Series 63 Exam Guide 2026: State Law Exam Requirements and Tips

What is the Series 63 Exam?

The Series 63, officially the Uniform Securities Agent State Law Examination, tests knowledge of state securities regulations. It's required in most states for securities professionals who want to transact business within that state.

The Series 63 is administered by NASAA (North American Securities Administrators Association) and delivered through FINRA.

Series 63 Quick Facts

Who Needs the Series 63?

You need the Series 63 if you:

• Work for a broker-dealer
• Sell securities products to retail clients
• Already passed (or are taking) Series 7 or Series 6
• Need state registration as a securities agent

Note: Some states accept the Series 66 instead, which combines Series 63 + 65 content.

States Requiring Series 63

NASAA says most states require the Series 63 in addition to FINRA exam requirements such as the SIE and Series 7. With a valid SIE and Series 7, the Series 66 gives you Series 63 credit for agent registration. Check with the securities regulator in each state where you will do business.

Series 63 Exam Content

Content Breakdown

Key Topics by Section

The headings below follow the eight sections of NASAA's outline (effective June 12, 2023).

Regulations of Investment Advisers (5%) and Investment Adviser Representatives (5%)

Regulations of Broker-Dealers (12%) and Agents of Broker-Dealers (13%)

Exclusions from Definitions:

• Banks, savings institutions and trust companies (from broker-dealer)
• Issuers (from broker-dealer)
• Certain professionals giving incidental advice (from investment adviser)

Broker-dealers must also supervise their agents, and agents must keep registration information current on the uniform forms.

Regulations of Securities and Issuers (9%)

Exempt Securities (Memorize These):

• U.S. Government securities
• Municipal bonds
• Bank-issued securities
• Insurance company securities (policy contracts)
• Federal covered securities (NYSE, NASDAQ listed)

Exempt Transactions:

• Isolated non-issuer transactions
• Transactions with institutional investors
• Private placements (limited offers)
• Unsolicited orders
• Transactions with existing security holders

Remedies and Administrative Provisions (11%)

• The Administrator can investigate and can deny, suspend or revoke a registration by order, after notice, an opportunity for a hearing and written findings
• Criminal penalties under the 1956 Act: a fine of up to $5,000, up to three years in prison, or both
• A buyer sold securities in violation of the Act may sue, but generally within two years after the sale

Communication with Customers and Prospects (20%)

• Required product disclosures, with no misleading claims about your registration
• No guarantees of performance
• Customer agreements for new accounts, margin and options
• Correspondence and advertising, including social media, email and websites

Ethical Practices and Obligations (25%)

Ethical practices are the largest outline section (25%) - focus heavily here!

Standard of Care:

• Investment advisers owe clients a fiduciary duty: act in the client's best interest and disclose conflicts of interest
• Broker-dealers and agents must act in a retail customer's best interest when recommending (SEC Regulation Best Interest)
• Recognize financial exploitation of vulnerable adults, an outline topic under ethical practices

Study Strategy

Recommended Study Time

The Series 63 is one of the shorter securities exams - don't over-study!

Study Priority by Weight

1. Ethical Practices and Obligations (25%) - Most important!

   • Unethical conduct scenarios
   • Fiduciary responsibilities
   • Specific violations

2. Communication with Customers and Prospects (20%)

   • Required product disclosures
   • Performance guarantees and customer agreements
   • Correspondence, advertising, and social media

3. Regulations of Agents of Broker-Dealers (13%)

   • Who must register
   • Exclusions from registration
   • Registration and post-registration

4. Regulations of Broker-Dealers (12%)

   • Registration and post-registration requirements
   • Supervision of agents

Key Numbers to Memorize

Common Mistakes to Avoid

1. Confusing Exemptions

• Exempt securities = the security itself is exempt
• Exempt transactions = the transaction is exempt (security may still need registration)

2. Missing "EXCEPT" Questions

Many questions ask "All of the following are prohibited EXCEPT..." Read carefully!

3. Overlooking Registration Triggers

Remember what triggers registration:

• Place of business in state
• Directed communications to state residents
• More than a de minimis number of clients

4. Fiduciary Duty vs. Best Interest

• Investment advisers = fiduciary duty
• Broker-dealers and agents = best-interest obligation for retail recommendations (SEC Regulation Best Interest)

Sample Question Types

Scenario Questions

"An agent recommends a high-risk investment to an 80-year-old client with a conservative profile. This is an example of..."

Answer: Unsuitable recommendation (prohibited practice)

Definition Questions

"Which of the following is excluded from the definition of an investment adviser?"

Look for: banks, lawyers (incidental advice), publishers

Exemption Questions

"Which of the following securities is exempt from state registration?"

Look for: government securities, municipal bonds, bank securities

Exam Day Tips

Before the Exam

• Review prohibited practices one more time
• Get good rest
• Arrive 30 minutes early
• Bring one valid, unexpired government-issued ID with your photo and signature, in the exact name you scheduled under

During the Exam

• 65 questions in 75 minutes = ~1.15 minutes per question
• Flag difficult questions and return later
• Read every word - watch for "NOT" and "EXCEPT"
• Change an answer when you find a clear reason to

After the Exam

• Results displayed immediately
• If passed, wait for FINRA processing
• Register in states where you'll do business

Series 63 vs Other State Exams

Decision Tree

Do you have/want Series 7?
├── Yes → Do you want IA authority?
│   ├── Yes → Take Series 66
│   └── No → Take Series 63
└── No → Do you want IA authority only?
    └── Yes → Take Series 65

After Passing

State Registration

• Apply in each state where you'll work
• Pay state registration fees
• Complete any state-specific requirements
• Maintain registration through broker-dealer

Continuing Education

• Complete FINRA Regulatory Element annually
• Complete state-specific CE if required
• Stay current on regulatory changes

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Confirm Current Details

Exam format, fees and retake rules change. Before you schedule, check the current exam page and candidate materials on the FINRA or NASAA site linked in this guide. Use this article as a study plan, not as the source of official rules.