Frequently Asked Questions
Series 63 - NASAA Uniform Securities Agent State Law Exam
About the Series 63
What does the Series 63 qualify me to do?
A Series 63 license qualifies you to work as a securities agent in a state. It covers the principles of state securities regulation.
Do I need to be sponsored to take the Series 63 exam?
No. If you’re not employed by a firm, you can still register to take the exam by paying the fee and opening an exam enrollment window via FINRA’s Test Enrollment Services System.
Preparing for the Series 63 Exam
Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 63?
No, there are no prerequisites to take the Series 63 exam. However, you may need to also pass the SIE exam and the Series 6, 7, 22, 52, 79, 82, or 99 to be fully registered to sell securities within a state.
How long should I prepare for the Series 63 exam?
We recommend studying 30-40 hours over a 10-day period.
Taking the Series 63 Exam
How do I schedule my Series 63 exam?
NASAA exams are administered by the Financial Industry Regulatory Authority (FINRA). A firm will file an electronic Form U4 for a candidate, or an individual will file a Form U10 and pay the registration fee to FINRA. Upon registering, a candidate will have 120 days to schedule the exam. You can find more details on the FINRA Test Enrollment Services System.
Where do I take the Series 63 exam?
How much does the Series 63 exam cost?
The cost of the exam is $147 at this writing.
How many questions are on the Series 63 exam?
There are 60 scored and 5 unscored questions for a total of 65 questions. The five unscored questions are randomly distributed so test-takers do not know which ones they are. The unscored questions are being tried out by the exam committee.
How many questions must I answer correctly to pass the exam?
In order to pass the Series 63 exam, you must correctly answer at least 43 of the 60 scored questions (72%).
How long is the Series 63 exam?
You have 75 minutes to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down. See the FINRA website for more details on what to expect when taking your exam.
How long is the Series 63 exam valid for if I haven't been registered?
Passing an exam is a prerequisite to a license, not a license in and of itself. After passing the Series 63, you have two years to become registered (licensed) with a state; otherwise, the exam will show “expired” in the Central Registration Depository (CRD), and you will have to sit for the exam again. Once registered, the exam is valid as long as you stay registered.
Most states follow this two-year rule, but contact your state regulator for more information regarding your state’s registration rules and process. This NASAA webpage has contact information for state securities regulators.
If I stop working for my firm, how long will my Series 63 license remain valid?
You will have two years between jobs before the license expires.
When you stop working for a firm, your employer will file a Form U5 to terminate your registration. You then have two years to be re-employed and re-registered. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 63 license will remain valid.
How do I keep my Series 63 license active?
After you pass the Series 63 exam, you have two years to become registered (licensed) with a state. Once registered, the exam remains valid as long as you stay registered. If your job is terminated (usually by the filing of a Form U5 by the employer), your state registration terminates as well. You then have two years to be re-employed and re-registered or the exam will show as “expired” in the Central Registration Depository (CRD).
General exam questions? See our general FAQs.
For information about Solomon Series 63 exam study materials, please click here.