Series 65 Exam Study Guide 2027–2028 | Uniform Investment Adviser Law Exam Prep, 200 Practice Questions (PDF)

Prepare for the Series 65, the NASAA Uniform Investment Adviser Law Examination, with a complete study guide organized by the four sections of the current Series 65 content outline. Every section teaches the reasoning the exam rewards: how the economy and markets affect a client's portfolio, which product or strategy fits the client in front of you, and what the Uniform Securities Act, the Investment Advisers Act and NASAA's rules allow an adviser to do.

What's Inside

• Exam overview: format, scoring, results, retakes, enrollment and how the guide's 12 sections map to the four outline sections

• Economic Factors and Business Information: business cycle, monetary and fiscal policy, inflation and the yield curve, financial statements, ratios, time value of money, statistics, Sharpe ratio and types of risk

• Investment Vehicle Characteristics: cash equivalents, Treasury, agency, municipal and corporate bonds, yields and duration, equities and valuation, offerings, mutual funds, ETFs, UITs, REITs, options, futures, alternatives, annuities and life insurance

• Client Investment Recommendations and Strategies: client profiles, capital market theory, portfolio management, taxation, retirement plans, ERISA, education and health accounts, ownership and estate planning, trading and performance measurement

• Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices: investment adviser and IAR registration, federal covered advisers, broker-dealers and agents, securities and exemptions, the Administrator's powers, civil liability, communications, custody, fiduciary duty and unethical practices

• Worked calculations: current yield, taxable-equivalent yield, Sharpe ratio, CAPM, NPV and present value, dividend discount model, NAV and offering price, margin equity, cost basis and holding-period return

• Visuals of the outline weights, the business cycle, yield curve shapes, the efficient frontier and the SEC-or-state registration decision, plus 135 quick-reference tables

• Exam Tips, Common Traps, Memory Aids and Practice Scenarios in every chapter

• Study schedules, FAQs and test-taking strategies

• 2 practice tests of 100 questions each (200 questions total), four options per question, weighted like the four outline sections, with a complete answer key and an explanation for every question

Format

• Instant digital download (PDF), 8.5 × 11 in

• Clickable table of contents

• Print it or study on a tablet, laptop or phone

Please note: This is a digital product. No physical item will be shipped.

This is an independent study resource and is not affiliated with or endorsed by the North American Securities Administrators Association (NASAA) or FINRA.