The Series 63 is known as the "state law test", and covers two main areas: State Securities Acts and the related rules and regulations, and ethical practices and fiduciary obligations. You'll learn about the Uniform Securities Act (the "USA") and how this framework of laws and regulations was created for and adopted by the fifty states in the United States. And you'll learn about how the USA-related laws are enforced across the country.
When you buy the Achievable Series 63 course, you'll get access to our extensive question bank of 300+ chapter quizzes and 6+ practice exams.
Our practice exams are carefully constructed to match what you'll see on the actual Series 63, based on over a decade of training experience. Furthermore, our math-based questions are templatized so that you see different numbers each time, ensuring that you're learning the underlying concept and not just the right answer.
The Series 63 exam - the Uniform Securities Agent State Law Examination - assesses one's knowledge of the state laws associated with securities and registered representative activities. The Uniform Securities Act (or "USA") is a model legislation adopted by states, meaning it's a framework of laws and regulations that states can adopt and implement to properly regulate the securities industry. Nearly all states require individuals to pass state-based exams like the Series 63 as a condition of registration.
The Uniform Securities Act (or "USA") is a model legislation adopted by states, meaning it's a framework of laws and regulations that states can adopt and implement to properly regulate the securities industry. Nearly all states require individuals to pass state-based exams like the Series 63 as a condition of registration.
The exam contains a total of 65 questions, 5 of which are experimental and unscored.
Despite commonly being called the "FINRA Series 63" it is more accurately a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The Series 63 exam is hosted by NASAA and costs $147 to register. Participants have 1 hour 15 minutes to answer 60 multiple-choice questions. The passing score is 71.7% (43/60).
Financial professionals typically take the Series 63 as their final exam after completing their SIE Exam and Series 6, 7, or 79 license. However, you can take the Series 63 as your first FINRA exam. Unlike most FINRA exams, you do not need a sponsor to take the Series 63.
The Series 63 exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam.
Each candidate's exam includes 5 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidate's exam consists of a total of 65 items (60 scored and 5 unscored).
There is no penalty for guessing. Therefore, candidates should attempt to answer all items.
Candidates will be allowed 75 minutes to complete the Series 63 exam.
Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.
All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.
The definition and regulations of Investment Advisers, including state-registered and federal covered advisers. Contains topics including activities requiring registration and exclusions from registration.
The definition and regulations of Investment Adviser Representatives (IARs). Contains topics including activities requiring registration and exclusions from registration.
The definition and regulations of Broker-Dealers. Contains topics including registration and post-registration requirements, activities requiring registration and exclusions from registration, and Broker-Dealer Agent supervision.
The definition and regulations of Agents of Broker-Dealers. Contains topics including registration and post-registration requirements, activities requiring registration and exclusions from registration, and updating uniform forms.
The definition and regulations of Securities and Issuers. Contains topics such as state registration and post-registration requirements, exemptions, and state enforcement and antifraud authority.
The authority of state securities administrators, types of administrative actions, and other penalties and liabilities.
Required product disclosures, unlawful representations concerning broker-dealer agent registration, and rules around performance guarantees. Contains topics on customer agreements requirements for activities such as new accounts, margin trading, and options trading. Also covers correspondence and advertising via social media, email/digital messaging, website and internet communications.
Ethical practices and obligations related to compensation, customer funds and securities, conflicts of interest, criminal activities, and other ethics issues.
A welcoming introduction to the rules, regulators, and environment of state securities laws.
Explores various legal definitions related to the securities industry.
Covers the registration process relevant to broker-dealers, agents, investment advisers, and investment adviser representatives (IARs), plus the available exclusions and exemptions from registration.
Discusses the enforcement powers afforded to the state administrator by the Uniform Securities Act and court-enforced actions against registered persons.
Establishes ethical duties for registered persons, criminal and unethical actions in the industry, and cyber security.