About the Series 63 Exam
Key Takeaways
Series 63 is a NASAA state law exam administered by FINRA.
Most states require it in addition to federal licenses.
The exam has 65 questions (60 scored); you need at least 43 of the 60 scored questions to pass.
NASAA's outline has eight sections; Ethical Practices and Obligations (25%) and Communication with Customers and Prospects (20%) are the largest.
Blue Sky laws focus on state-level investor protection.
Quick Answer: The Series 63 is a 65-question, 75-minute NASAA exam that requires at least 43 correct answers out of 60 scored questions and costs $147. It covers state "blue sky" securities laws and is required by most states in addition to federal licenses like Series 6 or Series 7. NASAA lists no prerequisite exam. Its eight-section outline puts 25% on ethical practices and 20% on communication with customers.
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 | 43 of 60 scored questions |
| Exam Fee | $147 |
| Administered By | FINRA (for NASAA) |
Content Areas
The Series 63 tests state securities regulation based on the Uniform Securities Act (USA). NASAA's outline, effective June 12, 2023, has eight sections:
| Section | Weight | Questions |
|---|---|---|
| Regulations of Investment Advisers | 5% | 3 |
| Regulations of Investment Adviser Representatives | 5% | 3 |
| Regulations of Broker-Dealers | 12% | 7 |
| Regulations of Agents of Broker-Dealers | 13% | 8 |
| Regulations of Securities and Issuers | 9% | 5 |
| Remedies and Administrative Provisions | 11% | 7 |
| Communication with Customers and Prospects | 20% | 12 |
| Ethical Practices and Obligations | 25% | 15 |
Key Topics Covered
Registration of Persons (35%)
- Definitions of investment adviser, investment adviser representative, broker-dealer and agent
- Activities requiring registration and exclusions from registration
- Registration and post-registration requirements, including broker-dealer supervision of agents
Securities, Issuers and Remedies (20%)
- Definitions of securities and issuers
- State registration, exemptions, and state enforcement and antifraud authority
- The Administrator's authority, administrative actions, and other penalties and liabilities
Communication and Ethics (45%)
- Required product disclosures and performance guarantees
- Customer agreements (new account, margin, options) and advertising, including social media
- Compensation, custody, discretion and the applicable standard of care
- Prohibited conduct: excessive trading, loans, sharing in accounts, insider trading, selling away, market manipulation and exploitation of vulnerable adults
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 | Not needed to take the exam (NASAA) |
| 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 (60 days for enrollment windows opened from January 4, 2027) |
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 does a candidate need to pass the Series 63 exam?
42 of the 60 scored questions
43 of the 60 scored questions
45 of the 65 total questions
49 of the 65 total questions
Sections you finish are checked off in the contents.