NASAA's Exam FAQ answers the question "Why did I receive a 'fail' … even though I scored a 70%?" directly: "The passing grade for the Series 65 exam is not 70% and is not calculated as a percentage." The 10 pretest questions are not part of the denominator, so a percentage computed over 140 is wrong twice over. PrepPass states the raw rule and no percentage. Source: NASAA — Series 65 Exam Content Outline (Uniform Investment Adviser Law Examination), test specifications effective June 12, 2023 (2026-09-20) |
| Fees |
The fee is paid to FINRA when the enrollment window is opened, and NASAA's Exam FAQ lists it alongside the other two NASAA exams: $147 for the Series 63, $187 for the Series 65, $177 for the Series 66. FINRA's Series 65 page shows the same $187. Neither body publishes a separate retake fee, so a retake is a new enrollment at the same price. Source: NASAA — Exam FAQs (passing grade and exam fees) (2026-09-20) |
| Languages offered | English English only. NASAA answers it outright: “No, NASAA exams are only available in English.” A candidate whose primary language is not English may request additional testing time under FINRA's Limited English Proficiency policy — extra time on the English exam, not a translated one. Source: NASAA — Exam FAQs (passing grade and exam fees) (2026-09-20) |
Change log
- 2026-09-20Fact sheet drafted from NASAA's Series 65 content outline and Exam FAQ and from FINRA's Series 65 page. The two bodies agree on all four figures. The pass mark is recorded as 92 of 130 and never as a percentage, because NASAA's FAQ says explicitly that the grade is not calculated as one.
- 2023-06-12NASAA's current Series 65 test specifications took effect, with the passing score set at 92 of 130 scored questions.