Series 63 Exam

The Series 63 exam – also called the Uniform Securities Agent State Law Exam – is a test required if you wish to be qualified as a securities agent.  The exam will test your knowledge of the state securities regulations as defined by the Uniform Securities Act and the North American Securities Administrators Association's (NASAA's) statements of policy and model rules.  The exam will also test your understanding of state-specific regulations. 

Because the exam is designed to test your competency, it only asks basic questions.  You will not be competing with or scored against other test-takers.  For more information on exactly what topics and rules will be covered, check out the study guide published on the NASAA website – www.nsa.futures.org.  The study guide offers a general overview of the material that will be covered on the exam and offers advice on other rules and policies to study.

Registering for the Series 63 Exam

There are no prerequisites to the Series 63 exam; however, you do have to be sponsored to take the test.  In order to register, your firm will need to submit a U-4 form, or you can submit your own U-10 form to the Financial Industry Regulatory Authority – the exam's administrators.  You'll also need to pay an $82 examination fee in order to register.  Once your application is complete, you'll have 120 days in which to schedule your exam. 

Series 63 Exam Details

You will have one hour and fifteen minutes to complete the test.  No resources may be used on the exam except the scratch paper and basic calculator (if needed), which the test administrator will provide.  You'll receive your final score and report immediately upon completion of the exam.  If you fail to pass the exam, you'll be able to retake it after 30 days have passed.  If you fail to pass the exam after your first three tries, you'll be required to wait 180 days before you can take your fourth attempt.

Series 63 Exam Questions

The Series 63 exam contains 60 multiple choice questions on the following areas: registration (18 questions), securities (15 questions), business practices (21 questions), and administrative provisions and other remedies (6 questions).  For each correctly answered question, you'll receive one point.  Incorrectly answered questions and skipped questions do not count against you.  You’ll need to correctly answer 42 questions – or 70% of the questions on the exam – to pass the Series 63 exam.

The Series 63 exam will only test your knowledge on current regulations and policies.  The test is updated on a regular basis to remove outdated questions and add new ones.  You will also encounter an additional five questions that are being tested for possible inclusion in future exams.  Although these questions won't count towards your overall score, you won't know which questions they are when you encounter them.