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Exam Review

Key Facts: Series 63 Exam

Not published

Candidate Pass Rate

NASAA/FINRA

43/60

Passing Score

NASAA

20-40 hrs

Study Time

Recommended

25%

Ethical Practices and Obligations

Largest official section

$147

Exam Fee

NASAA

1h 15m

Exam Duration

NASAA

The Series 63 requires 43 correct answers out of 60 scored questions and allows 75 minutes. It contains 65 questions total, including 5 unscored pretest questions. NASAA and FINRA do not publish an aggregate pass rate. NASAA's eight-section outline (effective June 12, 2023) gives its largest share, 25%, to Ethical Practices and Obligations. The Series 63 is required in most states alongside an appropriate FINRA registration such as Series 6 or Series 7.

Sample Series 63 Practice Questions

Try these sample questions to review concepts for the Series 63 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 207+ question experience with AI tutoring.

1Which organization regulates broker-dealers?
A.Federal Reserve Board (FRB)
B.FINRA
C.MSRB
D.State insurance commissioners
Explanation: FINRA (Financial Industry Regulatory Authority) is the self-regulatory organization (SRO) that regulates broker-dealers and their registered representatives.
2Blue sky laws are:
A.Federal securities regulations
B.State securities regulations
C.International securities regulations
D.Self-regulatory organization rules
Explanation: Blue sky laws are STATE-level securities regulations designed to protect investors from fraud. Each state has its own blue sky laws, which may differ from federal regulations.
3The Securities Act of 1933 primarily regulates:
A.Secondary market trading
B.New issues of securities (primary market)
C.Investment advisers
D.Broker-dealer conduct
Explanation: The Securities Act of 1933 (Paper Act) regulates the PRIMARY market - new issues of securities. It requires registration and disclosure through a prospectus.
4Which act created the Securities and Exchange Commission (SEC)?
A.Securities Act of 1933
B.Securities Exchange Act of 1934
C.Investment Company Act of 1940
D.Investment Advisers Act of 1940
Explanation: The Securities Exchange Act of 1934 created the SEC and regulates secondary market trading, broker-dealers, and exchanges.
5Under the Uniform Securities Act, an "agent" is:
A.Any employee of a broker-dealer
B.A person who represents a broker-dealer in securities transactions
C.The owner of a broker-dealer
D.A compliance officer
Explanation: Under state law (USA), an agent is an individual who represents a broker-dealer or issuer in effecting or attempting to effect securities transactions.
6Under the Uniform Securities Act, what is the difference between an "exclusion" and an "exemption"?
A.They mean the same thing and can be used interchangeably
B.An exclusion means the item does not meet the definition; an exemption means it meets the definition but is released from requirements
C.An exclusion applies only to securities; an exemption applies only to persons
D.An exemption is permanent; an exclusion is temporary
Explanation: An exclusion means the person, security, or transaction does not meet the definition and is therefore not subject to the rule. An exemption means it does meet the definition but has been released from certain obligations (like registration). Both result in no registration requirement, but for different reasons. The exam frequently tests this distinction.
7State securities laws are commonly referred to as:
A.Red Flag Laws
B.Blue Sky Laws
C.Green Light Laws
D.Federal Covered Laws
Explanation: State securities laws are called "Blue Sky Laws." The term originated from early 20th century efforts to protect investors from fraudulent schemes that had "no more basis than so many feet of blue sky." This terminology is commonly tested on the Series 63 exam.
8Which of the following is NOT a power of the state Administrator under the Uniform Securities Act?
A.Issue rules and orders
B.Conduct investigations
C.Suspend or revoke registrations
D.Impose criminal penalties directly
Explanation: While the Administrator has broad powers including rulemaking, investigation, and the ability to suspend or revoke registrations, the Administrator cannot directly impose criminal penalties. Criminal actions must be referred to the appropriate prosecutor or attorney general for prosecution in court.
9Under the Uniform Securities Act, which of the following can be an "agent"?
A.A corporation
B.A partnership
C.An individual
D.A limited liability company
Explanation: Under the USA, an agent must be an individual (natural person). Corporations, partnerships, and LLCs cannot be agents. This is a key distinction from broker-dealers and investment advisers, which can be any type of "person" including corporations and other entities.
10An attorney provides investment advice to clients as part of her legal practice and does not charge separately for the investment advice. Under the USA, is she an investment adviser?
A.Yes, because she provides advice about securities
B.Yes, because she receives compensation for her legal services
C.No, because the advice is solely incidental to her profession as an attorney
D.No, because attorneys are completely exempt from all securities laws
Explanation: Lawyers, accountants, engineers, and teachers are excluded from the investment adviser definition if their investment advice is solely incidental to their profession and they do not hold themselves out as investment advisers. Since the attorney provides advice as part of her legal practice without separate compensation for investment advice, she is excluded from the IA definition.

About the Series 63 Exam

State-level securities exam required for agents transacting business in most states. The Series 63 tests the Uniform Securities Act of 1956 as amended by NASAA, together with NASAA model rules and statements of policy.

Exam sponsor: NASAA. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

65 questions

Time Limit

1 hour 15 minutes

Passing Score

43 of 60 scored

Exam / Certification Fees

$147

Exam sponsor website

Reported exam pass rate: Not published by NASAA. NASAA and FINRA do not publish an aggregate candidate pass rate Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

5%

Regulations of Investment Advisers

Definition of an investment adviser, including state-registered and federal covered advisers; activities requiring registration and exclusions

5%

Regulations of Investment Adviser Representatives

Definition of an investment adviser representative; activities requiring registration and exclusions

12%

Regulations of Broker-Dealers

Definition, registration and post-registration requirements, exclusions, and supervision of agents

13%

Regulations of Agents of Broker-Dealers

Definition of an agent, registration and post-registration, exclusions, and uniform forms

9%

Regulations of Securities and Issuers

Definitions, state registration, exemptions, and state enforcement and antifraud authority

11%

Remedies and Administrative Provisions

Administrator authority, administrative actions, and other penalties and liabilities

20%

Communication with Customers and Prospects

Product disclosures, registration representations, performance guarantees, customer agreements, correspondence, advertising and social media

25%

Ethical Practices and Obligations

Compensation, custody, discretion and trading authority, standard of care, and prohibited conduct such as excessive trading, loans, selling away and exploitation of vulnerable adults

Preparing for the Series 63 Exam

What You Need to Know

  • Passing score: 43 of 60 scored
  • Exam length: 65 questions
  • Time limit: 1 hour 15 minutes
  • Exam / certification fees: $147 Official sources

Using Our Practice Resources

  • Work through all 207 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Series 63: Suggested Study Strategy

1Memorize registration requirements for securities, agents, and broker-dealers
2Know all exemptions from registration - both securities and transactions
3Understand the differences between federal and state jurisdiction
4Focus on unethical practices and prohibited conduct sections
5Master the Administrator's powers and orders

Frequently Asked Questions

What is the Series 63 exam?

The Series 63 tests knowledge of state securities regulations under the Uniform Securities Act. It's required in most states for securities agents and is written by NASAA (North American Securities Administrators Association) and administered by FINRA.

What is the Series 63 pass rate?

NASAA and FINRA do not publish an aggregate or first-time Series 63 pass rate. The official standard is 43 correct answers out of the 60 scored questions.

How many questions are on the Series 63?

The Series 63 has 60 scored questions plus 5 unscored pretest questions. You have 75 minutes and need at least 43 correct answers out of the 60 scored questions to pass.

Is Series 63 harder than SIE?

Most find the Series 63 challenging due to memorization of specific state registration requirements and exemptions. However, it's shorter and more focused than the SIE. Plan for 20-40 hours of study compared to 40-60 hours for the SIE.

Do I need Series 63 if I have Series 66?

Usually not, if you also hold a valid SIE and Series 7. NASAA says that, combined with a valid SIE and Series 7, the Series 66 qualifies you as if you had passed both the Series 63 and Series 65, so you do not also need the Series 63.

How long should I study for Series 63?

Plan for 20-40 hours of study over 2-3 weeks. Focus on memorizing registration requirements, exemptions, and prohibited practices. Complete at least 300 practice questions and score 80%+ consistently before scheduling your exam.