Choosing Your Study Timeline
4-Week Plan (15-20 hrs/week)
Best for finance professionals or those with tight deadlines who can dedicate significant daily time.
6-Week Plan (10-15 hrs/week)
The most popular option. Balances thorough preparation with manageable weekly commitments.
8-Week Plan (8-12 hrs/week)
Ideal for career changers, busy professionals, or those who prefer a steady, less intensive pace.
The Series 65 exam tests your knowledge across four weighted sections. A well-structured study schedule allocates time proportionally to these weights while allowing flexibility for your weak areas. All three plans below follow the same topic sequence but differ in pace and depth.
Before choosing a timeline, honestly assess your current situation: How much do you already know about investments and regulations? How many uninterrupted hours can you realistically study each week? Do you have a firm exam deadline from an employer? For guidance on total study hours by background, see our complete study time guide.
Once you’ve chosen your timeline, the next decision is how to study efficiently. Our flashcard strategies guide explains how FSRS-powered spaced repetition helps you retain more in less time. Especially important when balancing study with work.
Studying While Working Full-Time?
Prep that respects your time. Study in stolen moments, stay consistent, and retain what you learn with spaced repetition.
See How CertFuel Works for Busy ProfessionalsSeries 65 Exam Sections and Weights
The Series 65 exam consists of 140 questions (130 scored, 10 unscored pilot) to be completed in 180 minutes. You need 71% (92/130) to pass. Here is how questions are distributed across the four sections:
| Section | Weight | Questions | Study Focus |
|---|---|---|---|
| I. Economic Factors & Business Information | 15% | ~20 | GDP, inflation, business cycles, monetary/fiscal policy |
| II. Investment Vehicle Characteristics | 25% | ~32 | Stocks, bonds, mutual funds, ETFs, options, annuities |
| III. Client Investment Recommendations | 30% | ~39 | Suitability, risk assessment, portfolio construction |
| IV. Laws, Regulations & Guidelines | 30% | ~39 | Uniform Securities Act, registration, prohibited practices |
Sections III and IV together make up 60% of the exam. However, Section II (Investment Vehicles) provides the foundation for understanding Section III recommendations. Do not skip ahead.
4-Week Study Plan (15-20 hours/week)
This intensive plan is designed for candidates with a finance background or those facing a tight deadline. You will cover all content in three weeks and dedicate the final week entirely to practice exams and review.
Week 1: Foundation . Economic Factors + Investment Basics
Goals:
- Complete Section I: Economic Factors (15%)
- Begin Section II: Investment Vehicles (first half)
- Complete 150-200 practice questions
Daily Breakdown:
| Mon-Tue | Economic concepts (3 hrs/day) |
| Wed-Thu | Yield curves (3 hrs/day) |
| Fri | Section I review + quiz (2 hrs) |
| Sat | Stocks and bonds fundamentals (4 hrs) |
| Sun | Equity securities deep dive + practice questions (4 hrs) |
As you study economic factors, reinforce with targeted practice:
- Basic Economic Concepts Questions (6 questions)
- Types of Risk Questions (6 questions)
- Financial Reporting Questions (4 questions)
- Analytical Methods Questions (4 questions)
Complete these 20 questions throughout Week 1 as you learn each topic.
Week 2: Investment Products . Complete Investment Vehicles + Begin Client Recommendations
Goals:
- Complete Section II: Investment Vehicles (25%)
- Begin Section III: Client Recommendations
- Complete 200-250 practice questions
Daily Breakdown:
| Mon | Debt securities, bond pricing, duration (3 hrs) |
| Tue | UITs (3 hrs) |
| Wed | Alternatives, ADRs (3 hrs) |
| Thu | Section II review + quiz (3 hrs) |
| Fri | Client profiling and suitability basics (practice with client profile questions) (2 hrs) |
| Sat | Risk tolerance, time horizon, liquidity needs (4 hrs) |
| Sun | Portfolio construction with dollar cost averaging, modern portfolio theory (4 hrs) |
Week 3: Recommendations + Regulations . Complete Sections III and IV
Goals:
- Complete Section III: Client Recommendations (30%)
- Complete Section IV: Laws & Regulations (30%)
- Complete 250-300 practice questions
- Take first full practice exam
Daily Breakdown:
| Mon | Asset allocation, rebalancing, retirement accounts (practice retirement plans questions) (3 hrs) |
| Tue | Section III review + quiz (3 hrs) |
| Wed | Uniform Securities Act: definitions, persons (3 hrs) |
| Thu | Registration requirements, exemptions (3 hrs) |
| Fri | Prohibited practices, fiduciary duty (3 hrs) |
| Sat | Section IV review + first practice exam (5 hrs) |
| Sun | Analyze practice exam results, identify weak areas (4 hrs) |
Week 4: Review & Practice Exams . Intensive Practice + Weak Area Focus
Goals:
- Take 2-3 more full practice exams
- Complete 300+ additional practice questions
- Drill weak areas identified in practice exams
- Light review only in final 2 days
Daily Breakdown:
| Mon | Weak area review + targeted practice questions (4 hrs) |
| Tue | Full practice exam #2 + review (4 hrs) |
| Wed | Focus on missed topics, flashcard review (4 hrs) |
| Thu | Full practice exam #3 + review (4 hrs) |
| Fri | Light review: key formulas, regulations (2 hrs) |
| Sat | Light flashcard review only, relax (1 hr) |
| Sun | Exam day: arrive early, trust your preparation |
Compress Your Study Schedule
CertFuel's Smart Study algorithm prioritizes questions you struggle with most, weighted by exam importance and how recently you practiced. Every session targets your weakest high-value topics first.
Access Free Beta6-Week Study Plan (10-15 hours/week)
This is the most popular study timeline, offering a balanced pace that works for most working professionals. You will have dedicated time for each section and two full weeks for review and practice exams.
Week 1: Economic Foundations . Section I: Economic Factors (15%)
Goals:
- Complete all Section I content
- Complete 100-150 practice questions
- Master key economic indicators and cycles
Daily Breakdown:
| Mon | Economic indicators (1.5 hrs) |
| Tue | Leading/lagging indicators (1.5 hrs) |
| Wed | Deflation, interest rates (1.5 hrs) |
| Thu | Federal Reserve (1.5 hrs) |
| Fri | Government debt (1.5 hrs) |
| Sat | Yield curves + Section I practice quiz (3 hrs) |
| Sun | Review + catch up on weak areas (2 hrs) |
Week 2: Investment Vehicles Part 1 . Equity and Debt Securities
Goals:
- Master equity securities (stocks, ADRs, rights/warrants)
- Master debt securities (bonds, pricing, risks)
- Complete 100-150 practice questions
Daily Breakdown:
| Mon | Common and preferred stock characteristics (1.5 hrs) |
| Tue | Stock valuation, dividends, splits (1.5 hrs) |
| Wed | Bond fundamentals: types, features (1.5 hrs) |
| Thu | Bond pricing, yields (1.5 hrs) |
| Fri | Interest rate risk, credit, call provision (1.5 hrs) |
| Sat | Practice questions on stocks and bonds (3 hrs) |
| Sun | Review + flashcard creation (2 hrs) |
Week 3: Investment Vehicles Part 2 . Pooled Investments, Options, Alternatives
Goals:
- Complete Section II content
- Master mutual funds, ETFs, annuities, options
- Complete 100-150 practice questions
Daily Breakdown:
| Mon | Types, fees, share classes (1.5 hrs) |
| Tue | Closed-end funds (1.5 hrs) |
| Wed | Calls, puts, covered call strategies (2 hrs) |
| Thu | Fixed, variable, indexed types (1.5 hrs) |
| Fri | REITs, LPs, hedge funds, alternatives (1.5 hrs) |
| Sat | Section II comprehensive quiz (3 hrs) |
| Sun | Review weak areas from quiz (2 hrs) |
After three weeks covering investment products, test your knowledge:
Fixed Income:
- Fixed Income Types Questions (3 questions)
- Fixed Income Valuation Questions (3 questions)
Equity & Pooled:
- Equity Types Questions (2 questions)
- Pooled Investment Types Questions (3 questions)
Alternatives:
- Alternative Investments Questions (2 questions)
- Insurance Products Questions (2 questions)
Week 4: Client Recommendations . Section III: Client Investment Recommendations (30%)
Goals:
- Complete Section III content
- Master suitability analysis and client profiling
- Complete 150-200 practice questions
Daily Breakdown:
| Mon | Client profiling: objectives (1.5 hrs) |
| Tue | Tax status (1.5 hrs) |
| Wed | Recommendation strategies (2 hrs) |
| Thu | Diversification, rebalancing (1.5 hrs) |
| Fri | Retirement accounts like 401(k), Roth IRA, and RMDs (1.5 hrs) |
| Sat | Section III practice quiz + review (3 hrs) |
| Sun | First full practice exam (3 hrs) |
Section III focuses on suitability analysis. Practice scenario-based questions:
- Client Profile Questions (4 questions)
- Portfolio Management Styles Questions (3 questions)
- Portfolio Management Techniques Questions (4 questions)
These questions mirror the exam’s application-focused format.
Week 5: Laws & Regulations . Section IV: Laws, Regulations & Guidelines (30%)
Goals:
- Complete Section IV content
- Master Uniform Securities Act provisions
- Complete 150-200 practice questions
- Take second full practice exam
Daily Breakdown:
| Mon | Key definitions (1.5 hrs) |
| Tue | Registration of persons: IA, IAR, BD (2 hrs) |
| Wed | Registration exemptions like de minimis exemption, federal covered advisers (1.5 hrs) |
| Thu | Securities registration, exemptions like Regulation D (1.5 hrs) |
| Fri | Prohibited practices (practice fiduciary obligations questions) (2 hrs) |
| Sat | Administrative procedures (2 hrs) |
| Sun | Full practice exam #2 + analyze results (3.5 hrs) |
Week 6: Final Review . Practice Exams + Weak Area Drilling
Goals:
- Take 2 more full practice exams
- Drill weak areas from practice exam analysis
- Light review in final 2 days
- Score 75%+ consistently before exam day
Daily Breakdown:
| Mon | Drill weak areas from practice exam #2 (2 hrs) |
| Tue | Full practice exam #3 + review (3 hrs) |
| Wed | Target remaining weak areas (2 hrs) |
| Thu | Full practice exam #4 (if needed) or flashcard review (2 hrs) |
| Fri | Light review: key formulas, USA provisions (1.5 hrs) |
| Sat | Very light review, relax, good sleep (1 hr max) |
| Sun | Exam day: arrive early, trust your preparation |
During your final review week, focus on weak areas identified in practice exams. Target practice by section:
If weak on Economic Factors:
If weak on Client Recommendations:
If weak on Regulations:
Browse all 36 subtopic question pages to drill specific weak areas.
8-Week Study Plan (8-12 hours/week)
This extended timeline is ideal for career changers, those with limited study time, or anyone who prefers a thorough, low-intensity approach. You will have dedicated time for deeper learning and more practice opportunities.
| Week | Focus Area | Hours | Key Activities |
|---|---|---|---|
| Week 1 | Economic Factors (Section I) | 10 hrs | GDP, business cycles, economic indicators |
| Week 2 | Economic Factors + Section I Quiz | 10 hrs | Federal funds rate, discount rate, yield curves, section quiz |
| Week 3 | Investment Vehicles: Equities | 10 hrs | Stocks, valuation, dividends, equity types |
| Week 4 | Investment Vehicles: Fixed Income | 10 hrs | Treasury securities, zero-coupon bonds, GNMA, pricing, yields |
| Week 5 | Investment Vehicles: Pooled + Alternatives | 12 hrs | NAV, expense ratio, load funds, alternatives |
| Week 6 | Client Recommendations (Section III) | 12 hrs | Investment objectives, estate planning, portfolio strategies |
| Week 7 | Laws & Regulations (Section IV) | 12 hrs | SEC, NASAA, registration, prohibited practices |
| Week 8 | Final Review + Practice Exams | 12 hrs | 3-4 full practice exams, weak area drilling |
The extended timeline allows for natural spaced repetition. By the time you reach Week 8, you will have reviewed early content multiple times, strengthening long-term retention.
Best Order to Study Series 65 Topics
The order you study topics matters. Building foundational knowledge first makes later sections easier to understand. Here is the recommended sequence regardless of which timeline you choose:
Economic Factors (Section I)
Why first: Economic concepts underpin investment decisions. Understanding unemployment rate and interest rates helps you grasp why certain investments perform in different conditions.
Key topics: Yield curves, economic indicators
Investment Vehicle Characteristics (Section II)
Why second: You need to understand the products before you can recommend them to clients. This section provides the building blocks for Section III.
Key topics: Stocks, bonds, alternatives
Client Investment Recommendations (Section III)
Why third: Now you can apply your product knowledge to real client scenarios. This section tests your ability to match investments to client needs.
Key topics: Portfolio construction, retirement planning
Laws, Regulations & Guidelines (Section IV)
Why last: Regulations are memorization-heavy with specific rules and thresholds. Studying them last means the information is freshest on exam day.
Key topics: Uniform Securities Act, registration requirements, prohibited practices, fiduciary duty
Follow this study order with corresponding practice questions:
Section I (Economic Factors):
- Week 1 practice with economic question pages
Section II (Investment Vehicles):
- Weeks 2-3 practice with investment product question pages
Section III (Client Recommendations):
- Week 4 practice with client scenario question pages
Section IV (Regulations):
- Week 5 practice with regulatory question pages
Practice Exam Strategy
Practice exams are your best tool for gauging readiness and identifying weak areas. Here is how to use them effectively:
When to Start
Begin with section quizzes immediately as you complete each topic. Do not wait until you have finished all content to start practicing.
First Full Exam
Take your first full practice exam after completing all four sections. This gives you a baseline score and reveals which areas need more work.
Exam Conditions
Simulate real conditions: 140 questions, 180 minutes, no breaks, no notes. This builds stamina and reduces exam day anxiety.
Review Process
After each practice exam, review every wrong answer. Understand why the correct answer is right and why each wrong answer is wrong.
Understanding wrong answers thoroughly is crucial. Our common mistakes guide identifies the most frequent patterns in test taker errors, including topics like churning, front-running, and insider trading, so you can avoid repeating them on your actual exam.
Recommended Practice Exam Schedule
| Timeline | 4-Week Plan | 6-Week Plan | 8-Week Plan |
|---|---|---|---|
| First full exam | End of Week 3 | End of Week 4 | End of Week 6 |
| Second full exam | Week 4, Day 2 | End of Week 5 | Week 7, Day 4 |
| Third full exam | Week 4, Day 4 | Week 6, Day 2 | Week 8, Day 2 |
| Fourth full exam | (if time) | Week 6, Day 4 | Week 8, Day 4 |
Aim for 75-80% on practice exams before scheduling your test. The actual passing score is 71%, but the buffer accounts for exam day nerves and unfamiliar question formats.
Once you’re consistently hitting 75-80%, you’re ready to shift focus to exam day preparation. Our exam day guide covers what to expect on test day, from check-in procedures with FINRA and time management during the 180-minute window to strategies for managing anxiety when the real stakes are on.
Customizing Your Schedule
These schedules are starting points. Adjust based on your situation:
If You Have Finance Background
- Reduce time on Sections I and II (you likely know this content)
- Spend extra time on Section IV (regulations like Form ADV and brochure rule differ from what you know)
- Focus practice on Section III and Section IV where expertise gaps likely exist
- Move to the 4-week plan even if you initially chose 6 weeks
If You Are a Career Changer
- Add extra time to Section I for economic fundamentals like recession indicators
- Do not rush through Section II investment products like corporate bonds and municipal bonds
- Consider the 8-week plan for thorough understanding of concepts like 529 plans and capital gains tax
For more in-depth career-changer specific strategies, including how to leverage your existing professional skills and master topics like accredited investor requirements and timeline recommendations from others in your situation, see our career changers guide.
If You Work Full Time
- Front-load weekend study sessions (3-4 hours Saturday, 2-3 hours Sunday)
- Use lunch breaks and commutes for flashcard review of complex topics like standard deviation
- Consider taking 1-2 vacation days in your final week to focus on wrap fee programs and regulatory topics
If You Have an Employer Deadline
- Work backwards from your deadline to choose the appropriate plan
- Build in a 3-5 day buffer for rescheduling if needed
- Communicate with your employer about study time accommodations
No matter your background, practice questions help identify gaps:
- Finance professionals: Focus on regulatory questions
- Career changers: Start with basic concepts
- Retakers: Review common mistakes practice
All 36 subtopic question pages available at /series-65/questions/.
How CertFuel Helps You Study Faster
The schedules above assume traditional study methods: reading textbooks, watching videos, and doing practice questions in order. CertFuel’s adaptive learning system can compress these timelines by eliminating wasted study time on topics you already know.
Smart Study Algorithm
Every quiz session prioritizes questions you struggle with most, weighted by how heavily each topic appears on the exam and how recently you practiced it. If you are weak on Ethics (8.5% of the exam, covering topics like material misrepresentation) and have not practiced it recently, those questions surface first.
FSRS Spaced Repetition
Flashcards use the FSRS algorithm (trained on 700M+ reviews) to schedule reviews at the optimal moment before you forget. Complex concepts like alpha, beta, and Sharpe ratio appear more frequently until mastered.
Exam Readiness Score
Track your predicted exam score across all 36 NASAA subtopics. See exactly which areas are dragging down your score so you can focus your remaining study time on the highest-impact topics.
130-Question Assessments
Take full-length practice exams that mirror the real Series 65: 130 questions, 180-minute timer, no answer feedback until completion. Build exam stamina and identify weak spots under realistic conditions.
A candidate who already understands bond pricing concepts like yield to maturity (Section II) might spend 3 hours reviewing it in a traditional schedule. CertFuel’s diagnostic assessment identifies this strength immediately, redirecting those 3 hours to Section IV regulations like custody rule and discretionary accounts where the candidate actually needs help.