You must pass the Series 65 Uniform Investment Adviser Law Exam if you want to become an investment advisor representative. Fortunately, the Series 65 practice exam and the Series 65 study guide offer excellent preparation for passing the exam that is required by the North American Securities Administration Association (NASAA).
The average time needed for exam preparation while you are still working at your day job is four to eight weeks, or 50 to 100 hours. That may seem like a lot, but the studies are comprehensive and include more than 2,000 practice questions. To ensure that you have a thorough understanding of everything you study, your first step is to read the textbook. It is suggested that you then begin taking the practice exams prior to attending either live or online classes. You can go back to the textbook for further reference whenever you miss a question or are unsure of the correct answer.
What to Expect
The practice exam breaks down into four parts: Economic Factors and Business Information, Investment Vehicle Characteristics, Client Investment Recommendations and Strategies and finally, Laws, Regulations and Guidelines. You will start out with Basic Economic Concepts, go on to Types and Characteristics of Cash and Cash Equivalents, and study Client Investment Recommendations and Strategies. The last section concerning laws carries a weight of 30 percent, includes topics such as regulation of investment advisers, notice filing requirements, registration maintenance requirements and much more.
Practice Makes Perfect
Once you have read the textbook, taking particular note of example items as well as the glossary and appendices, you should complete 1,000 to 1,500 QBank questions. Concentrate initially on individual topics or groups, then on all topics. After you have completed these questions with a score of at least 74 percent, you should complete five practice exams of 140 questions on all topics.
Because the questions are longer and more ambiguous, the actual exam is slightly more difficult than the Series 65 practice exam. The answer options you will be given are very similar to one another, so in many cases, you will have to be alert to this and trust your instincts to provide the correct answer. Going over your class notes and class supplements multiple times will help you retain important information.
Adding to Your Industry Experience
By the time you are ready to pursue the studies necessary to pass the Series 65 exam, you have probably been working in the financial sector for some time. Remember, however, that industry experience is not sufficient; you need the in-depth preparation that a practice exam provides. Class formats include both live and virtual classes—you can even access the classes through your mobile device. The actual exam length is three hours, and in your final preparation work you can practice endurance, pacing and timing, all of which will be invaluable training for Series 65 exam day. With the comprehensive prep you will get from the Series 65 practice exam, your confidence will be high when the big exam day finally arrives.