Series 65 Practice Test 2026

About the Series 65 exam

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The FINRA Series 65 - Investment Adviser (Series 65) is a banking & finance examination administered in USA. It is designed to assess candidates' knowledge and proficiency across 4 key subject areas including Economic Factors & Business Information, Investment Vehicle Characteristics, Client Investment Recommendations, Laws & Regulations. This exam is widely recognized as an essential benchmark for finance professionals.

Use short Series 65 practice sets to identify topics to revisit. Choose a subject and difficulty, answer questions, then review the explanations. New accounts get 30 question credits; further new questions use paid credits. Retaking previously seen questions is free.

Whether you're a first-time candidate or retaking the Series 65 to improve your score, InfinityMock helps you identify your strengths and weaknesses through detailed performance analytics. Our platform covers Economic Factors & Business Information, Investment Vehicle Characteristics, Client Investment Recommendations, Laws & Regulations, with questions available at Easy, Medium, and Hard difficulty levels. Track your progress, review detailed explanations, and build the confidence you need to pass on exam day.

Series 65 — quick answers

Series 65 at a glance

8 free Series 65 practice questions (2026)

Answer these first — no signup, no card. Every answer is explained. For more practice, sign up for 30 free question credits and choose a subject above.

1. Under the Uniform Securities Act, which of the following individuals would be excluded from the definition of an Investment Adviser?

   • An accountant who charges a separate fee for providing customized investment plans to tax clients.
   • A high school teacher who offers a weekend seminar on stock market basics to the general public and charges tuition.
   • A lawyer who, as an incidental part of her legal practice, advises a client on the financial merits of a divorce settlement structure.
   • A broker-dealer who charges a wrap fee for investment advisory services.
   Show answer & explanation

   Answer: C. A lawyer who, as an incidental part of her legal practice, advises a client on the financial merits of a divorce settlement structure.

   Under the Uniform Securities Act, lawyers, accountants, teachers, and engineers (LATE) are excluded from the definition of an investment adviser, provided their performance of these advisory services is solely incidental to the practice of their profession and no separate fee is charged for the advice.

   Topic: Laws & Regulations · easy

2. An investment adviser manages $115 million in discretionary assets for various individual clients. Under the Investment Advisers Act of 1940 and NSMIA, which of the following statements is correct regarding its registration?

   • The adviser is required to register with the SEC as a federal covered adviser.
   • The adviser must register with both the SEC and the state of its principal office.
   • The adviser must register only with the state since it has individual clients.
   • The adviser is exempt from registration because it manages discretionary assets.
   Show answer & explanation

   Answer: A. The adviser is required to register with the SEC as a federal covered adviser.

   Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, an investment adviser with assets under management (AUM) of $110 million or more must register with the SEC (federal covered adviser) and is exempt from state registration, though state notice filings may still be required.

   Topic: Laws & Regulations · medium

3. Under the Uniform Securities Act, an investment adviser representative (IAR) of a federal covered investment adviser must register in a state if:

   • The representative has any retail clients who are residents of that state, regardless of whether the representative has an office there.
   • The representative has a physical place of business in that state, regardless of the number of clients.
   • The representative has more than 5 retail clients who are residents of that state, regardless of whether the representative has an office there.
   • The federal covered adviser has registered with the state Administrator.
   Show answer & explanation

   Answer: B. The representative has a physical place of business in that state, regardless of the number of clients.

   Under the National Securities Markets Improvement Act (NSMIA), states are preempted from requiring the registration of IARs of federal covered advisers unless the IAR has a physical 'place of business' in the state. If they have a place of business in the state, they must register there, regardless of the number of clients.

   Topic: Laws & Regulations · hard

4. Under the Uniform Securities Act, which of the following would NOT be considered an exempt transaction?

   • An unsolicited transaction executed by a broker-dealer in a non-issuer security.
   • A transaction between an issuer and an underwriter.
   • A transaction in a security issued by a state-chartered bank.
   • A transaction by an executor, administrator, or sheriff in the course of their duties.
   Show answer & explanation

   Answer: C. A transaction in a security issued by a state-chartered bank.

   A security issued by a state-chartered bank is an 'exempt security' under the Uniform Securities Act, but a transaction in that security is not automatically an 'exempt transaction' unless the transaction itself meets separate transactional exemption criteria. The other options are explicitly exempt transactions.

   Topic: Laws & Regulations · medium

5. Under the Uniform Securities Act, an individual representing an issuer would be required to register as an agent if they represent the issuer in selling:

   • U.S. Government Treasury bonds.
   • Municipal bonds issued by a local school district.
   • Commercial paper with an 8-month maturity and a $100,000 denomination.
   • Common stock of a startup company to the general public, where no commission is paid.
   Show answer & explanation

   Answer: D. Common stock of a startup company to the general public, where no commission is paid.

   An individual representing an issuer is excluded from the definition of an agent only when representing the issuer in transactions involving certain exempt securities (like US Government, municipal, or qualifying commercial paper) or in exempt transactions. Common stock of a startup sold to the general public is a non-exempt security, so the individual must register as an agent even if no commission is paid.

   Topic: Laws & Regulations · hard

6. Under NASAA Model Rules, an Investment Adviser (IA) may exercise oral discretionary authority to buy or sell securities for a client's account, provided that the IA obtains written discretionary authority within how many days of the first trade?

   • 10 business days
   • 10 calendar days
   • 3 business days
   • Oral discretion is never permitted for Investment Advisers.
   Show answer & explanation

   Answer: A. 10 business days

   NASAA Model Rules allow an investment adviser to act on oral discretionary authority from a client for up to 10 business days after the first transaction in the account. After this period, written discretionary authority must be obtained to continue discretionary trading.

   Topic: Laws & Regulations · medium

7. Under NASAA Model Rules, which of the following activities by an Investment Adviser (IA) would NOT constitute having 'custody' of client funds or securities?

   • Holding client stock certificates in the adviser's office for 5 business days before returning them.
   • Possessing discretionary authority to trade securities in a client's account.
   • Directly deducting quarterly advisory fees from a client's custodial account under a pre-authorized agreement.
   • Serving as a trustee for a client's living trust.
   Show answer & explanation

   Answer: B. Possessing discretionary authority to trade securities in a client's account.

   Having discretionary authority to trade securities does not constitute custody. However, holding physical certificates for more than 3 business days, directly deducting fees from accounts, and acting as a trustee all constitute custody under NASAA rules.

   Topic: Laws & Regulations · medium

8. Under the Uniform Securities Act, a client who wishes to sue an investment adviser for civil liabilities resulting from a violation of the Act must bring the action within:

   • Two years of discovery of the violation, or three years of the violation, whichever occurs first.
   • Three years of discovery of the violation, or five years of the violation, whichever occurs first.
   • One year of discovery of the violation, or three years of the violation, whichever occurs first.
   • Two years of discovery of the violation, or five years of the violation, whichever occurs first.
   Show answer & explanation

   Answer: A. Two years of discovery of the violation, or three years of the violation, whichever occurs first.

   The statute of limitations for civil liabilities under the Uniform Securities Act is the earlier of two years from the discovery of the violation or three years from the date the violation occurred.

   Topic: Laws & Regulations · medium

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Series 65 Exam Subjects

Available practice subjects: Economic Factors & Business Information, Investment Vehicle Characteristics, Client Investment Recommendations, Laws & Regulations. Select a subject for focused preparation. Coverage is not a guarantee of the complete official syllabus.

📖 Series 65 Study Guide

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