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Series 65 practice questions

The Series 65 (Uniform Investment Adviser Law) qualifies you as an investment adviser representative in most states. It covers economics, investment vehicles, client strategies and ethics. No sponsor is needed.

The Series 65 exam at a glance

Scored questions
130
Time
3 h
Passing score
About 71% (92 of 130)
Fee
$187
Sponsorship
No sponsor needed
Prerequisites
None

Checked by ELLE in October 2026. Exams change, so always confirm on the official site before you book.

Try 5 free questions

1 Which person is excluded from the definition of an investment adviser?

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Answer: B. Teachers, lawyers, accountants and engineers are excluded when their advice is only incidental to their profession and not specially paid for. The others give investment advice for compensation.

2 A stock has a beta of 1.5. What does that tell you?

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Answer: B. Beta measures how much an investment has tended to move with the market. A beta of 1.5 means about 1.5 times the market’s moves, up and down.

3 What does standard deviation measure for an investment?

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Answer: A. Standard deviation measures how widely returns vary around the average: total risk. Beta measures only market (systematic) risk.

4 As fiduciaries, investment advisers must:

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Answer: B. Advisers owe clients a fiduciary duty of loyalty and care, which includes full disclosure of material conflicts of interest.

5 A performance-based fee (a share of the client’s capital gains) is generally allowed only when:

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Answer: B. Performance fees are generally limited to qualified clients, who meet minimum assets-under-management or net-worth tests. Other clients are protected from the extra risk-taking these fees can encourage.

Study tips for the Series 65

  • Expect plenty of calculations: returns, yields, ratios and time value of money. Practice with a basic calculator.
  • Learn the exclusions from “investment adviser” and from state registration.
  • Study fiduciary duty, disclosure and custody rules with examples.
  • Know the main investment vehicles and the risks each one carries.

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Practice questions written by ELLE for study only. ELLE is not affiliated with or endorsed by FINRA, NASAA, the SEC or CFP Board. CFP® and CERTIFIED FINANCIAL PLANNER® are certification marks owned by Certified Financial Planner Board of Standards, Inc.