NASAA
Series 63
Uniform Securities Agent State Law Examination
The state-law exam most states require before a broker-dealer agent can sell securities to their residents. Written by NASAA, administered by FINRA, and typically taken alongside the SIE and Series 7.
What's on the exam
NASAA Series 63 Test Specifications (effective June 12, 2023)
Regulations of Investment Advisers
5%Definition of an investment adviser · State-registered vs. federal covered advisers · Activities requiring registration · Exclusions from registration
Regulations of Investment Adviser Representatives
5%Definition of an investment adviser representative · Activities requiring registration · Exclusions from registration · State registration requirements
Regulations of Broker-Dealers
12%Definition of a broker-dealer · Registration and post-registration requirements · Exclusions from registration · Broker-dealer agent supervision
Regulations of Agents of Broker-Dealers
13%Definition of an agent of a broker-dealer · Registration and post-registration requirements · Exclusions from registration · Updating uniform forms (U4/U5)
Regulations of Securities and Issuers
9%Definitions of securities and issuers · State registration and post-registration requirements · Exemptions from registration · State enforcement and antifraud authority
Remedies and Administrative Provisions
11%Authority of the state securities Administrator · Administrative actions (denial, suspension, revocation) · Civil liabilities · Other penalties and criminal liabilities
Communication with Customers and Prospects
20%Required product disclosures · Unlawful representations concerning registration · Performance guarantee prohibitions · Customer agreements (new account, margin, options) · Correspondence, advertising and social media
Ethical Practices and Obligations
25%Compensation, fees and disclosure · Custody, discretion and trading authorization · Conflicts of interest and standard of care · Insider trading and market manipulation · Selling away and outside accounts · Exploitation of vulnerable adults
Frequently asked questions
How much does the Series 63 cost?
The Series 63 costs $147.
How long is the Series 63 and how many questions does it have?
60 scored items (plus 5 unscored pretest) — 75 minutes.
What do you need to pass the Series 63?
43 of 60 scored questions (72%).
Can you retake the Series 63?
After 30 days; 180-day wait after a third consecutive fail.
What is the best way to study for the Series 63?
Study the official blueprint, not random material: the exam is weighted by domain (Regulations of Investment Advisers 5%, Regulations of Investment Adviser Representatives 5%, Regulations of Broker-Dealers 12%, Regulations of Agents of Broker-Dealers 13%, Regulations of Securities and Issuers 9%, Remedies and Administrative Provisions 11%, Communication with Customers and Prospects 20%, Ethical Practices and Obligations 25%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.
Program in development
We're building a blueprint-complete program for this exam. Meanwhile, explore live programs across 7 exam.
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