NASAA’s Series 65 exam in 2026 will be no different than in 2025. That said, we hear from a lot of students that the content can feel overwhelming, especially for first-time test takers. In today’s post, we discuss why this exam is so challenging and what you can expect.
NASAA’s Series 65 Exam: Know What You’re Getting Into
The Series 65 Exam consists of 130 scored questions and covers four major areas: economic factors and business information, investment vehicle characteristics, client investment recommendations and strategies, and laws, regulations, and ethics. To pass you’ll need to score 72%+. What makes this different than other exams like the Series 7 is that this exam emphasizes real-world application rather than simple memorization.
One of the most difficult sections for many candidates is Client Investment Recommendations and Strategies, which makes up the largest portion of the exam.
This section tests suitability, portfolio construction, risk tolerance, time horizon, tax considerations, and retirement planning. The challenge here is that questions are often scenario-based. Instead of asking for definitions, the exam expects you to analyze a client’s situation and choose the “best” recommendation among several reasonable options. To answer correctly, you need to understand how concepts work together, not just know them individually.
Product Knowledge
Another challenging area is Investment Vehicle Characteristics. This section goes into equities, debt securities, mutual funds, ETFs, options, insurance products, and alternative investments.
The difficulty here lies in comparing similar products and understanding how features like liquidity, risk, taxation, and fees affect investor outcomes.
Many questions test subtle differences, which can trip up test takers who rely only on surface-level knowledge.
Fortunately, another large section tends to include a lot of common sense: Ethics. This section is requires careful attention to state versus federal regulation, fiduciary duty, registration requirements, and prohibited practices. However, with enough work you are likely to catch on to these sections fairly quickly.
Overall, the Series 65 is challenging because it rewards application, judgment, and careful reading. If you focus on understanding concepts, practice scenario questions, and review weak areas you are likely to do well. With disciplined preparation, even the toughest sections become manageable. If you have any questions, feel free to reach out! Good luck!