Uniform Investment Adviser Law
The Series 65 exam, formally known as the Uniform Investment Adviser Law Examination, qualifies individuals to act as investment adviser representatives (IARs). Administered by the North American Securities Administrators Association (NASAA), the Series 65 covers economic factors and business information, investment vehicle characteristics, client investment recommendations and strategies, and laws, regulations, and guidelines including prohibition on unethical business practices. Unlike most FINRA exams, the Series 65 does not require firm sponsorship, making it accessible to anyone seeking to provide investment advice for compensation.
Chapters
Economic Factors
Economic indicators, business cycles, monetary and fiscal policy, interest rates, inflation, and international economics
Financial Reporting & Analysis
Balance sheets, income statements, cash flow analysis, financial ratios, and market efficiency
Equity Investments
Stock valuation methods, types of stock, market indexes, technical analysis, and active vs. passive management
Fixed Income Analysis
Bond yields, duration, convexity, credit analysis, yield curve theories, and bond portfolio strategies
Pooled Investments
Mutual funds, ETFs, hedge funds, private equity, venture capital, REITs, and alternative investments
Portfolio Management
Modern portfolio theory, asset allocation, risk-adjusted returns, CAPM, and behavioral finance
Retirement Planning
Qualified plans, IRAs, Roth accounts, Social Security, and estate planning basics
Fiduciary Duty & Ethics
Fiduciary obligations, suitability, conflicts of interest, compensation models, and ethical practices
Laws & Regulations
Uniform Securities Act, federal securities acts, registration requirements, and prohibited practices