Series 65

Designed by the North American Securities Administrators Association (NASAA) and administered by the Financial Industry Regulatory Authority (FINRA), the Series 65 is an exam and securities license required for individuals to act as investment advisers in the US. **Investment Vehicle Characteristics (25%, 32 questions):** Topics include cash and cash equivalents, fixed income securities, methods of fixed income valuation, equities and methods used in equity valuation, pooled investments, derivative securities, and insurance-based products. **Client Investment Recommendations and Strategies (30%, 39 questions):** Topics include individuals; business entities and trusts; client profiles; capital market theory; portfolio management styles, strategies and techniques; tax considerations; retirement planning; ERISA issues; special types of accounts; trading securities; exchanges and markets; and performance measurement. **Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices (30%, 39 questions): ** Topics include state and federal securities acts; rules and regulations for investment advisers, investment adviser representatives, broker-dealers, and agents; ethical practices; and fiduciary obligations, including communications with clients, compensation, client funds, and conflicts of interest. Designed by the North American Securities Administrators Association (NASAA) and administered by the Financial Industry Regulatory Authority (FINRA), the Series 65 is an exam and securities license required for individuals to act as investment advisers in the US. Other FINRA-administered qualification examinations include the Series 3 National Commodities Futures (NCFE), Series 7 General Securities Representative (GS), and Series 63 Uniform Securities Agent State Law.