[1] The Uniform Investment Adviser Law Examination was developed by the North American Securities Administrators Association (NASAA) and is administered by the Financial Industry Regulatory Authority (FINRA).
Each Series 65, Uniform Investment Adviser Law Examination, contains a total of 140 questions.
One hundred thirty (130) of the questions count toward whether the candidate passes or fails the Series 65 exam.
[2] The Uniform Investment Adviser Law Examinations are assembled by FINRA using a process called "on the fly."
Applicants have 180 minutes to complete the examination, and must answer at least 94 (72%) of the questions correctly to pass the Series 65 exam.