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FINRA Series63 Exam Overview:
| Certification Vendor: | North American Securities Administrators Association (NASAA) / FINRA |
|---|---|
| Exam Name: | Uniform Securities Agent State Law Examination |
| Exam Number: | Series 63 |
| Exam Duration: | 75 minutes |
| Related Certifications: | Series 6 SIE (Securities Industry Essentials) Series 66 Series 7 |
| Available Languages: | English |
| Exam Format: | Multiple Choice |
| Passing Score: | 43 out of 60 (72%) |
| Real Exam Qty: | 60 scored + 5 unscored pretest |
| Certificate Validity Period: | Valid while registered; score generally valid for ~2 years if not employed |
| Exam Price: | USD 147 |
| Sample Questions: |  |
| Exam Way: | Administered at Prometric testing centers (computer-based), closed-book with supervised proctor. |
| Pre Condition: | No formal prerequisites; often taken with SIE and a representative-level exam (e.g., Series 7 or Series 6) for full securities registration. |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/series63 |
FINRA Series63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulation of Broker-Dealers | 12% | - Broker-dealer regulatory requirements - Federal and state registration standards |
| Topic 2: Regulation of Investment Advisers | 5% | - Federal vs state adviser regulation - Investment adviser registration rules |
| Topic 3: Ethical Practices and Obligations | 25% | - Conflicts of interest and fiduciary duties - Fraudulent and unethical conduct |
| Topic 4: Regulations of Securities and Issuers | 9% | - Securities registration and exemptions - Issuer regulation principles |
| Topic 5: Communication with Customers and Prospects | 20% | - Disclosure requirements - Advertising and correspondence rules |
| Topic 6: Regulation of Investment Adviser Representatives | 5% | - IAR registration and obligations - Recordkeeping and contract standards |
| Topic 7: Regulation of Broker-Dealer Agents | 13% | - Associated person regulations - Agent registration requirements |
| Topic 8: Remedies and Administrative Provisions | 9% | - Enforcement and penalties - State Administrator authority |
FINRA Series63 Exam Questions Answered
The Series63 exam leads to the Uniform Securities State Law certification from North American Securities Administrators Association (NASAA) / FINRA. It is positioned at the State Law Qualification level. The exam validates the knowledge and skills expected of candidates preparing for FINRA Uniform Securities Agent State Law Examination.
Related certifications include:
- SIE (Securities Industry Essentials)
- Series 6
- Series 7
- Series 66
The Series63 exam includes 60 scored + 5 unscored pretest questions and allows 75 minutes. Before test day, divide the available time by the number of questions in a timed practice set to establish a steady per-question pace. If a difficult item starts consuming too much time, mark it for review and move forward instead of losing momentum. A full timed practice session can help you decide when to move on, when to return, and how much buffer to reserve for a final check.
The passing score for Series63 is 43 out of 60 (72%), and the official exam fee is USD 147. Because a retake requires paying the exam fee again, use timed practice results as a readiness check before scheduling your next attempt. If your performance remains inconsistent, continue reviewing weak domains and repeat a timed session before booking the exam.
No formal prerequisites; often taken with SIE and a representative-level exam (e.g., Series 7 or Series 6) for full securities registration.
Eligibility rules can change, so confirm the current requirements on the official exam page before registering.
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The current Series63 outline is organized into 8 top-level domains. The first listed areas include:
- Regulation of Broker-Dealer Agents (13%)
- Regulation of Investment Adviser Representatives (5%)
- Regulation of Broker-Dealers (12%)
Review the Exam Topics section above for the complete outline and any nested subtopics.
FINRA Uniform Securities Agent State Law Examination Sample Questions:
o: 52
Which of the following statements regarding "registration by qualification" is true?
- A. Registration by qualification is the preferred method used by issuers since it requires the least amount of paperwork.
- B. Registration by qualification refers to the fact that certain categories of securities are exempt from state registration requirements.
- C. Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA rating, are exempt from registration with the state.
- D. In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of information about both the firm and its directors, officers, and major shareholders.
Correct Answer: D 🗳️
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Which of the following is not a prohibited practice for a broker-dealer?
- A. waiting 36 hours before mailing a check after receiving a request for a cash withdrawal from a client if the client has that much cash available in his account
- B. executing a trade for an account holder based on instructions from the account holder's spouse
- C. recommending a security to a new client without first ascertaining that client's level of risk tolerance
- D. requiring that a client who is engaged in margin transactions leave the securities with the broker-dealer in "street name"
Correct Answer: D 🗳️
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In order to maintain its registration with a state, a broker-dealer may be required to:
I. take a written or oral exam.
II. pay an annual filing fee.
III. maintain a minimum net capital.
IV. file all advertising material with the Administrator.
- A. I and II only
- B. II, III, and IV only
- C. II and III only
- D. I, II, III, and IV
Correct Answer: D 🗳️
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If a person has had its license revoked by the Administrator of the state and has appealed the decision to a court of law, that person
- A. must notify the Administrator of the state that it has appealed the decision.
- B. is considered to have a revoked license until the courts rule otherwise.
- C. Both B and C are true statements.
- D. can continue business as usual pending the resolution of the appeal.
Correct Answer: C 🗳️
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BigCash Broker-Dealers is registered in the state and is in the process of purchasing a smaller broker-dealer, Target Investments, as a subsidiary. Target Investments is also registered in the state.
After completing the purchase, what actions must BigCash take regarding registration of its new subsidiary?
- A. BigCash must file a new application with the state to register its new subsidiary, but will be able to utilize the remainder of any annual filing fees that Target Investments had paid for the year.
- B. BigCash need do nothing since Target Investments was already duly registered with the state as a broker-dealer.
- C. BigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a new registration application.
- D. BigCash must file a new application with the state to register its new subsidiary and must also pay the annual filing fees required by the Administrator.
Correct Answer: A 🗳️
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