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It covers the Uniform Investment Adviser Law Examination’s focus on laws, regulations, ethics, and fiduciary-related duties. Successful completion qualifies candidates to function as an Investment Adviser Representative in certain states, subject to state licensing and registration. 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The Series 65 exam, known formally as the Uniform Investment Adviser Law Examination, covers laws, regulations, ethics, and various topics important to the role of a financial adviser.  \nUnderstanding the Series 65  \nSuccessful completion of the Series 65 exam qualifies an investment professional to function asan Investment Adviser Representative in certain states. Other FINRA-administered qualification examinations include the Series 3 National Commodities Futures (NCFE), Series 7 General Securities Representative (GS), and Series 63 Uniform Securities Agent State Law.  \nFinancial professionals who have successfully passed the Series 65 exam may not act as investment advisers until licensed and registered in their state.  \nNASAA has completed the update of questions on the Series 63, 65, and 66 exams in light of the 2018 changes to the tax code. Tax-related questions appearing on the exams starting in Jan. 2019 reflect the tax code changes. To sit for the Series 65 exam, a candidate does not require sponsorship by a member firm.  \nSeries 65 Exam Structure  \nThe Series 65 examination contains 130 multiple-choice questions. Candidates have 180 minutes to complete the exam. Candidates must get 94 of the 130 questions correct to pass (a score of 72.3%) .  \nTest takers are provided with a basic four-function electronic calculator. Only this calculator maybe used during the exam. Dry-erase boards and markers are also provided for candidates. No reference materials of any kind are permitted in the exam room, and there are severe penalties for those who are caught cheating or attempting to cheat.  \nKey Takeaways  \n• Successful completion of the Series 65 exam qualifies an investment professional to function as an Investment Adviser Representative in certain states.  \n• Topics include state and federal securities acts, rules and regulations for investment advisers, ethical practices, and fiduciary obligations—including communications with clients, compensation, client funds, and conflicts of interest.  \n• Questions on the exam have been updated to reflect the 2018 changes to the tax code.  \nAn individual's firm can schedule a candidate to take the exam by filing Form U4 and paying the $175 examination fee. If an individual is not firm-registered, the candidate uses Form U10 to request and pay for the exam.  \nSeries 65 Exam Content  \nNASAA provides updated information on the exam's content on its website. The exam is structured as follows:  \n• Economic Factors and Business Information (15%, 20 questions): Topics include monetary and fiscal policy, economic indicators, financial reporting, quantitative methods, and basic risk concepts.  \n• Investment Vehicle Characteristics (25%, 32 questions): Topics include cash and cash equivalents, fixed income securities, methods of fixed income valuation, equities and methods used in equity valuation, pooled investments, derivative securities, and insurance-based products.  \n• Client Investment Recommendations and Strategies (30%, 39 questions): Topics include individuals; business entities and trusts; client profiles; capital market theory; portfolio management styles, strategies and techniques; tax considerations; retirement planning; ERISA issues; special types of accounts; trading securities; exchanges and markets; and performance measurement.  \n• Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices (30%, 39 questions): Topics include state and federal securities acts; rules and regulations for investment advisers, investment adviser representatives, broker-dealers, and agents; ethical practices; and fiduciary obligations, including communications w","cbCaicJSNVjrxcVQ","https://ap.wps.com/l/cbCaicJSNVjrxcVQ","pdf",150724,"English","# Understanding the Series 65\n## Qualification and eligibility requirements\n# Series 65 Exam Structure\n## Number of questions, time limit, and passing score\n## Allowed materials and cheating penalties\n# Key Takeaways\n# Exam Fees and Application Process\n# Series 65 Exam Content\n## Economic factors and business information\n## Investment vehicle characteristics\n## Client recommendations and strategies\n## Laws, regulations, and prohibited unethical practices\n# Related Terms\n## Series 66, Series 63, Series 26, Series 4, Series 79, Series 7","[{\"question\":\"What is the Series 65 exam used for in the US?\",\"answer\":\"Series 65 is required for individuals to act as investment advisers in the US. It focuses on laws, regulations, ethics, and related responsibilities for investment adviser roles.\"},{\"question\":\"How is the Series 65 exam structured, and what score is needed to pass?\",\"answer\":\"The exam contains 130 multiple-choice questions and must be completed in 180 minutes. Candidates must correctly answer 94 of the 130 questions to pass.\"},{\"question\":\"What topics are covered in the Series 65 exam content outline?\",\"answer\":\"The outline includes Economic Factors and Business Information, Investment Vehicle Characteristics, Client Investment Recommendations and Strategies, and Laws, Regulations, and Guidelines with a prohibition on unethical business practices.\"}]","Series 65 - Exam Overview - Key Information | PDF",1790339148]