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Series 65 Practice Test 2 (2026): 55 Questions Explained

Audio from the Open Exam Hub video of the same name; the video shows the numbers and practice questions on screen.

Free Series 65 practice test
Series 65 practice test 2: 55 original questions for the Uniform Investment Adviser Law Exam, every answer explained, weighted like NASAA's test specifications (effective June 12, 2023). Economic Factors and Business Information (8: leading indicators, open market operations, a weaker dollar, inverted yield curves, the quick ratio, unqualified audit opinions, the Sharpe ratio, liquidation priority), Investment Vehicle Characteristics (14: T-bills, TIPS, tax-equivalent yield, revenue bonds, premium bond yield order, duration, conversion value, cumulative voting, ADR currency risk, closed-end funds, ETFs, leveraged ETFs, ETN credit risk, fixed annuities), Client Investment Recommendations and Strategies (16: C corporation double taxation, anchoring, CAPM, the efficient market hypothesis, tactical allocation, dollar-cost averaging, wash sales, step-up in basis, SECURE 2.0 RMD ages, Roth contributions, SEP IRAs, ERISA 404(c), 529 beneficiary changes, JTWROS, buy stops, time-weighted return) and Laws, Regulations, and Guidelines (17: the $110 million SEC line, exempt reporting advisers, IAR continuing education, books and records, brochure delivery, solicitors, IAR registration for federal covered advisers, the agent definition, newspaper offers, coordination, Administrator powers, civil liability for advice, oral discretion, custody net worth, performance fees, soft dollars, agency cross transactions). As of October 2026, per NASAA: 130 scored questions plus 10 unscored pretest questions, 180 minutes, closed book, pass with at least 92 correct, $187 fee paid to FINRA. Weights: Economic Factors 15%, Investment Vehicles 25%, Recommendations and Strategies 30%, Laws and Regulations 30%. NASAA says questions affected by the May 2026 IA advertising model rule amendments will be updated in early 2027. Our 44-of-55 target is a planning estimate, not a NASAA number. Questions are original, not real exam questions. Not affiliated with NASAA or FINRA.

Series 65 practice questions
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Chapters
0:00 How this practice test works
2:10 Section 1: Economic Factors and Business Information: Questions 1 to 8
7:38 Section 2: Investment Vehicle Characteristics: Questions 9 to 22
17:39 Section 3: Client Investment Recommendations and Strategies: Questions 23 to 38
29:27 Section 4: Laws, Regulations, and Ethics: Questions 39 to 55
42:19 Score yourself

Exam facts are from the official North American Securities Administrators Association (NASAA); exam administered by FINRA pages as of 2026-10-27. Fees and rules can change, so confirm on the official site before you enroll. Open Exam Hub is an independent study resource, not affiliated with North American Securities Administrators Association (NASAA); exam administered by FINRA. Practice questions are not from a real exam. Narration is an AI-generated voice.

Music
"Fresh Air" Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 4.0 License
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"Carefree" Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 4.0 License
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"Reminiscing" Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 4.0 License
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Sound effects: Kenney (kenney.nl), CC0.

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