About the Series 63 Exam
The Series 63 - Uniform Securities Agent State Law Examination is a NASAA (North American Securities Administrators Association) exam administered by FINRA. It qualifies candidates to act as securities agents at the state level.
Why the Series 63?
While FINRA licenses (like the SIE, Series 6, or Series 7) provide federal qualification, most states require securities professionals to also pass a state-level exam. The Series 63 is the most common state law exam, required by most U.S. states and territories.
"Blue Sky Laws" - State securities laws are called "blue sky laws" because they aim to protect investors from fraudulent securities offerings that have "no more substance than so many feet of blue sky."
Exam Format
| Feature | Details |
|---|---|
| Total Questions | 65 multiple-choice |
| Scored Questions | 60 (5 are unscored pretest questions) |
| Time Limit | 75 minutes |
| Passing Score | 72% (43 of 60 scored questions) |
| Exam Fee | $147 |
| Administered By | FINRA (for NASAA) |
Content Areas
The Series 63 exam tests knowledge of state securities regulations based on the Uniform Securities Act (USA):
| Section | Weight | Questions |
|---|---|---|
| State Securities Acts and Related Rules | 60% | ~36 questions |
| Ethical Practices and Fiduciary Obligations | 40% | ~24 questions |
Key Topics Covered
State Securities Acts (60%)
- Definitions (persons, securities, broker-dealer, agent, investment adviser)
- Registration of persons (broker-dealers, agents, IAs, IARs)
- Registration of securities (coordination, qualification, filing)
- Exemptions from registration
- Administrative provisions and enforcement
Ethical Practices (40%)
- Anti-fraud provisions
- Prohibited business practices
- Fiduciary duties
- Customer communications
- Suitability requirements
- Disclosure obligations
Who Needs the Series 63?
The Series 63 is typically required for:
- Securities agents who solicit or sell securities
- Registered representatives at broker-dealers
- Individuals who have passed the SIE and a representative-level exam (Series 6 or 7)
Note: Some states accept the Series 66 (combines Series 63 + Series 65) as an alternative.
Prerequisite Requirements
| Requirement | Details |
|---|---|
| Sponsorship | Must be sponsored by a FINRA member firm |
| Other Exams | Often taken with or after SIE + Series 6/7 |
| No Prerequisites | Can be taken before or after other FINRA exams |
Retake Policy
| Attempt | Waiting Period |
|---|---|
| After 1st failure | 30 days |
| After 2nd failure | 30 days |
| After 3rd failure | 180 days |
Official Resources
Study Tips
- Focus on the Uniform Securities Act - This is the foundation of the exam
- Know the definitions - Person, security, offer, sale, broker-dealer, agent, IA, IAR
- Memorize exemptions - Securities exemptions, transaction exemptions, person exemptions
- Understand administrator powers - What can they do with/without a hearing?
- Master prohibited practices - Know what's unethical and the consequences
- Study state vs. federal differences - The Series 63 focuses on STATE law
What is the passing score for the Series 63 exam?
How to Use This Guide
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