Series 65 Historical Pass Rate Trends

​The Series 65 exam has experienced several changes over the years, affecting both its passing score and content focus. Here’s a comprehensive overview of its historical pass rate trends and key developments:​

📊 Historical Pass Rates and Scoring Changes

• Pre-2010: The passing score was 68.5%, requiring 89 correct answers out of 130.​hedgefundlawblog.com+1NASAA+1
• 2010: NASAA increased the passing score to 72%, necessitating 94 correct answers. ​Kaplan Financial
• June 12, 2023: The passing score was adjusted to 70%, meaning candidates must answer at least 92 out of 130 questions correctly. ​Kaplan Financial+6NASAA+6NASAA+6

These adjustments reflect efforts to balance the exam’s difficulty with the evolving standards of the investment advisory profession.​

📈 Estimated Pass Rates

While NASAA does not officially publish pass rates, industry sources estimate:​

• Current Pass Rate: Approximately 65%–70% of candidates pass the exam. ​ExamFX Blog

This suggests that about one-third of test-takers may not pass on their first attempt, highlighting the importance of thorough preparation.​

📚 Recent Content Updates

In addition to scoring changes, the exam content has been updated to reflect current industry practices:​

• New Topics Added:
  • Special Purpose Acquisition Companies (SPACs)
  • Digital assets (e.g., cryptocurrencies)
  • Environmental, Social, and Governance (ESG) considerations
  • Donor-advised funds
  • Regulation Best Interest (Reg BI)
  • Payment for order flow
  • Exploitation of vulnerable adults
  • Continuing education requirements for Investment Adviser Representatives (IARs)​Reddit+2Kaplan Financial+2FINRA+2
• Topics Removed:
  • Viatical/life settlements
  • Investment real estate
  • Dark pools​Kaplan Financial+1Reddit+1

These updates aim to ensure that the exam remains relevant to current financial advisory practices. ​

📝 Exam Structure Overview

• Total Questions: 140 (130 scored, 10 unscored)​FINRA
• Time Allotted: 180 minutes (3 hours)​Securities Training Corporation+1ExamFX Blog+1
• Passing Score: 92 correct answers out of 130 (70%)​Nasdaq+3Kaplan Financial+3NASAA+3
• Exam Fee: $187​

Candidates receive their results immediately upon completion.​

🔁 Retake Policy

If a candidate does not pass the Series 65 exam:​NASAA+1FINRA+1

• First and second attempts: Must wait 30 days before retaking.​
• Third attempt and beyond: Must wait 180 days between attempts.​

There is no limit to the number of times one can retake the exam, but the waiting periods must be observed. ​NASAA

🎯 Preparation Tips

To enhance your chances of passing:

• Study Duration: Allocate 80–90 hours over several weeks.​Securities Training Corporation
• Practice Exams: Utilize reputable resources like Kaplan or ExamFX to familiarize yourself with the exam format.​ExamFX Blog
• Focus Areas: Pay special attention to ethics, laws, and investment strategies, as these are heavily weighted.​
• Stay Updated: Ensure your study materials reflect the latest exam content, especially the updates implemented in 2023.​

By understanding the historical trends and recent changes to the Series 65 exam, you can better tailor your study approach and increase your likelihood of success.