Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Practice Questions
The entire NASAA Series 65 question bank is free: 760 practice questions on economic factors, investment vehicle characteristics, client recommendations and strategies, and securities regulations. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
760 Questions
4 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Series 65 prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
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760+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
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Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
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Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
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Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
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Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
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AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
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Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
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Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
What's Free — and What Fellow Unlocks
The 70% of Series 65 prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
760 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$59 / qtr · $149 / yr per track
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
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever — the optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Kaplan
$100–$300
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
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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Frequently Asked Questions
How many free Series 65 practice questions does FreeFellow have?
FreeFellow currently offers 760 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.
Is FreeFellow really free for Series 65 prep, or is there a catch?
No catch. The 70% of Series 65 prep you actually need to pass is free forever: the full question bank of 760 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for Series 65?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: 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?
Traditional Series 65 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Series 65 entirely on the free tier.
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. The free tier gives you everything you need to build mastery; 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.
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.