If you need help studying for the Series 63 exam or just want some more information about what the exam is like, you’ve come to the right place.
Click below to take a free Series 63 practice exam!
How to Register
Exam Scores
Retaking the Test
What Test-Takers Are Saying
FAQs
What’s on the Series 63 Exam?
First, let’s talk about the questions on the test. There are 65 multiple-choice questions total, but only 60 of the questions will count toward your score. Why is that?
The 5 unscored questions on the Series 63 exam are called “experimental” questions. These are added to the tests to determine if they’re good enough questions to add to future versions of the test.
The trick is that you won’t have any way of knowing which questions are scored and which ones are experimental. They will appear just like the scored questions throughout the test.
The time limit for the exam is 75 minutes (1 hour and 15 minutes). There aren’t any scheduled breaks, but you’re free to take restroom breaks as needed.
Let’s take a closer look at the different sections of the Series 63 exam.
1. Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers
3 scored questions
- Definitions of investment advisers
- Activities that require registration and registration exclusions
2. Regulations of Investment Adviser Representatives
3 scored questions
- Definitions of investment adviser representatives
- Activities that require registration and registration exclusions
3. Regulations of Broker-Dealers
7 scored questions
- Definition of a broker-dealer
- Registration and post-registration requirements
- Broker-dealer agent supervision
4. Regulations of Agents of Broker-Dealers
8 scored questions
- Definition of a broker-dealer’s agent
- Activities that require registration and registration exclusion
- Updating uniform forms
5. Regulations of Securities and Issuers
5 scored questions
- Definition of securities and issuers
- State registration requirements
- State post-registration requirements
- Exemptions from registration
- State enforcement and antifraud authority
6. Remedies and Administrative Provisions
7 scored questions
- Authority of the state securities administrator
- Administrative actions
- Other penalties and liabilities
7. Communication with Customers and Prospects
12 scored questions
- Required product disclosures
- Unlawful representations concerning broker-dealer agent registration
- Performance guarantees prohibition
- Customer agreements
- Correspondence and advertising
8. Ethical Practices and Obligations
15 scored questions
- Compensation
- Customer funds and activities
- Conflicts of interest
- Criminal activities
How to Register
If you work for a FINRA member firm, they can register you for the exam using a U4 form. Otherwise, you can register yourself through FINRA’s Test Enrollment Services System (TESS).
The exam fee is $147 regardless of how you register.
Series 63 Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The test is scored using the Angoff method. Here’s how it works:
The Angoff method involves a group of subject-matter experts taking an educated guess at the percentage of candidates who would correctly answer each question on the test. These estimates are then averaged to set a cut-off score, which test-takers must meet or exceed to pass.
This method aims to ensure the pass threshold reflects the level of knowledge or skill that is deemed minimally acceptable for a particular profession or field.
To pass, you’ll need to answer at least 43 scored questions correctly.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake the test after a 30-day waiting period.
Keep in mind that you will have to pay the full testing fee every time you retake the test.
What Test-Takers Are Saying
Don’t just take our word for it! See what real test-takers are saying about the Series 63 exam:
“It tested on a lot of tiny details like 30 days, 10 day written discretion, lot of ethics, commission sharing, and administrator’s powers of what they can and can’t do.”
swolleddy
“It’s legit just using common sense for what is prohibited and not, and then just knowing the differences between the BD/agent/IA/IAR. Literally if you just know that stuff, along with what’s prohibited, the administrators authority on stuff, and then an understanding of exempt securities, then you’ll pass the exam.”
TylerJamesDurden
“When I took my test, it was important to know the registration differences between BD/Agent and RIA/IAR, as well as everything the state administrator can and can’t do inside/outside their state.”
Juceman23
“They twist questions so really pay attention to the wording. I went back and corrected 2 answers from re-reading on bonehead errors. I encourage you to take a break half way through. It clears your mind and allows you to reset.”
Dangerous-Bass5495
FAQs
How many questions are on the Series 63 exam?
The exam contains 65 questions.
How long is the Series 63 exam?
The time limit for the exam is 1 hour and 15 minutes.
What is the passing score for the Series 63 exam?
You’ll need to answer at least 43 scored questions correctly to pass.
How much does the Series 63 exam cost?
The testing fee is $147.
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