Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Practice Questions
The entire NASAA Series 65 question bank is free: 922 practice questions on economic factors, investment vehicle characteristics, client recommendations and strategies, and securities regulations. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
922 questions4 topics2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
Beta is best described as a measure of:
🎉
Correct Answer: A
Solution
A is correct. Beta measures systematic (market) risk — specifically, how a security's return tends to move relative to the broader market. A beta of 1.0 means the security moves in line with the market, greater than 1.0 indicates higher market sensitivity, and less than 1.0 indicates lower sensitivity. Formally, beta equals the covariance of the asset's returns with market returns divided by the variance of market returns. Because beta isolates only the portion of risk that cannot be diversified away, it is the risk measure used in the Capital Asset Pricing Model to price market (systematic) risk.
Question 2
Medium
Which of the following best describes fiscal policy?
🎉
Correct Answer: C
Solution
C is correct. Fiscal policy refers to the federal government's use of taxation and spending to influence the economy. It is set by Congress and the executive branch through legislation such as tax law changes and budget appropriations.
Question 3
Hard
Which of the following cash-equivalent investments is NOT covered by FDIC insurance?
🎉
Correct Answer: D
Solution
D is correct. Money market mutual funds are pooled investment products registered under the Investment Company Act of 1940 and are not bank deposits. They carry no FDIC insurance; instead they may be covered by SIPC (up to $500,000) if held at a broker-dealer. Although their sponsors historically aim to hold the NAV at $1.00, that target is not guaranteed and the fund can 'break the buck' when underlying holdings lose value.
What Series 65 candidates are saying
“I passed yesterday. Loved your site. I love the pings when you get an answer right and the detailed explanation when you get one wrong.”
Elizabeth B.
“I passed my Series 63. Now I'm studying for the 65 on my own using your material.”
Kayla M.
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Series 65 prep are free forever. No trial period, no credit card. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, and a personalized study plan.
What's Free, and What Fellow Unlocks
The 70% of Series 65 prep you actually need to pass (questions, solutions, lessons, mixed practice) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan) unlocks when you become a Fellow. Use the free tier as long as you like.
✓
Free forever
$0 · no credit card
922 practice questions with detailed solutions
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
✦
Fellow unlock
$39 / mo · $79 / qtr per track · $199 / yr as Fellow Plus
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
Personalized study plan that adapts to your exam date
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
FreeFellow
$0 · Fellow $79/qtr
Kaplan
$100–$300
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($79/qtr) adds the pacing tools.
✓
922+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
Series 65 uses continuous testing: candidates schedule on demand at a test center rather than waiting for a fixed sitting window. Confirm scheduling details and fees directly with NASAA before registering.
Frequently Asked Questions
How many free Series 65 practice questions does FreeFellow have?
FreeFellow currently offers 922 free Series 65 practice questions across 4 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Series 65 topics are covered?
The questions cover 4 topics: Economic Factors and Business Information, Investment Vehicle Characteristics, Client Investment Recommendations and Strategies, Laws, Regulations, and Guidelines. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for Series 65 prep, or is there a catch?
No catch. The 70% of Series 65 prep you actually need to pass is free forever: the full question bank of 922 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $79 Fellow tier unlock for Series 65?
Fellow ($39 per month or $79 per quarter, per track; the $199 annual is Fellow Plus) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Kaplan, Knopman, or Securities Training on price?
Traditional Series 65 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $79 per quarter (a small fraction of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Series 65 entirely on the free tier.
How should I use FreeFellow to study for Series 65?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
Do I need employer sponsorship to take the Series 65?
No. NASAA Series 65 and Series 63 exams do not require employer sponsorship. You can self-register through FINRA and schedule your exam at a Prometric testing center. This makes them accessible to independent financial advisors and those not yet employed by a firm.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 35 finance credentials with more than 40,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
01
Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
02
Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
03
Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
