NASAA Series 65 study guide

NASAA Series 65, administered by Written by NASAA (owns the content outline and the Uniform Securities Act model act), is mapped here as 4 topic areas; the heaviest are Client Recommendations & Strategies (30%), Laws, Regulations & Guidelines incl. Prohibition on Unethical Business Practices (30%) and Investment Vehicle Characteristics (25%).

About this course: Original NASAA Series 65 practice questions, recorded lessons, memory hooks and explained answers. Start with the free introductory modules.

NASAA Series 65 at a glance

Questions

130

Time allowed

180 minutes (3 hours)

Passing standard

At least 92 of 130 scored questions (≥92/130)

Standard / edition

Current NASAA Series 65 Test Specifications, effective June 12, 2023 (topic weights 15/25/30/30 over 20/32/39/39 scored questions, summing to 130)

Administered by

Written by NASAA (owns the content outline and the Uniform Securities Act model act)

Source: Current NASAA Series 65 Test Specifications, effective June 12, 2023 (topic weights 15/25/30/30 over 20/32/39/39 scored questions, summing to 130), Written by NASAA (owns the content outline and the Uniform Securities Act model act). Confirm current details with the exam owner before you book.

Topic areas and weights

Study plan in this course

1. Risk & Modern Portfolio Theory — 9 cards · free
2. Suitability, Client Profiling & Portfolio Strategy — 8 cards · free
3. Performance, Returns, Taxation & Retirement — 13 cards · full course
4. IA/IAR Registration — SEC vs State — 12 cards · full course
5. The Fiduciary Standard & Form ADV / Brochure Delivery — 8 cards · full course
6. Prohibited & Unethical Practices + Administrator Powers/Remedies — 13 cards · full course
7. Equity & Fixed Income — 8 cards · full course
8. Pooled, Derivative, Insurance & Alternative Vehicles — 9 cards · full course
9. Economics & Financial-Statement Analysis — 8 cards · full course

Client Recommendations & Strategies

Client Recommendations & Strategies carries 30% of the NASAA Series 65 blueprint used in this course, the largest of its 4 weighted areas. It spans 2 concepts. The course teaches it in 3 study units: Risk & Modern Portfolio Theory, Suitability, Client Profiling & Portfolio Strategy and Performance, Returns, Taxation & Retirement.

What Client Recommendations & Strategies covers

• Compare strategic vs. tactical asset allocation. — Standard investment-theory references + NASAA Series 65 Test Specifications topic index
• How does ERISA protection differ between a 401 and an IRA? — Employee Retirement Income Security Act of 1974 + Internal Revenue Code

Official references for Client Recommendations & Strategies

• Standard investment-theory references + NASAA Series 65 Test Specifications topic index
• Internal Revenue Code / IRS rules
• NASAA Series 65 Test Specifications Section III.F-I + state property law
• Employee Retirement Income Security Act of 1974 + Internal Revenue Code

In the app this area comes with 30 memory cards and 39 module-quiz questions and is part of the free starting modules.

Laws, Regulations & Guidelines incl. Prohibition on Unethical Business Practices

Laws, Regulations & Guidelines incl. Prohibition on Unethical Business Practices carries 30% of the NASAA Series 65 blueprint used in this course, the second-largest of its 4 weighted areas. It spans 5 concepts. The course teaches it in 3 study units: IA/IAR Registration — SEC vs State, The Fiduciary Standard & Form ADV / Brochure Delivery and Prohibited & Unethical Practices + Administrator Powers/Remedies.

What Laws, Regulations & Guidelines incl. Prohibition on Unethical Business Practices covers

• Who qualifies as an investment adviser representative? — Uniform Securities Act + NASAA Series 65 Test Specifications + NASAA Statements of Policy on unethical business practices
• Which AUM threshold requires SEC registration for an IA? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule-1)
• What is best execution and the Section 28 soft-dollar safe harbor? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule-1)
• What custody safeguards and examination exceptions apply to SEC-registered advisers? — Uniform Securities Act + NASAA Series 65 Test Specifications + NASAA Statements of Policy on unethical business practices
• Under what narrow circumstances may an agent borrow from a client? — Uniform Securities Act + NASAA Series 65 Test Specifications + NASAA Statements of Policy on unethical business practices

Official references for Laws, Regulations & Guidelines incl. Prohibition on Unethical Business Practices

• Uniform Securities Act + NASAA Series 65 Test Specifications + NASAA Statements of Policy on unethical business practices
• Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule-1)

In the app this area comes with 33 memory cards and 39 module-quiz questions in the full course.

Investment Vehicle Characteristics

Investment Vehicle Characteristics carries 25% of the NASAA Series 65 blueprint used in this course, the third-largest of its 4 weighted areas. It spans 2 concepts. The course teaches it in 2 study units: Equity & Fixed Income and Pooled, Derivative, Insurance & Alternative Vehicles.

What Investment Vehicle Characteristics covers

• Compare growth vs. value and large-cap vs. small-cap investing. — Standard investment-theory references + NASAA Series 65 Test Specifications topic index
• How are digital assets classified as securities? — NASAA Series 65 Test Specifications Section II.N.2 / II.G.3 + SEC guidance on digital-asset securities and SPAC disclosure

Official references for Investment Vehicle Characteristics

• Standard investment-theory references + NASAA Series 65 Test Specifications topic index
• Internal Revenue Code / IRS rules
• NASAA Series 65 Test Specifications Section II.N.2 / II.G.3 + SEC guidance on digital-asset securities and SPAC disclosure

In the app this area comes with 17 memory cards and 32 module-quiz questions in the full course.

Economic Factors & Business Information

Economic Factors & Business Information carries 15% of the NASAA Series 65 blueprint used in this course, the 4th-largest of its 4 weighted areas. The course teaches it in 1 study unit: Economics & Financial-Statement Analysis.

Official references for Economic Factors & Business Information

• Standard investment-theory references + NASAA Series 65 Test Specifications topic index

In the app this area comes with 8 memory cards and 20 module-quiz questions in the full course.

Official references

• Internal Revenue Code / IRS rules
• Employee Retirement Income Security Act of 1974 + Internal Revenue Code
• Uniform Securities Act + NASAA Series 65 Test Specifications + NASAA Statements of Policy on unethical business practices
• Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule-1)
• NASAA Series 65 Test Specifications Section II.N.2 / II.G.3 + SEC guidance on digital-asset securities and SPAC disclosure
• NASAA Series 65 Test Specifications
• Investment Advisers Act of 1940 + SEC rules
• Internal Revenue Code / IRS annual figures
• FINRA Series 65 exam page + NASAA exam FAQ
• SEC Marketing Rule-1) + Reg BI
• SEC digital-asset guidance + NASAA Series 65 Test Specifications Section II.N.2
• https://www.finra.org/registration-exams-ce/qualification-exams/series65)
• Standard investment-theory references + NASAA Series 65 Test Specifications topic index
• NASAA Series 65 Test Specifications Section III.F-I + state property law
• 01b-competitive-intel.json +: 01b-content-demand-spine.json