The investment adviser law exam has a plain number to hit, not a scaled score. Here it is, with the retake, validity and waiver rules, from NASAA and FINRA.
You need at least 92 of the 130 scored questions right.
The Series 65 is 140 multiple-choice questions in 180 minutes: 130 scored and 10 unscored pretest questions you can't pick out. 92 of 130 is about 71%. It is a criterion-based test, so the mark is a count of right answers, not a curve.
Checked October 24, 2026 against the official sources listed at the bottom of this page.
Take the free Series 65 practice test130 scored + 10 unscored, no sign-upYou learn pass or fail as soon as you finish. If you fail, NASAA shows your score in each of the 4 sections, not on single questions. NASAA writes the exam and FINRA gives it; the fee is $187, there is no corequisite, and you get a 120-day window to test once you enroll (through a firm's Form U4, or your own enrollment on FINRA's site).
| After | Wait before the next try |
|---|---|
| 1st or 2nd failed attempt | 30 days |
| 3rd failed attempt (and each one after) | 180 days |
These are NASAA's waits for the Series 65, set to mirror FINRA's. FINRA is shortening the waits for its own exams from January 19, 2027, so check NASAA's exam page before you reschedule.
Under NASAA's model rule on IAR exams, you must have passed the Series 65 (or the Series 66 plus the Series 7) within two years before applying, unless you were registered as an IAR in some state in the past two years. In states that adopted NASAA's Exam Validity Extension Program, you can keep a pass good for up to five years with yearly continuing education. A current CFP, ChFC, CFA, PFS or CIMA in good standing can have the exam waived under the model rule.
NASAA's test specifications split the 130 scored questions across 4 sections: economic factors and business information (20), investment vehicle characteristics (32), client investment recommendations and strategies (39) and laws, regulations and guidelines, including unethical business practices (39). The law questions follow the Uniform Securities Act of 1956 as NASAA amended it, NASAA's adviser model rules, the Investment Advisers Act and SEC rules.
At least 92 of the 130 scored questions, about 71%.
140 in 180 minutes: 130 scored and 10 unscored pretest questions.
30 days after a first or second failed attempt and 180 days after a third, under NASAA's current rules.
Under NASAA's model rule, a current CFP, ChFC, CFA, PFS or CIMA in good standing can have the exam requirement waived, in states that adopted it.