The Series 65 asks for 92 right out of 130.
Every topic, illustrated.
A study guide with diagrams for the Uniform Investment Adviser Law Exam, plus a practice book with every answer explained. Economics, investments, client strategies, and the laws and ethics that make up 30% of the exam, built on NASAA's official outline. Made for adults who study after work: next to a course, or on its own.
Both books on the desk, the PDF on the phone for the commute · $89.99
Not a wall of text. One topic per page.
Every page works the same way, so after a long workday the book can be opened anywhere to pick up one rule or one formula in a few minutes.
This is what the pages look like.
A question in the style of the exam.
Original, written for the Practice Book. Pick an answer, then open the explanation.
Portfolio X returned 9% with a standard deviation of 15%. Portfolio Y returned 7% with a standard deviation of 8%. The risk-free rate is 3%. Which statement is correct?
A. X is better: its Sharpe ratio is higher because its return is higher.
B. Y is better: its Sharpe ratio is 0.50, versus 0.40 for X.
C. The two portfolios have the same Sharpe ratio.
D. No Sharpe ratio can be computed without each portfolio's beta.
Show the answer and why the others are wrong
B. Sharpe = (return − risk-free rate) ÷ standard deviation. Y: (7 − 3) ÷ 8 = 0.50. X: (9 − 3) ÷ 15 = 0.40. A is wrong because a higher return alone says nothing about risk. C is an arithmetic slip. D confuses Sharpe with the Treynor ratio, which is the one that uses beta. In the guide: page 46, "Sharpe uses Sigma."
For adults who study after work.
Starting from the basics
No sponsor and no prerequisite are needed to sit the Series 65. Each chapter starts from what a term means and builds up, so bonds, beta or a de minimis rule make sense before the numbers arrive.
Adding the adviser side
Insurance agents and registered reps who want to give advice for a fee. Law and ethics are 30% of the exam, and the guide gives them four full chapters.
Aim at the weak areas
After a fail, the score report shows a score in each of the four areas. The guide is organized by the same four areas, so the matching chapters are easy to find.
The rules of the exam itself.
They come from NASAA's study guide and exam FAQs. The guide's first chapter explains each one with a timeline.
120 days to sit it
Enrollment is done through FINRA and the fee is $187. Once it is processed, a 120-day window opens to schedule and take the exam at a test center.
92 of 130, on the spot
The result comes at the end of the exam. A fail also shows a score in each of the four areas. The four areas are weighted differently, so averaging them doesn't give the result.
30, 30, then 60 days
After a fail: 30 days before the 2nd and the 3rd try. After a 3rd fail, 180 days today, 60 days for windows opened from Jan. 4, 2027. No limit on attempts.
The math, worked out with real numbers.
Business cycles, the Fed, interest rates and the yield curve, financial statements, then the formulas: time value of money, NPV and IRR, standard deviation, beta, Sharpe and alpha.
- Every formula followed by a worked example, rounded to the cent
- Current ratio, quick ratio, debt-to-equity, P/E and price-to-book
- Systematic and unsystematic risk, and the liquidation order
- A one-page formula card at the end of the book
Every product, side by side.
Cash equivalents, Treasuries, munis and corporate bonds, stocks and options, mutual funds, ETFs, UITs and REITs, derivatives, alternatives, annuities, life insurance and digital assets.
- The bond seesaw, the order of yields and duration in one picture
- Tax-equivalent yield for municipal bonds, with the formula
- Fund share classes, loads, 12b-1 fees and NAV in one table
- Incentive vs. nonqualified stock options
From the client profile to the portfolio.
Types of clients, risk tolerance and time horizon, modern portfolio theory, CAPM and the efficient market hypothesis, taxes and estate planning, retirement plans, ERISA, trading and performance measures.
- Traditional IRA, Roth IRA and 401(k) in one table, with the ages to know
- 2027 gift and estate numbers from the IRS (Nov. 5, 2026)
- 529, Coverdell, UTMA/UGMA, HSA, JTWROS, TOD and per stirpes
- Time-weighted vs. dollar-weighted return, current yield, benchmarks
The law, section by section.
The Uniform Securities Act (the 1956 version the exam tests), the Investment Advisers Act, SEC rules and NASAA model rules: who registers, the contract, custody, fees, advertising and the unethical practices list.
- Adviser, representative, broker-dealer and agent: the definitions and exclusions
- State or SEC: the $100M / $110M / $90M lines drawn as a scale
- Fiduciary duty: care and loyalty, as the SEC describes them
- The May 2026 advertising amendments: testimonials, net performance, 1-5-10 years
300 questions. Every answer explained.
Two full practice exams of 130 questions each, split across the four areas in the same 20 / 32 / 39 / 39 mix as the official outline. Then 40 drills on the formulas.
- Why the right answer is right, and why each wrong one is wrong
- The guide page to reread after every question
- A score sheet by area, like the real score report
- Original questions written for this book, not copied from any exam
Built for studying in short evenings.
One page, one rule, one picture. It's possible to stop after any page and know exactly where things stand, which matters when the studying happens after work. It works on its own or next to an online course and its question bank.
- Chapters follow the four areas of the NASAA outline, in order
- Each rule points to the act, rule or IRS page it comes from
- Cram sheets and a formula card for the last week
The guide and the practice book, for all four areas.
The Guide · full table of contents
The Practice Book · 156 pages
On screen, on paper, or both.
Color PDF, right after payment
The guide and the practice book on a phone, tablet or computer. Good for a few questions on a lunch break.
Two spiral-bound books
The 256-page guide and the 156-page practice book, lying flat on the desk. Free US shipping, about 5–8 business days. Want both? Printed + eBook for $89.99.
A formula card for the last week.
Every formula the guide uses on one page, and short review sheets for each area, to read the night before.
- All the formulas with one worked example each
- The memory tricks from every chapter, in one place
- A score sheet to see which area needs another pass
See 10 real pages, free.
The exam in one page, which license to choose, time value of money, Sharpe and beta, bonds, retirement accounts, who must register, fiduciary duty, the unethical practices, and a practice-book page. Read them and decide with the pages in front of you.
See the 10 pages ↓
How is it different?
| What it has | This guide | Online courses | Text study guides | Free NASAA materials |
|---|---|---|---|---|
| A diagram or chart on every page | ✓ | Varies | Mostly text | — |
| Formulas worked out with numbers | ✓ | ✓ | Varies | — |
| Practice questions with explanations | ✓ 300 | ✓ Usually many more | Varies | — |
| Video lectures | ✗ | ✓ | ✗ | ✗ |
| The source named on each page | ✓ | Varies | Varies | ✓ The outline itself |
| Price | From $39.99 | Varies, often over $150 | About $20–$90 per book | Free |
Studying can start tonight.
Pay once
Secure checkout, no account, no subscription. One payment.
Open the eBook
With the eBook, the download link arrives by email. It opens on a phone, tablet or computer.
The books arrive
With the printed books, they ship free to a US address.
All four areas of the Series 65, explained with pictures.
- 256-page illustrated guide, 18 chapters
- Economics, investments, client strategies, laws and ethics
- Every formula with a worked example; every rule with its source
- 156-page Practice Book: 300 questions, every answer explained
- Cram sheets, formula card and score sheet
- Printed books: spiral-bound, lie flat
What candidates ask before buying
Is this affiliated with NASAA or FINRA?
No. This guide is not affiliated with or endorsed by NASAA (which writes the Series 65), FINRA (which administers it) or the SEC. The exam is enrolled for and paid separately through FINRA ($187).
Do I need a sponsor or a degree to take the Series 65?
No sponsor is needed: NASAA's FAQ says candidates who aren't with a firm can open an enrollment window through FINRA's website and pay the fee themselves. Passing the exam is not a license, though: to work as an investment adviser representative, a state has to register you, usually through a firm filing Form U4.
What changes in 2027?
From Jan. 4, 2027, NASAA no longer offers remote testing for the Series 63, 65 and 66, and the wait after a third fail drops from 180 to 60 days for windows opened on or after that date. NASAA also says questions affected by the May 2026 advertising amendments will be updated in early 2027, date to be announced. The guide covers the amended rules.
Series 65 or Series 66?
The 65 is for advice for a fee and can be taken on its own. The 66 combines the 63 and 65 material, but registering as an adviser representative with it also requires a valid Series 7, which needs a sponsoring firm. Page 6 of the guide puts the four exams side by side.
Will this book make me pass?
No book can promise that. The guide explains the areas in the official outline and gives 300 practice questions with explanations. How much and how someone studies is what decides it.
Are these real exam questions?
No. Every question was written for this book. NASAA does not release its exam questions. Ours follow the official outline and its four areas.
Do I also need a course?
It depends on how someone studies. Courses add video lectures and large question banks; this guide adds diagrams, worked formulas and short explanations. Many people use a course and a book together. NASAA does not endorse any provider.
Does it count as continuing education?
No. It's exam preparation, not an approved IAR continuing education course.
Is this financial advice?
No. It's a study guide with general information for exam preparation. It's not investment, tax, legal or financial advice for anyone's situation, and it doesn't promise any income from a career in the field.
Can I read it on my phone?
Yes. The eBook is a color PDF that opens on a phone, tablet or computer.
When do the printed books arrive?
Shipping to US addresses is free and takes about 5–8 business days. The eBook arrives by email right after payment.
What if it's not right for me?
There's a 30-day guarantee. Write to us within 30 days for a refund. No questions, no forms.
Ready to study the Series 65 with pictures?
256 illustrated pages, 300 questions with every answer explained, every formula worked out. 30-day guarantee.
From $39.99 · eBook or printed