Most Common Passing Scores by FINRA Exam

​The Series 65 exam, officially known as the Uniform Investment Adviser Law Examination, is a crucial step for individuals aiming to become licensed Investment Adviser Representatives (IARs) in the United States. Passing this exam qualifies candidates to provide investment advice to clients and charge fees for their services.​Investopedia+1Wikipedia+1

📊 Series 65 Exam Overview

• Administered by: Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA)
• Number of Questions: 130 scored multiple-choice questions, plus 10 unscored pretest questions
• Time Allotted: 180 minutes (3 hours)
• Passing Score: 92 correct answers out of 130 scored questions (approximately 70.7%)
• Cost: $187
• Prerequisites: None; sponsorship by a firm is not required​NASA A+4Wikipedia+4Investopedia+4Reddit+2Knopman+2blog.examfx.com+2Wikipedia+3Investopedia+3Reddit+3

📈 Estimated Pass Rate

While NASAA does not officially publish pass rates for the Series 65 exam, industry sources estimate the pass rate to be around 60% to 70%. This suggests that the exam is moderately challenging, and adequate preparation is essential for success.​blog.examfx.com

🧠 Exam Content Breakdown

The Series 65 exam covers a broad range of topics relevant to investment advisory services. The content is divided into four main sections:​

1. Economic Factors and Business Information (15%): Understanding economic concepts, financial reporting, and analysis.
2. Investment Vehicle Characteristics (25%): Knowledge of various investment products and their features.
3. Client Investment Recommendations and Strategies (30%): Application of investment strategies to meet client objectives.
4. Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices (30%): Familiarity with state and federal securities laws and ethical practices. ​Wikipedia

📚 Study Recommendations

Given the breadth of topics and the estimated pass rate, it’s advisable to:​

• Allocate sufficient study time: Candidates often spend several weeks to a few months preparing, depending on their background and familiarity with the material.
• Utilize multiple study resources: Combining textbooks, online courses, practice exams, and flashcards can enhance understanding.
• Practice with sample questions: Regularly testing your knowledge helps identify areas needing improvement and builds exam-day confidence.​

For more detailed information on the Series 65 exam, including registration and scheduling, visit FINRA’s official page:
👉 Series 65 – Uniform Investment Adviser Law Exam | FINRA.org