SERIES 65 CHEAT SHEET

Series 65 Cheat Sheet: Outline Weights, Formulas, Acts, and Waivers

Reviewed by Series 65–licensed SME · Last updated 2026-05-04

Quick answer

What's a Series 65 cheat sheet? A condensed, printable reference of the highest-yield exam content: NASAA outline weights, performance formulas, the major Acts, and waiver designations. Use it to spot weak areas before sitting for the exam, not as a substitute for studying.

NASAA outline weights

Section	Topic	Weight	Approx. # of questions (out of 130 scored)
1	Economic Factors and Business Information	15%	~20
2	Investment Vehicle Characteristics	25%	~32
3	Client Investment Recommendations and Strategies	30%	~39
4	Laws, Regulations, and Guidelines	30%	~39

Key performance formulas

Formula	Equation	When you use it
Sharpe ratio	(Rp − Rf) / σp	Total-risk-adjusted return; compares portfolios with different volatilities
Treynor ratio	(Rp − Rf) / βp	Systematic-risk-adjusted return; compares well-diversified portfolios
Jensen's alpha	Rp − [Rf + βp · (Rm − Rf)]	Excess return over CAPM expectation
Sortino ratio	(Rp − Rf) / σdownside	Like Sharpe but only penalizes downside volatility
Time value of money	FV = PV · (1 + i)ⁿ PV = FV / (1 + i)ⁿ	Future and present value of a single sum
Rule of 72	Years to double ≈ 72 / interest rate (%)	Quick mental math for compound doubling
Holding period return	(End − Start + Income) / Start	Total return over a single period
Real (inflation-adjusted) return	((1 + nominal) / (1 + inflation)) − 1	Investor's actual purchasing-power gain

Key Acts

Act	Year	What it covers
Securities Act	1933	Primary-market issuance, registration of new securities, prospectus delivery, exempt offerings (Reg A, Reg D, intrastate, Rule 147)
Securities Exchange Act	1934	Secondary market, registration of broker-dealers and exchanges, periodic reporting (10-K, 10-Q, 8-K), insider trading
Investment Company Act	1940	Open-end and closed-end funds, UITs, diversification (75-5-10), Section 12(d) cross-fund limits
Investment Advisers Act	1940	Federal IA registration, the ABC test, Section 206 anti-fraud, Form ADV
Uniform Securities Act (USA)	1956 (revised 2002)	State-level model law: agent / broker-dealer / IA / IAR registration, Administrator powers, civil and criminal penalties
Dodd-Frank	2010	Raised the federal IA registration threshold to $100M AUM; created the exempt reporting adviser category

Designations that may waive the Series 65

The following designations may waive the Series 65 in most states, subject to the state administrator's rules:

CFP: Certified Financial Planner
CFA: Chartered Financial Analyst
ChFC: Chartered Financial Consultant
PFS: Personal Financial Specialist
CIC: Chartered Investment Counselor
CIMA: Certified Investment Management Analyst

Always verify with your state administrator before relying on a waiver. See our Series 65 waivers explainer for the full state-by-state breakdown.

Exam logistics

140 questions (130 scored + 10 experimental)
180 minutes
92/130 passing score (70.77%)
$187 fee
No sponsor required
Dry-erase scratch board provided
On-screen calculator
ID required (one government-issued + one secondary)

Press Ctrl+P (Cmd+P on Mac) to save as PDF or print to one page.

Sources

NASAA Exam Study Guides: the official content outline and study aids published by the North American Securities Administrators Association.
FINRA Series 65 page: enrollment, fees, and administrative details from the Financial Industry Regulatory Authority.

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