Free Series 63 Practice Exam
Series 63 practice exam covering state securities laws under the Uniform Securities Act. 60 questions, 75 minutes.
Practice by Series 63 Domain
Target a specific area, or launch the full exam below
Regulation of Securities & Issuers
Registration of securities, exempt securities, exempt transactions. ~20% of Series 63.
Regulation of Persons
Registration of broker-dealers, agents, investment advisers. ~40% of Series 63.
Fraudulent & Prohibited Practices
Fraud, dishonest conduct, unethical practices, and enforcement actions. ~40% of Series 63.
Full Series 63 Practice Exam
All three sections mixed and weighted by the official NASAA Series 63 blueprint.
About the Series 63 Exam
The Series 63 Uniform Securities Agent State Law exam is required by most states before you can sell securities as a registered agent. It tests your knowledge of the Uniform Securities Act (USA) — the model state securities law that most states have adopted in some form. The Series 63 is taken alongside the Series 7 (or another FINRA top-off exam) to obtain full securities registration in most states. No prerequisite exam is required, but firm sponsorship is needed.
The exam contains 60 scored questions (65 total with 5 unscored) with a 75-minute time limit and a 72% passing score — you need 43 correct answers. The Series 63 is a state-law focused exam: it does not test securities products or trading (covered by the Series 7), but rather the Uniform Securities Act provisions governing registration, fraud, and anti-fraud practices at the state level.
Series 63 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Principles of State Securities Regulation | 7% | Purpose of the USA, state vs. federal jurisdiction, Administrator authority |
| Registrations of Securities, Persons, and Transactions | 56% | Registration types (qualification, coordination, notice filing), exempt securities, exempt transactions, agent/BD/IA registration |
| Ethical Practices and Fiduciary Obligations | 37% | Prohibited practices, fraud, unethical conduct, client communication standards |
Sample Series 63 Exam Questions
1. Under the Uniform Securities Act, which of the following securities is exempt from state registration requirements?
2. An agent who discovers that his broker-dealer is about to go bankrupt tells his best clients to immediately move their accounts to another firm. Under the Uniform Securities Act, this is:
3. A broker-dealer registered in State A conducts business with a customer who is located in State B. Under the Uniform Securities Act, the broker-dealer must register in:
Study Tips for the Series 63 Exam
The Registration of Securities, Persons, and Transactions section (56% of the exam) is the heart of the Series 63 — know the three registration methods (qualification, coordination, and notice filing), the exemptions from registration for securities (issuer-type exemptions) vs. transactions (how the security is sold), and the registration requirements for broker-dealers, agents, investment advisers, and IAR. The distinction between exempt securities and exempt transactions is one of the most commonly tested and misunderstood topics.
Ethical practices (37%) test your knowledge of prohibited conduct under the USA — fraud, misrepresentation, churning, unsuitable recommendations, unauthorized trading, and failure to disclose material information. Know the difference between fraudulent conduct (intentional deception) and unethical conduct (violations of professional standards without fraudulent intent). The USA's anti-fraud provisions apply to all persons in a securities transaction, not just registered individuals. Most candidates need 40–60 hours of focused study; the 60-question format is manageable.
Frequently Asked Questions — Series 63 Exam
What does the Series 63 license provide?
The Series 63 provides state securities agent registration under the Uniform Securities Act, allowing you to sell securities in the states where you are registered. It is typically taken alongside the Series 7 (or another FINRA top-off) — together they provide full securities agent registration in most states.
Completing your FINRA licensing? The Series 63 is most commonly paired with the Series 7 for full securities registration. If you want combined state registration as both an agent and investment adviser, consider the Series 66 instead — it replaces the Series 63 and Series 65 in one exam. See also the Series 65 if you are pursuing an independent RIA path.
What is the difference between the Series 63 and Series 65?
The Series 63 registers you as a securities agent (to sell securities). The Series 65 registers you as an investment adviser representative (to provide investment advice for compensation). The Series 66 combines both — it registers you as both an agent and IAR, replacing the need for both the Series 63 and 65 if you hold the Series 7.
What is the Uniform Securities Act?
The Uniform Securities Act (USA) is a model state securities law developed by NASAA (North American Securities Administrators Association) to provide consistent state-level securities regulation across the country. Most states have adopted some version of the USA. It governs registration of securities, broker-dealers, agents, and investment advisers at the state level.
What is the difference between exempt securities and exempt transactions?
Exempt securities are not required to be registered because of what they are (e.g., US government securities, bank securities, municipal bonds). Exempt transactions are not required to go through the full registration process because of how they're sold (e.g., private placements, sales to financial institutions, isolated non-issuer transactions). This distinction is among the most frequently tested on the Series 63.
How many questions can I miss on the Series 63?
With 60 scored questions and a 72% passing score, you need 43 correct answers — you can miss 17 questions and still pass. The 72% threshold is slightly higher than many FINRA exams (which require 70%) and means each question carries significant weight.
What states require the Series 63?
Almost all US states require the Series 63 (or Series 66 as a substitute) for securities agents. A small number of states (including Colorado and Florida, historically) have waived this requirement in certain circumstances, but most candidates should assume both the Series 7 and Series 63 are required. Check NASAA's website for current state-by-state requirements.
What is the Administrator under the Uniform Securities Act?
The Administrator is the state regulatory official empowered to enforce the Uniform Securities Act — typically the Secretary of State, State Securities Commissioner, or similar official depending on the state. The Administrator has broad powers to register securities, license broker-dealers and agents, conduct investigations, and take enforcement action including denying, suspending, or revoking registrations.