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. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.
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.
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Sample Questions
Question 1
Easy
Beta is best described as a measure of:
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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?
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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?
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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.
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Free practice questions, worked solutions, and written lessons.
The full original question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Series 65 prep are free forever. Full access requires a free account and is subject to usage limits. 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 original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Full access requires a free account and is subject to usage limits. Fellow adds mock exams, flashcards, analytics, and a personalized study plan.
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922 practice questions with detailed solutions
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking based on practice history
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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
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.
How many questions are on the Series 65 exam, and how long is it?
The Series 65 delivers 140 multiple-choice questions, of which 130 are scored and 10 are unscored pretest items that do not count toward your result (NASAA). Testing time is 3 hours. FreeFellow's Series 65 practice questions follow this format, and the free mixed practice draws from the full bank.
What is a passing score on the Series 65?
Series 65 is graded at 92 of 130 scored (71%) (NASAA). FreeFellow's readiness score estimates where you sit against that bar from your own practice history, and it is free.
Is FreeFellow really free for Series 65 prep, or is there a catch?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.
What does the $79 Fellow tier unlock for Series 65?
Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds 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?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.
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. 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 has passed thirteen of the hardest exams in finance, all on his first attempt. He paid four-figure prep fees along the way.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 exams with more than 45,000 original practice questions.
01
Cost shouldn't decide who gets in.
A CFA charter, a CPA license, an actuarial credential. Each opens a real career, but prep fees add to the cost of getting there. FreeFellow keeps its original question bank and written lessons free so you can study even if a paid course is out of reach.
02
Free should mean free.
The original question bank, the worked solutions, the topic lessons, mixed practice, and your readiness score stay free, forever. Full access needs a free account, and practice usage limits apply. Fellow adds AI grading on supported exams, spaced-repetition flashcards, full-length mock exams, analytics, and a study plan that adapts to your progress.
All 922 Series 65 questions, worked solutions, and lessons are free. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free.
