NASAA made the exam harder but lowered the passing score. Here's what changed on June 12, 2023, and how it affects your study strategy today.
New passing score (70.7%)
Down from 94 of 130 (72.3%)
When changes took effect
Announced March 8, 2023
New content areas to study
Including SPACs, crypto, ESG, elder abuse
Content no longer tested
Forward contracts, viaticals, dark pools, more
On June 12, 2023, NASAA implemented new Series 65 exam specifications. The passing score dropped from 94 of 130 (72.3%) to 92 of 130 (70.7%), but the exam became 'psychometrically more difficult' with harder questions.
Eight new content areas were added including SPACs, cryptocurrency/digital assets, ESG investing criteria, pension distribution taxation (SECURE Act 2.0), IRMAAs, donor-advised funds, payment for order flow, and exploitation of vulnerable adults.
Five topics were removed: sovereign balance of payments, forward contracts, viatical/life settlements, investment real estate, and dark pools. Exam section weights remained unchanged (Economic Factors 15%, Investment Vehicles 20%, Client Recommendations 30%, Laws/Regs 30%).
Study strategy impact: Add 20 hours to study these new topics, verify your prep materials are post-June 2023, and aim for 78% on practice exams (higher buffer due to increased difficulty).
March 8, 2023: NASAA announced the exam changes, giving candidates three months' notice. The Exams Advisory Committee, with assistance from Prometric, completed a year-long review incorporating feedback from regulators and industry practitioners.
June 12, 2023: The new exam specifications took effect. All exams administered on or after this date use the updated content outline, the new passing score (92 of 130), and the psychometrically more difficult questions.
Today (2026): If you're taking the Series 65 in 2026, you are taking the June 2023 version of the exam. Your prep materials must reflect these changes, and your study strategy must account for the increased difficulty.
Critical insight: The passing score decreased, but the exam got harder. This is not easier. It means minimally qualified candidates now score 70.7% instead of 72.3%, but the question difficulty increased to maintain the same competency threshold.
| Factor | Before June 12, 2023 | After June 12, 2023 |
|---|---|---|
| Passing Score | 94 of 130 correct | 92 of 130 correct |
| Percentage | 72.3% | 70.7% |
| Question Difficulty | Baseline | Psychometrically more difficult |
| SPACs/Blind Pools | Not tested | Added |
| Digital Assets/Crypto | Not tested | Added |
| ESG Investing | Minimal | Explicit content area |
| SECURE Act 2.0 | Old rules (age 72) | Updated (age 73, Roth changes) |
| IRMAAs | Not tested | Added |
| Donor-Advised Funds | Not tested | Added |
| Payment for Order Flow | Minimal | Expanded |
| Elder Abuse Protection | Basic | Detailed |
| Forward Contracts | Tested | Removed |
| Viaticals | Tested | Removed |
| Investment Real Estate | Tested | Removed |
| Dark Pools | Tested | Removed |
| Section Weights | 15/20/30/30 | Unchanged |
| Total Questions | 130 + 10 | Unchanged |
| Time Limit | 180 minutes | Unchanged |
Definition: Shell companies that raise capital through IPO to acquire a private company, taking it public without traditional IPO process.
Why Added: SPACs exploded in popularity 2020-2021. IARs must understand structure, risks, and client suitability.
How Tested: Scenario questions about risk disclosure, suitability for different client profiles, redemption rights.
High
4-6 hours
Key Points:
Definition: Blockchain-based assets including cryptocurrencies (Bitcoin, Ethereum), stablecoins, and tokenized securities.
Why Added: Growing client interest, regulatory developments (SEC enforcement, spot Bitcoin ETFs approved 2024), need for suitability assessment.
How Tested: Risk assessment questions, regulatory classification, custody considerations, suitability for different client risk profiles.
High
5-7 hours
Key Points:
Definition: Investment strategies that incorporate non-financial factors like climate impact, social responsibility, corporate governance, and religious values.
Why Added: ESG assets exceeded $40 trillion globally. SEC proposed ESG disclosure rules 2022. Client demand increased significantly.
How Tested: Client suitability scenarios, disclosure requirements, greenwashing risks, performance comparisons.
Medium
3-4 hours
Key Points:
Definition: Updated rules for required minimum distributions, contribution limits, and tax treatment of retirement account withdrawals.
Why Added: SECURE Act 2.0 (December 2022) changed RMD ages, catch-up contributions, and distribution rules. IARs must provide accurate guidance.
How Tested: RMD age thresholds, penalty exceptions, Roth conversion strategies, inherited IRA rules.
Medium-High
4-5 hours
Key Points:
Definition: Surcharges applied to Medicare Part B and Part D premiums based on modified adjusted gross income (MAGI) from two years prior.
Why Added: Retirement income planning essential for IARs. IRMAAs impact net retirement income and should influence distribution strategies.
How Tested: Income threshold questions, tax planning strategies, Roth conversion timing to avoid IRMAA surcharges.
Low-Medium
2-3 hours
Key Points:
Definition: Charitable giving vehicles where donor contributes assets, receives immediate tax deduction, then recommends grants to charities over time.
Why Added: DAFs grew to $230+ billion in assets (2023). Popular tax planning strategy for high-net-worth clients.
How Tested: Tax deduction timing, contribution limits, investment options within DAF, irrevocability of contributions.
Low-Medium
2-3 hours
Key Points:
Definition: Compensation broker-dealers receive from market makers for routing client orders to them for execution.
Why Added: SEC scrutiny increased (Regulation Best Execution proposals). GameStop/Robinhood controversy (2021) highlighted PFOF conflicts.
How Tested: Conflict of interest disclosure, best execution obligation, how PFOF works, difference between broker and advisor obligations.
Medium
2-3 hours
Key Points:
Definition: State and federal rules requiring financial professionals to detect, report, and prevent financial exploitation of seniors and vulnerable adults.
Why Added: FINRA Rule 2165 (2018) allowed firms to place temporary holds. State laws expanded reporting requirements. Growing aging population.
How Tested: Red flags for financial exploitation, reporting procedures, when to place temporary hold on disbursements, liability protections.
Medium
3-4 hours
Key Points:
Study time check: Total time for 8 new topics: SPACs (6 hrs) + Crypto (7 hrs) + ESG (4 hrs) + SECURE Act (5 hrs) + IRMAAs (3 hrs) + DAFs (3 hrs) + PFOF (3 hrs) + Elder Abuse (4 hrs) = 35 hours recommended. Budget 20-30 hours minimum.
Removed because crypto and digital assets are the modern focus. Forward contracts were outdated derivative content.
Removed because they became a niche product. Modern advisors focus on mainstream strategies like DAFs instead.
Removed but concepts may appear in context of alternative investments. Not a major test area anymore.
Removed but payment for order flow was added. SEC focus shifted from dark pools to transparency in trade execution.
Removed as too theoretical. Exam focuses on practical advisor skills, not macroeconomic theory.
You don't need to study these five topics. They will not appear on the June 2023+ exam. Do not waste time on old materials covering them.
SPACs, cryptocurrency, and ESG investing exploded in popularity 2020-2023. The exam needed to reflect what clients are actually asking advisors about. Legacy topics like viatical settlements became rare in practice.
SECURE Act 2.0 (December 2022) changed retirement distribution rules. SEC increased scrutiny of payment for order flow. FINRA implemented elder abuse protections. Exam content must align with current regulatory landscape.
NASAA conducts periodic 'job task analysis' to ensure exam tests what IARs actually do. The June 2023 update reflected this research. Lowering the passing score maintained competency threshold while increasing difficulty.
NASAA ran a year-long review process with input from regulators, practitioners, and prep course providers. Feedback identified content gaps (crypto, SPACs) and outdated material (dark pools, forward contracts).
The bottom line: NASAA did not randomly change the exam. They conducted a year-long review with industry input, identified gaps (crypto, SPACs), updated for regulatory changes (SECURE Act 2.0, elder protection), and adjusted question difficulty to maintain standards. This is a professional, research-based update.
The 8 new content areas require dedicated study time. Budget 20 hours: 6 hours for SPACs/digital assets, 5 hours for SECURE Act 2.0, 4 hours for ESG, 3 hours for elder abuse, 2 hours for DAFs/IRMAAs.
Time required: 20 hours
Pre-June 2023, 1,500 questions was sufficient. Harder exam questions require more exposure. Aim for 2,000-2,500 questions, focusing on new content areas.
Time required: Add 10-15 hours
Older materials will not cover SPACs, updated SECURE Act rules, or IRMAAs. Check publication dates. Red flag: No mention of digital assets or SECURE Act 2.0.
Time required: 30 minutes verification
Pre-June 2023, scoring 75% gave you a 3-point buffer. With harder questions, increase your target to 78-80% to ensure comfortable passing.
Time required: Ongoing
Increased difficulty equals more scenario-based questions with nuance. Practice explaining concepts, not reciting definitions.
Time required: Shift in approach
Many candidates struggle with crypto, SPACs, and SECURE Act 2.0 because they are new to everyone. Study groups help clarify confusion.
Time required: 1-2 hours per week
#1
Fastest to update within weeks of announcement. Adaptive learning prioritizes new content. Practice questions include all 8 new topics.
#2
4,230 practice questions updated. Digital assets chapter added, SPACs in IPO section, SECURE Act 2.0 updates confirmed.
#3
2,800+ questions with cryptocurrency section robust. Green light diagnostic identifies weak areas in new content.
#4
Animated explanations help with visual learning. 1,400+ questions (lowest volume), but new topics less depth than competitors.
Red flag: If your prep course was published before June 2023, it does not have the new content. Do not use outdated materials. All four major providers (Achievable, Kaplan, STC, Pass Perfect) updated by July 2023.
✓ Correction: No. The exam got harder with lower passing score. Harder questions offset by 2 fewer correct answers needed.
✓ Correction: No. Missing 8 topics (SPACs, crypto, ESG, etc). You're studying wrong content if materials are pre-June 2023.
✓ Correction: No evidence. Pre-June 2023: 65-70%, Post-June 2023: 60-70%. No significant change reported.
✓ Correction: No. It is 70.7% (92 of 130 correct). Your site may show old information—this article has the correct figure.
✓ Correction: No. Section weights remained the same: 15/20/30/30. All four sections still equally weighted.
✓ Correction: No. Significant: new exam content, psychometric difficulty increase, passing score change, updated regulations.
In researching this article, we discovered that our site was displaying outdated information across multiple pages, showing the old passing score of 94 out of 130 questions (72.3%). The correct passing score since June 12, 2023 is 92 out of 130 (70.7%).
We have corrected this site-wide and implemented a review process to catch future updates. If you studied using information that referenced the 72% passing threshold, do not worry. The actual requirement is slightly lower now, which works in your favor.
This article establishes the authoritative source for the current Series 65 passing score and exam specifications. We are committed to providing accurate information.
Do not waste time studying outdated content. Choose a prep provider with materials updated post-June 2023 that covers SPACs, digital assets, ESG, SECURE Act 2.0, and elder abuse detection.
Everything you need to know about the exam format, registration, and what to expect.
Master the 15% economic factors section including crypto content updates.
Comprehensive coverage of the 30% laws section including elder abuse regulations.