Series 65 Exam (Uniform Investment Adviser Law Examination)

The Series 65 Exam, also known as the Uniform Investment Adviser Law Examination, is administered by FINRA and tests your knowledge for becoming an Investment Adviser Representative (IAR) in the United States. Here's a breakdown of its syllabus and pattern:

Syllabus:

The exam covers a wide range of topics related to investment adviser regulation and practice, broadly categorized into six sections:
⚫ Investment Adviser Regulation: This section focuses on the Investment Advisers Act of 1940, state securities laws, and regulations applicable to investment advisers.
⚫ Fiduciary Duties and Ethical Standards: This section tests your understanding of the fiduciary duties owed to clients, conflicts of interest, suitability standards, and ethical best practices.
⚫ Investment Analysis and Portfolio Management: This section covers various investment vehicles, asset allocation strategies, portfolio risk management, and investment research methods.
⚫ Communications and Sales Practices: This section assesses your ability to communicate effectively with clients, disclose information accurately, and comply with advertising and marketing regulations.
⚫ Account Management and Client Relationships: This section focuses on client account opening procedures, recordkeeping requirements, fee structures, and handling client complaints.
⚫ Professional Responsibilities and Anti-Money Laundering (AML): This section covers professional conduct standards, compliance programs, and AML rules and regulations.

Exam Pattern:
⚫ Number of questions: 140 total, with 130 scored questions and 10 unscored pretest questions.
⚫ Question format: Multiple-choice questions.
⚫ Time limit: 180 minutes (3 hours).
⚫ Passing score: 72% (minimum of 92 correctly answered questions).
⚫ Delivery format: Computer-based testing (CBT).

Additional Resources:
⚫ FINRA Series 65 Exam webpage: https://www.finra.org/registration-exams-ce/qualification-exams/series65
⚫ NASAA Series 65 Exam Content Outline: https://www.nasaa.org/exams/general-exam-information/series-65-exam-content-outline/
⚫ Investopedia Series 65 Exam Guide: https://www.investopedia.com/articles/professionaleducation/11/intro-series-65-exam.asp