After passing the SIE and Series 7 Exams, representatives must also pass at least ONE of the following Securities Law Exams in order to be registered to conduct business in any State, and must be approved in their home state.
- Series 63 – Uniform Securities Agent State Law Exam
- Series 65 – Uniform Investment Adviser Law Exam
- Series 66 – Uniform Combined State Law Exam
** The Series 66 exam is the equivalent of taking both the Series 63 and Series 65 exams.
| Exam | Questions | Allotted Exam Time | Required To Pass |
|---|---|---|---|
| S65 | 130 Multiple-Choice Questions | 3 hours | 70% |
| S66 | 100 Multiple-Choice Questions | 1 hour and 50 minutes | 73% |
| S63 | 60 Multiple-Choice Questions | 1 hour and 15 minutes | 72% |
At least 92 of the questions must be answered correctly for an individual to pass the Series 65 exam. The Uniform Investment Adviser Law Examination consists of 130 questions plus 10 pretest questions covering the materials outlined in the following study outline. Applicants are allowed 180 minutes to complete the examination.
The Series 65 Exam focuses on investment adviser regulations and ethical considerations. This course primarily covers a thorough understanding of the Investment Advisers Act of 1940 and related laws, as well as economic factors impacting investments and risk. This course is broken down into the following modules to better position our candidates to pass on the first attempt.
The exam is broken down into the following categories, which we will cover in the modules below.
| Section | Description | Questions | Weight |
|---|---|---|---|
| I. | Economic Factors | 20 | 15% |
| II. | Investment Vehicle Characteristics | 32 | 25% |
| III. | Client Investment Recommendations and Strategies | 39 | 30% |
| IV. | Laws, Regulations, Ethics, and Fiduciary Roles | 39 | 30% |
| Total | 130 | 100% |
I. Introduction to Series 65 Exam
A. Purpose and Structure of Series 65.
B. Responsibilities and Duties of Investment Advisers.
C. Relationship between Federal and State Securities Laws.
II. Regulation of Investment Advisers
A. Investment Advisers Act of 1940.
B. Registration and Regulation of Investment Advisers.
C. Fiduciary Duties and Ethical Obligations.
III. Investment Adviser Representative Requirements
A. Qualifications and Registration of Investment Adviser Representatives.
B. Prohibited Practices and Ethical Obligations.
C. Continuing Education and Reporting Requirements.
IV. Economic Factors and Business Information
A. Economic Indicators and Factors Affecting Markets.
B. Business Cycles and Market Trends.
C. Analysis of Financial Statements.
V. Investment Vehicle Characteristics
A. Characteristics of Various Investment Vehicles.
- Mutual Funds.
- ETFs.
- Closed-End Funds.
- Hedge Funds.
B. Types of Investment Risk.
C. Investment Objectives and Strategies.
VI. Client Investment Recommendations and Strategies
A. Suitability of Investments.
B. Asset Allocation and Portfolio Management.
C. Ethical Considerations in Investment Recommendations.
VII. Retirement Planning and Regulations
A. Types of Retirement Plans.
B. ERISA and Regulation of Pension Funds.
C. Tax Considerations in Retirement Planning.
VIII. Securities Market Structure and Regulations
A. Primary and Secondary Markets.
B. Market Indices and Market Efficiency.
C. Securities Exchange Act of 1934.
IX. Regulatory and Ethical Guidelines
A. Anti-Fraud Provisions.
B. Insider Trading and Manipulative Practices.
C. Ethical Guidelines for Investment Advisers.
X. Examination Preparation Strategies
A. Study Materials and Resources.
B. Sample Questions and Practice Exams.
C. Test-Taking Strategies and Time Management.
The following waiting periods apply for individuals needing to retake the Series 66 following a failed attempt:
(1) a minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled;
(2) a minimum of 30 days after failing the exam for the second time before the third taking of the exam can be scheduled; and
(3) a minimum of 180 days after failing the exam for a third time before the fourth taking of the exam (and each subsequent taking) can be scheduled..