New NASAA exam waiting period policy
The North American Securities Administrators Association (NASAA), the organization behind the so-called “Blue Sky” financial licensing exams, has approved updated waiting periods for the Series 63, 65, and 66 exam retests. Beginning January 4, 2027, the waiting period after a third failed attempt will be shortened from 180 days to 60 days, letting candidates retest in one-third of the time it used to take. This follows a new rule filed by the Financial Industry Regulatory Authority (FINRA) that similarly shortens the waiting period between retakes of related licensing exams. Financial professionals planning to take their Series 63, 65, or 66 exams in early 2027 should carefully review these changes.
What is NASAA’s updated exam retake policy?
NASAA currently requires a six-month wait before candidates can retake the exam after three failed attempts. The approved change shortens this period to 60 days for those who fail three times, down from 180 days. The waiting times for the first two attempts stay unchanged at 30 days each. These revisions take effect on January 4, 2027.
NASAA exams explained
NASAA Blue Sky exams include these three popular licensing tests, which FINRA administers in the U.S.:
- Series 63: Uniform Securities Agent State Law Exam
- Exam cost: $147
- Number of questions: 65 multiple-choice questions
- Time limit: 1 hour 15 minutes
- Passing score: 72%
- Series 65: Uniform Investment Adviser Law Exam
- Exam cost: $187
- Number of questions: 140 multiple-choice questions
- Time limit: 3 hours
- Passing score: 71%
- Series 66: Uniform Combined State Law Exam
- Exam cost: $177
- Number of questions: 110 multiple-choice questions
- Time limit: 2 hours 30 minutes
- Passing score: 73%
These exams are typically taken by General Securities Representatives (Series 7 holders) or financial professionals with related credentials (such as the Series 6 or insurance-related licenses). The Series 63 qualifies individuals to register as securities agents, allowing them to sell securities in a given state legally. The Series 65 allows financial advisors to recommend securities products to their clients, paving the way for them to become investment adviser representatives (IARs). The Series 66 combines content from the Series 63 and 65, allowing professionals to work both as state securities agents and IARs. Any of these tests represents an important milestone in the financial services career track, and when combined with FINRA securities exams, gives candidates the ability to perform their full duties as financial professionals.
Passing securities exams opens doors to job opportunities, ongoing employment, and career growth for finance professionals. NASAA/FINRA qualification exams are notably challenging, with many having pass rates around 70% or lower. Although failing tests for employment or promotion can be discouraging, FINRA permits candidates to retake exams as many times as needed, within certain limits.
In summary, this is how NASAA’s approved rule changes the exam waiting period structure:
| NASAA exam retake waiting period (Series 63/65/66) | Current | New (effective Jan 4, 2027) |
|---|---|---|
| Attempt #1 (after failing) | 30 days | 30 days (unchanged) |
| Attempt #2 | 30 days | 30 days (unchanged) |
| Attempt #3+ (within 2 years of 3rd attempt) | 180 days | 60 days |
For third-attempt retakes, this cuts the waiting time by two-thirds, enabling faster progress through the licensing process and potentially reducing the risk of losing a job or promotion.
Upcoming changes to FINRA exams: What it means for exam candidates
Several securities exams administered directly by FINRA (SIE, Series 6, Series 7, Series 9/10, and Series 24) are also affected by a related rule change. The Rule 1210 filing with the U.S. Securities and Exchange Commission (SEC) became effective June 29, 2026, and would shorten the waiting period for retaking a failed securities licensing exam, cutting the wait from 30 to 15 days for early attempts and from 180 to 60 days after three tries. However, the shorter waits are not yet operational: unlike the NASAA change, FINRA has not confirmed an implementation date and will announce it in an upcoming regulatory notice.
Under the NASAA change and the FINRA Rule 1210 amendment, candidates would no longer have to wait nearly six months to retake their exams after failing a third time, which can help ease the time pressure of licensing. Some firms have strict timetables for when securities representatives, entry-level advisors, or other professionals must prepare for, take, and pass their licensing exams. Because the Series 63, 65, and/or 66 are required for full licensure at the representative level, many candidates time their exams to complete all co-requisites within a reasonable timeframe (for example, taking the Series 63 right before or soon after passing the Series 7). Being able to rebound more quickly after failed attempts can significantly shorten the time to full certification, which is hugely important for early-career professionals.
Of course, this also means candidates would have less time to study for their retakes than before, making targeted preparation even more important. Passive study is unlikely to turn candidates’ scores around in the time available: candidates in need of a retake should focus on nailing areas of difficulty, completing related practice questions, and using mock tests to be fully ready for exam day.
When do the new waiting periods take effect?
January 4, 2027, is the first day the new waiting periods for the Series 63, 65, and 66 take effect. Until then, the current 180-day waiting period following the third attempt remains active.
For the other FINRA exams undergoing similar changes, the reduced waits take effect only after the SEC’s review process, and FINRA will announce the official implementation date in an upcoming regulatory notice.
Final takeaways
The NASAA change means a failed third attempt no longer costs candidates a six-month wait: the retake window drops to 60 days starting January 4, 2027. That’s good news, but it also compresses study time, so a focused, efficient plan matters more than ever. Lean on effective study tools and methods to rebuild mastery and boost your score quickly for a successful retake.
