The information below is a summary of topics covered on the Series 65 Exam.  For an in-depth breakdown of Series 65 exam topics, refer to the study outline provided by the NASAA here (PDF).

I. Economics and Analysis  
  A. Understand basic economic concepts
     1. Inflation/deflation 
     2. Interest rates and yield curves 
     3. Basic economic indicators
  B. Business’s financial statements to determine investment merits
     1. Income statement
     2. Balance sheet
  C.  Quantitative methods to evaluate investments
     1. Time value of money
     2. Expected return
     3. Net present value
     4. Internal rate of return 
     5. Inflation-adjusted return (real return)
     6. After-tax return/yield 
     7. Risk-adjusted return
     8. Total return
     9. Holding period return
     10. Yield-to-maturity
     11. Yield-to-call
     12. Current yield
     13. Risk measurements 
     14. Valuation ratios (e.g., P/E, price-to-book)
     15. Benchmark portfolios
     16. Annualized return 
  D. Identify risks
     1. Business
     2. Market
     3. Interest rate
     4. Inflation
     5. Regulatory (e.g., tax law changes)
     6. Liquidity
     7. Opportunity cost 

II. Investment Vehicles
  A. Evaluate cash and cash equivalents 
     1. Types and characteristics of cash and cash equivalents
     2. Benefits/risks of owning cash and cash equivalents 
  B. Evaluate fixed income securities
     1. Types and characteristics of fixed income securities
     2. Benefits/risks of owning fixed income securities 
  C. Evaluate equity securities
     1. Types and characteristics of equity securities
     2. Methods used to determine the value of equity securities
     3. Benefits/risks of owning equity securities 
  D. Evaluate investment company securities
     1. Types and characteristics of investment companies
     2. Benefits/risks of owning investment company securities 
  E. Recognize derivative securities and their benefits/risks
  F. Understand unique aspects of international investing
     1. Emerging vs. developed markets
     2. American Depository Receipts (ADRs)
     3. Currency influences (concept of risk) 
  G. REITS, investment trusts and variable annuities
     1. Definitions
     2. Benefits/risks

III. Investment Recommendations and Strategies  
  A. Determine and analyze the financial profile of the client to
  develop a suitable investment policy and strategy
     1. Type of client
     2. Financial goals
     3. Current financial status (e.g., cash flow, balance sheet)
     4. Capital needs (e.g., current, retirement, death, disability)
     5. Current investments and strategies
     6. Time horizon
     7. Non-financial investment considerations
     8. Risk tolerance
     9. Tax situation
  B. Portfolio management strategies
     1. Portfolio management styles and strategies
     2. Funding techniques
  C. Recognize fundamental taxation issues
     1. Individual income tax
     2. Corporate, trust, and estate income tax
     3. Estate and gift tax 
  D. Recognize types of retirement plans and related issues
     1. Retirement plans
     2. Important ERISA issues
  E. Define the fundamental terms and concepts of trading securities
     1. Terminology (e.g., bids, offers, quotes)
     2. Role of broker-dealers, specialists, market-makers
     3. Types of orders (e.g., market, limit, stop, short sale)
     4. Types of accounts (e.g., cash, margin, option)
     5. Commissions, markups, spread 
  F. Calculate performance
     1. Calculate performance

IV. Legal and Regulatory Guidelines, including Prohibition on
Unethical Business Practices
  A. Understand relevant aspects of securities acts and related
rules and regulations
     1. Regulation of Investment Advisers (Uniform Securities Act,
          Investment Advisers Act of 1940, and SEC Release No. IA-
          1092)
     2. Regulation of Investment Adviser Representatives (Uniform 
          Securities Act and Investment Advisers Act of 1940)
     3. Regulation of Broker-Dealers, Issuers, and Agents
         (Uniform Securities Act and Securities Exchange Act of
          1934) 
     4. Regulation of Securities  
     5. Remedies and Administrative Provisions
  B. Demonstrate ability to apply ethical practices and meet fiduciary
       obligations (NASAA Model Rule on Unethical Business Practices
       of Investment Advisers and Federal Covered Advisers, Uniform 
       Securities Act, and Investment Advisers Act of 1940, Securities 
       Exchange Act of 1934, Uniform Prudent Investors Act)
     1. Communications with clients and prospects (e.g., 
         disclosure, unlawful representations concerning
         registrations, performance guarantees, client contracts)
     2. Compensation (e.g., fees, commissions, performancebased
         fees, soft dollars, and disclosure of compensation)
     3. Client funds and securities
     4. Conflicts of Interest and Other Fiduciary Issues