Series 65 Study Guide PDF (2026): Plain-English, Instant Download
A plain-English Series 65 study guide, written so you understand the material instead of memorizing it. Every one of the exam's units gets its own chapter: the big picture first, then the specific traps the exam tests - not a wall of definitions.
What is inside
| Units covered | 24 of 24 - every unit on the exam |
|---|---|
| Length | 180 pages |
| Format | Instant-download PDF, plain English throughout |
Page and unit counts pulled straight from the delivered file, not marketing copy.
What you can miss on the real exam
You can miss about 38 of the 130 scored questions on the Series 65 and still pass - the passing score is 71%. That is real margin to build into a study plan, not a reason to skip units.
See the level of detail
These are real questions from our Series 65 system, written in the same plain-English voice as the study guide - a taste of what "understand it, don't memorize it" looks like in practice:
Unit 1 - Equity Securities
An investor owns 500 shares of common stock in a company that uses a cumulative voting structure and is electing four directors at the annual meeting. How many votes may the investor cast for a single candidate?
A)500 votes
Incorrect; 500 reflects statutory (regular) voting, where votes are allocated separately seat by seat, not the pooled total available under cumulative voting.
B)2,000 votes
Correct; under cumulative voting the shareholder gets shares times seats (500 x 4 = 2,000) and may cast all of them for one candidate.
C)125 votes
Incorrect; this divides shares by seats (500 / 4), which has no basis in either voting method and drastically understates the votes available.
D)1,000 votes
Incorrect; this multiplies shares by 2 (one vote per share for, plus one against, or a similar mis-count of seats), a common error that ignores the full four-seat multiplier.
Unit 9 - Regulation of Investment Advisers
An investment adviser is registered only in Texas and has its sole office in Dallas. It has eight clients who live in Oklahoma, where it has no place of business. Which statement about Oklahoma registration is correct?
A)The adviser need not register in Oklahoma because it qualifies for the de minimis exemption
Incorrect because the de minimis exemption for an out-of-state adviser with no office in the state is limited to no more than five clients in the prior 12 months; eight clients exceeds that limit.
B)The adviser must register in Oklahoma because it has more than five clients there and no de minimis exemption applies
Correct because an adviser with no office in the state loses the de minimis exemption once it has more than five clients in that state during the prior 12 months, requiring registration.
C)The adviser never needs Oklahoma registration because it has no office there
Incorrect because lacking an in-state office only allows the de minimis exemption up to five clients; beyond that, registration is required.
D)The adviser is exempt because all advisory contracts were signed in Texas
Incorrect because where the contract is signed does not determine state registration; the location and number of clients drive the de minimis analysis.
Unit 17 - Client Profiles
When constructing a client profile, an adviser notes that the client has a low net worth, significant short-term cash needs, and a one-year horizon. Which objective should typically receive the LEAST emphasis for this client?
A)Liquidity
Incorrect; short-term cash needs make liquidity highly important for this client.
B)Preservation of capital
Incorrect; with a one-year horizon, protecting principal from loss is a priority.
C)Aggressive capital appreciation
Correct; aggressive growth requires a long horizon and risk capacity this client lacks, so it should receive the least emphasis.
D)Safety of principal
Incorrect; safety of principal aligns with the client's short horizon and limited resources and is appropriate to emphasize.