The Series 63 tests knowledge of state securities law under the Uniform Securities Act and NASAA rules. Most states require it before a broker-dealer agent can do business there.
Exam format at a glance
| Format | 65 multiple-choice questions (60 scored, 5 unscored pretest) in 75 minutes. |
| Cost | NASAA and FINRA list the fee — check the current exam fee before you enroll. |
| Scoring | You need 43 of 60 scored questions correct (about 72%). Practice scores here use a 72% pass line. |
| Validity | Firms file your registration through FINRA's CRD system after you pass. |
Who this exam is for
- Registered representatives who need state agent registration
- SIE and Series 6 or 7 candidates completing their licensing
- Compliance staff who want to review state securities law
How to actually study for it
- Ethics (25%) and communications (20%) are almost half the exam — know the unethical practices lists.
- Learn the definitions: agent, broker-dealer, investment adviser and IAR, and who is excluded.
- Know which securities and transactions are exempt from state registration.
- Know the Administrator's powers and the civil and criminal penalties.
Where to go next
Start with the free 10-question diagnostic to see where you actually stand, or go straight to the one-page Series 63 cheat sheet. The full Series 63 practice exam covers every domain at the real exam's weighting, with every answer explained.