A client holds a 25-year fixed-rate Treasury bond. If inflation expectations rise unexpectedly, the bond's market price will most likely:

Decrease, because market interest rates tend to rise

Increase, because Treasuries are a safe haven

Remain unchanged, because Treasuries have no default risk

Increase, because the coupon resets higher

A fund's annual returns over five years were 4%, -2%, 10%, 4%, and 9%. Which set of statistics is correct?

Mean 6.25%, median 4%, mode 10%

Which feature is characteristic of a closed-end investment company?

A fixed number of shares that trade on an exchange at a premium or discount to NAV

Continuous offering of new shares at NAV plus a sales charge

Daily redemption of shares by the fund at NAV

A fixed, unmanaged portfolio that terminates on a set date

A wheat farmer expects to harvest 50,000 bushels in four months and fears prices will fall before then. Which hedge is appropriate?

Buy call options on wheat futures

Take no position, since futures only benefit speculators

Series 65 Pass Rate and Passing Score

To pass the Series 65 you need 92 of 130 scored questions. NASAA does not publish pass rates for the exam.

Updated 2026-09-23 · 4 sources · By the SeriesPrepKit team

Passing score

92 of 130

raw count

Official pass rate

Not published

NASAA does not publish

Scored questions

130

Time

3 hr

What is officially published

NASAA does not publish pass rates for the Series 65, and neither does FINRA, which administers it. We found no official figure on NASAA’s exam pages or FAQ. Pass-rate numbers for the Series 65 that circulate online come from prep vendors (often their own customers) and are not comparable to an all-candidate rate. What NASAA does publish is the pass mark: 92 of 130 scored questions.

How the passing score works

The Series 65 is scored as a raw count: 92 of 130 scored questions. Unscored pretest questions (10) are mixed in and do not count toward the result.

What makes it hard

Laws and ethics (30%) and recommendations and strategies (30%) dominate. Unlike the 63, the 65 also tests economics, valuation math and portfolio theory.

Once our practice-test data is large enough, we will publish anonymized section-level miss rates here, labeled as our own data.

If you fail: retake rules

NASAA rule (Series 63/65/66): wait 30 days before a second attempt, 30 days before a third, and 180 days before later attempts within a two-year period. From January 4, 2027 the wait after a third failure drops to 60 days (announced by NASAA on August 10, 2026). The first two 30-day waits are unchanged.

Check your readiness: 10 free Series 65 questions

Series 65 practice questions

An economist wants a data series that tends to turn BEFORE the overall economy does. Which is a leading economic indicator?

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Outline-weighted original questions with explanations, section drills and timed full-length exams. $99 one-time, 12 months, free access extension until you pass.

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Frequently asked questions

What is the Series 65 pass rate?

There is no current official figure. NASAA does not publish pass rates.

What is the Series 65 passing score?

92 of 130 scored questions correct.

How hard is the Series 65?

Laws and ethics (30%) and recommendations and strategies (30%) dominate. Unlike the 63, the 65 also tests economics, valuation math and portfolio theory.

How soon can I retake the Series 65?

30 days after a first or second failure; 180 days after a third consecutive failure under current rules. From January 4, 2027, NASAA cuts the third-failure wait to 60 days.

Sources

FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
NASAA - Exam FAQs (accessed 2026-09-23)
NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) (accessed 2026-09-23)