Series 65 oefenexamen
- 15 vragen
- Ongeveer 15 min
- Gratis
De vragen van de test blijven in het Engels.
The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
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Over deze test
Dit is een gratis Series 65 oefenexamen van 15 vragen, geschreven door het StudyPDF-team uit de gepubliceerde inhoudsopgave van NASAA voor het Uniform Investment Adviser Law Examination. Het raakt alle vier inhoudsgebieden: economische factoren, beleggingsproducten, aanbevelingen en strategieën voor cliënten, en de wetten en ethiek voor beleggingsadviseurs. Je krijgt meerkeuzevragen, selecteer alles wat van toepassing is en invulvragen, waaronder een paar korte berekeningen. Beantwoord alle 15 vragen, bekijk daarna je score en lees de uitleg bij elke vraag. Niets hier is juridisch, fiscaal of beleggingsadvies.
Alle 15 vragen op een rij
Liever eerst lezen? Hieronder staat elke vraag uit deze oefentoets. Antwoorden en uitleg blijven ingeklapt tot je ze opent.
1.The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
- A. Buying Treasury securities in the open market
- B. Lowering the reserve requirement for banks
- C. Selling Treasury securities in the open market
- D. Cutting the federal funds rate target
Antwoord: C. Selling Treasury securities in the open market
Selling Treasuries pulls cash out of the banking system, which shrinks the money supply and pushes interest rates up. Borrowing gets more expensive and demand cools. Buying securities, lowering reserve requirements and cutting the rate target all add money or make it cheaper, which is expansionary. Fiscal policy is a different tool, taxing and spending decided by Congress and the President, not the Fed.
2.Complete the sentence.
A stock has a beta of 1.2. The risk-free rate is 3 percent and the expected return on the market is 9 percent. The CAPM expected return on the stock is _____ percent.
Opties voor invulveld 1: 9.0, 10.2, 10.8, 12.0
Antwoord: 10.2
The Capital Asset Pricing Model is expected return = risk-free rate + beta x (market return - risk-free rate). That is 3 + 1.2 x (9 - 3) = 3 + 7.2 = 10.2 percent. The 10.8 option comes from multiplying beta by the full market return and forgetting the risk-free rate, and 9.0 treats the stock as if its beta were 1. Remember that beta captures only systematic risk, which is the only risk CAPM pays you for.
3.A closed-end fund has a net asset value of 20 dollars a share, but its shares trade on an exchange at 17.50. Which statement is correct?
- A. The fund must redeem shares from investors at 20 dollars
- B. The shares trade at a discount to NAV, which market supply and demand can cause
- C. The share price must equal the NAV at the close of every trading day
- D. The shares are priced once a day after the market closes
Antwoord: B. The shares trade at a discount to NAV, which market supply and demand can cause
A closed-end fund issues a fixed number of shares and does not redeem them. Investors trade the shares with each other on an exchange, so the price is set by supply and demand and can sit above NAV at a premium or below it at a discount. Here the discount is 2.50 on 20, or 12.5 percent. An open-end mutual fund is the opposite: it redeems at NAV and prices once a day.
4.Bond A has a duration of 7 and Bond B has a duration of 3. Market interest rates fall by 1 percentage point. Which result is the best estimate?
- A. Bond A rises about 7 percent and Bond B rises about 3 percent
- B. Bond A rises about 3 percent and Bond B rises about 7 percent
- C. Bond A falls about 7 percent and Bond B falls about 3 percent
- D. Both bonds rise about 1 percent
Antwoord: A. Bond A rises about 7 percent and Bond B rises about 3 percent
Duration estimates the percentage change in a bond's price for a 1 percentage point change in yield, in the opposite direction. Rates fell, so prices rise, and the bond with the longer duration moves more. That is about 7 percent for Bond A and 3 percent for Bond B. The estimate gets less accurate for big rate moves because price and yield are not perfectly linear.
5.Complete the sentence.
An investor in the 32 percent federal tax bracket owns a municipal bond yielding 4.0 percent. Ignoring state tax, a taxable bond must yield about _____ percent to match it after federal tax.
Opties voor invulveld 1: 4.0, 5.3, 5.9, 12.5
Antwoord: 5.9
Tax-equivalent yield is the tax-free yield divided by (1 - the tax rate). That is 4.0 / 0.68 = about 5.9 percent. The 5.3 option multiplies 4.0 by 1.32, and 12.5 divides by the bracket instead of by one minus the bracket. The higher the client's bracket, the more a tax-free yield is worth, which is why muni bonds fit high-bracket clients and rarely fit clients in low brackets or in a tax-deferred account.
6.A client says she is comfortable with big market swings, but she plans to use the money for a home down payment in about 18 months. Which factor should weigh most heavily in the adviser's risk assessment?
- A. Her stated willingness to take risk, because the client's comfort level controls
- B. The adviser's own view of where the stock market is heading this year
- C. The expected return of the highest-yielding fund the firm offers
- D. Her ability to take risk, because a short horizon and a fixed need limit how much loss she can absorb
Antwoord: D. Her ability to take risk, because a short horizon and a fixed need limit how much loss she can absorb
Risk tolerance has two parts. Willingness is how a client feels about losses, and ability is what the client can afford to lose given the time horizon, liquidity needs and income. When the two conflict, the lower one governs the recommendation. Money needed in 18 months leaves little time to recover from a drop, so the portfolio should lean toward stability even though she says she is comfortable. A good adviser documents that conversation.
7.An adviser wants to judge a portfolio manager's skill fairly when clients make large deposits and withdrawals during the year. Which return measure best removes the effect of those cash flows?
- A. Dollar-weighted return
- B. Holding period return on the ending balance
- C. Time-weighted return
- D. Current yield
Antwoord: C. Time-weighted return
A time-weighted return splits the period at every cash flow and links the sub-period returns, so the size and timing of deposits and withdrawals do not change the result. That makes it the standard for comparing managers, who do not control when clients add or remove money. A dollar-weighted return, which is the internal rate of return, does reflect those cash flows, so it measures the client's own experience instead.
8.If the market is semi-strong form efficient, which approach could still produce consistently higher returns?
- A. Technical analysis of past price charts
- B. Trading on material nonpublic information
- C. Fundamental analysis of published financial statements
- D. Using public economic data to rotate between sectors
Antwoord: B. Trading on material nonpublic information
Semi-strong form efficiency says prices already reflect all public information, which includes past prices, financial statements and economic data. So technical analysis, fundamental analysis of public filings and sector rotation on public data should not beat the market consistently. Only information the market does not have could, and trading on material nonpublic information is illegal insider trading. Weak form covers only past prices, and strong form says even private information is already priced in.
9.Two business partners own a building as tenants in common, 60 percent and 40 percent. The 40 percent owner dies, and her will leaves everything to her daughter. What happens to her share?
- A. It passes under her will to her daughter, who becomes a co-owner with the surviving partner
- B. It passes automatically to the surviving partner, outside her will
- C. It is divided equally between the surviving partner and her daughter
- D. It is held by the state until a court names a new owner
Antwoord: A. It passes under her will to her daughter, who becomes a co-owner with the surviving partner
Tenants in common each own a separate share that can be unequal, and each owner can sell it, give it away or leave it by will. There is no right of survivorship. That is the difference from joint tenants with right of survivorship and tenancy by the entirety, where a deceased owner's interest passes automatically to the survivor and the will does not control it.
10.Which of the following duties apply to a fiduciary who has discretion over the assets of a retirement plan covered by ERISA?
Selecteer alles wat van toepassing is.
- A. Act solely in the interest of plan participants and their beneficiaries
- B. Guarantee that no participant's account will lose value
- C. Diversify plan investments to reduce the risk of large losses, unless it is clearly prudent not to
- D. Follow the plan documents, to the extent they are consistent with ERISA
- E. Invest at least half of plan assets in the employer's stock
Antwoord: A. Act solely in the interest of plan participants and their beneficiaries, C. Diversify plan investments to reduce the risk of large losses, unless it is clearly prudent not to, D. Follow the plan documents, to the extent they are consistent with ERISA
ERISA fiduciaries owe four duties: loyalty to participants and beneficiaries, prudence, diversification, and following the plan documents when those are consistent with the law. None of them is a guarantee, because markets move and a fiduciary is judged on process, not results. ERISA does not call for holding employer stock either, and heavy concentration in it is a diversification problem, not a requirement.
11.Complete the sentence.
Spreading a portfolio across many unrelated holdings mainly reduces _____ risk, while _____ risk, such as a recession that hits the whole market, cannot be diversified away.
Opties voor invulveld 1: systematic, unsystematic
Opties voor invulveld 2: systematic, unsystematic
Antwoord: unsystematic, systematic
Unsystematic risk belongs to one company or sector, such as a failed product, a lawsuit or a credit downgrade, and holding many different securities spreads it out. Systematic risk hits the whole market, for example interest rate moves, recessions or inflation, so every holding feels it. Beta measures exposure to systematic risk, which is why CAPM pays investors only for that kind.
12.An adviser's firm receives revenue-sharing payments from a mutual fund company. The adviser wants to recommend that company's funds to clients. What does the fiduciary standard require?
- A. Disclosing the conflict fully and fairly, and recommending the funds only when they serve the client's best interest
- B. Nothing more, as long as the funds are suitable for the client
- C. Telling clients about the payments only if they ask how the firm is paid
- D. Avoiding the fund company entirely, since any conflict of interest is prohibited
Antwoord: A. Disclosing the conflict fully and fairly, and recommending the funds only when they serve the client's best interest
An adviser owes a duty of care and a duty of loyalty. Conflicts are not banned, but the adviser must disclose them in enough detail that a client can understand them and decide with that knowledge, and must still put the client's interest ahead of the firm's. Suitability alone is a lower bar. Waiting for the client to ask does not meet the duty to disclose, and a blanket ban goes further than the rule does.
13.Which statement about a federal covered investment adviser is correct?
- A. A state may require the firm to register and pass the state's own review
- B. It registers with the SEC, and a state may require a notice filing and a fee but may not require the firm to register
- C. It is exempt from state antifraud law
- D. It may not have clients in a state until that state approves its Form ADV
Antwoord: B. It registers with the SEC, and a state may require a notice filing and a fee but may not require the firm to register
Federal law splits advisers between the SEC and the states. A federal covered adviser registers with the SEC, and the state can ask for a notice filing and a fee but cannot make the firm register there. States keep their antifraud authority, so they can still investigate and act against fraud by a federal covered adviser. The size thresholds that decide which regulator an adviser belongs to are set by law and change over time, so check the current ones.
14.Which of the following would give an investment adviser custody of a client's funds or securities?
Selecteer alles wat van toepassing is.
- A. Holding the client's securities itself
- B. Having authority to deduct advisory fees directly from the client's account
- C. Having discretionary authority to buy and sell in the client's account, with no ability to withdraw anything
- D. Serving as trustee of a trust that holds the client's assets
- E. Mailing the client a quarterly performance report
Antwoord: A. Holding the client's securities itself, B. Having authority to deduct advisory fees directly from the client's account, D. Serving as trustee of a trust that holds the client's assets
Custody means holding client assets directly or having the ability to get at them. Holding them, deducting fees from the account and serving as trustee all qualify. Trading authority by itself is not custody, because the adviser cannot take the money out, and sending a report certainly is not. An adviser with custody generally has to keep client assets with a qualified custodian such as a bank or broker-dealer, make sure clients receive account statements from it at least quarterly, and disclose the custody on Form ADV.
15.Which of the following are consistent with an investment adviser's fiduciary duty?
Selecteer alles wat van toepassing is.
- A. Buying a stock for the adviser's own account just ahead of a large client order in the same stock
- B. Allocating a block trade among client accounts under a fair policy stated in advance
- C. Recommending an investment mainly because it pays the adviser a higher commission, without telling the client
- D. Paying a higher commission for research that benefits clients, when the adviser decides in good faith the cost is reasonable and discloses the practice
- E. Seeking the best overall execution for client trades, not just the lowest commission
Antwoord: B. Allocating a block trade among client accounts under a fair policy stated in advance, D. Paying a higher commission for research that benefits clients, when the adviser decides in good faith the cost is reasonable and discloses the practice, E. Seeking the best overall execution for client trades, not just the lowest commission
Trading ahead of a client order is front running, and recommending a product for the adviser's higher pay without disclosure hides a conflict. Both put the adviser first. A written allocation policy treats clients fairly, and best execution looks at price, speed, certainty and total cost, not commission alone. Soft dollar research is allowed inside the safe harbor in the federal securities laws when the adviser decides in good faith that the cost is reasonable for the value received and the practice is disclosed.
Wat het Series 65-examen vraagt en hoe het wordt gescoord
De Series 65 is het Uniform Investment Adviser Law Examination. NASAA, de North American Securities Administrators Association, schrijft het en FINRA neemt het af. Volgens FINRA heeft het examen 130 gescoorde vragen plus 10 ongescoorde vragen, krijg je 180 minuten en moet je minstens 92 van de 130 gescoorde vragen goed hebben om te slagen. Dat is ongeveer 70,8 procent. De 10 ongescoorde vragen zijn testvragen en je kunt niet zien welke het zijn, dus behandel elke vraag alsof hij meetelt.
NASAA publiceert de inhoudsopgave en verdeelt het examen over vier gebieden. Economische factoren en bedrijfsinformatie is 15 procent, ongeveer 20 vragen. Kenmerken van beleggingsproducten is 25 procent, ongeveer 32 vragen. Beleggingsadviezen en strategieën voor cliënten is 30 procent, ongeveer 39 vragen. Wetten, regels en richtlijnen, inclusief het verbod op onethische bedrijfspraktijken, is ook 30 procent, ongeveer 39 vragen. Zes van de tien vragen gaan dus over cliënten adviseren en de regels eromheen, en maar een kleiner deel over productkennis.
De kosten, het inschrijfvenster en de regels over wie de Series 65 moet hebben komen van FINRA en van de effectentoezichthouder van je staat, en staten eisen niet allemaal hetzelfde. Sommige accepteren de Series 66, die NASAA beschrijft als het gecombineerde staatswetexamen dat de Series 63 en de Series 65 samen vervangt. Check FINRA en je staat voordat je boekt, en behandel niets op deze pagina als juridisch advies.
Hoe je deze oefentoets gebruikt en wat je het eerst oefent
Vijftien vragen kunnen geen 130 dekken, dus deze oefentoets verdeelt ze over de vier gebieden: twee over economische factoren en risico, drie over beleggingsproducten, zes over aanbevelingen aan cliënten en portefeuilletheorie en vier over adviseurswetgeving en fiduciaire plicht. Maak hem in een keer zonder aantekeningen en lees daarna de uitleg bij elke vraag, ook bij de vragen die je goed had.
De Series 65 beloont een andere gewoonte dan de Series 7 of de SIE. Minder vragen willen weten wat een product is en meer vragen willen weten wat een adviseur voor een bepaalde cliënt hoort te doen. Lijken twee antwoorden allebei redelijk, vraag dan welke de cliënt voorop zet, het belangenconflict meldt en past bij zowel de bereidheid als het vermogen van de cliënt om risico te nemen. Die toets beslist een groot deel van de vragen over aanbevelingen en ethiek.
De wiskunde is licht maar echt. Verwacht een handvol korte berekeningen zoals rendement over de houdperiode, CAPM, belastingequivalent rendement, current en quick ratio en het prijseffect van duration. Schrijf de formule op voordat je getallen invult en controleer of het antwoord de juiste grootte heeft voordat je kiest. Heb je ook wetgeving voor agenten en broker-dealers nodig, dan zit die in de Series 63, en de Series 7 en de SIE behandelen producten vanuit de kant van de broker-dealer.
Zo bouwt StudyPDF volledige oefenexamens uit je eigen voorbereidingsmateriaal
Vijftien vragen kunnen laten zien welke van de vier gebieden het zwakst is. Klaar maken ze je niet in hun eentje, en een algemene set weet niet welk voorbereidingsboek jij hebt gekocht of welke fouten je blijft herhalen.
StudyPDF gaat in plaats daarvan uit van jouw materiaal. Upload je Series 65-voorbereidingsboek, de aantekeningen of slides van je cursusaanbieder of de inhoudsopgave die je zelf hebt aangestreept. Tik dan op Nieuw materiaal, kies een oefentoets, selecteer die bestanden als bronnen en stel de lengte in. Je krijgt een toets geschreven uit precies die pagina's, en elke uitleg noemt waar het antwoord vandaan komt. Beperk er een tot een enkel gebied, zoals bewaring van tegoeden of rendementsmeting, en maak hem opnieuw nadat je hebt herhaald.
Voor de rest is er Bo, de tutor. Vraag waarom een antwoord klopt en Bo legt het uit vanuit je eigen pagina's, met eerst een hint als je dat wilt.
Je hoeft niets te uploaden om te beginnen. Noem een onderwerp, bijvoorbeeld fiduciaire plicht of moderne portefeuilletheorie, en je krijgt oefenvragen erover. Beginnen is gratis.
Geschreven door het StudyPDF-team. Laatst bijgewerkt op 19 augustus 2026.
Goed om te weten
Is dit Series 65 oefenexamen echt gratis?
Ja. Alle 15 vragen, het scorescherm en elke uitleg zijn gratis te spelen in je browser, en op deze pagina zit geen betaalmuur.
Hoeveel vragen heeft de Series 65 en welke score heb ik nodig om te slagen?
FINRA noemt 130 gescoorde vragen plus 10 ongescoorde vragen, 180 minuten en minstens 92 van de 130 gescoorde vragen goed om te slagen. NASAA schrijft het examen en FINRA neemt het af, dus bevestig de actuele kosten, het inschrijfvenster en wie het moet afleggen bij FINRA en de effectentoezichthouder van je staat voordat je boekt.
Wie heeft deze vragen geschreven, en zijn het echte examenvragen?
Het StudyPDF-team heeft elke vraag en elke uitleg geschreven uit de openbare inhoudsopgave van NASAA voor de Series 65. Het zijn geen echte examenvragen en ze komen niet uit de vragenbank van een aanbieder van voorbereiding. StudyPDF heeft geen band met NASAA, FINRA, de SEC of een staatstoezichthouder voor effecten, en niets op deze pagina is juridisch, fiscaal of beleggingsadvies.
Kan ik meer vragen als deze krijgen uit mijn eigen voorbereidingsboek?
Ja. Upload je Series 65-voorbereidingsboek of je cursusaantekeningen naar StudyPDF en Bo bouwt volledige oefenexamens uit precies die pagina's, met uitleg die noemt waar elk antwoord vandaan komt. Heb je alleen een papieren exemplaar, noem dan een onderwerp, bijvoorbeeld bewaring van tegoeden of rendementsmaten, en Bo schrijft daar een examen over.