An investment adviser with its only office in one state manages $125 million in client assets and does not advise a registered investment company. The adviser must:

register with the SEC and make any notice filing its home state requires

register only with its home state Administrator

choose between SEC registration and state registration

register with both the SEC and its home state as a state-registered adviser

Which statement about supervision of investment adviser representatives is TRUE?

The adviser may be sanctioned for failing to reasonably supervise its IARs

IARs of state-registered advisers are supervised directly by the Administrator, not the firm

Supervisory duties apply only to IARs who have discretionary authority

An adviser is relieved of supervisory duties if the IAR holds a CFP designation

An investment adviser wants an individual whose IAR application is still pending to meet prospects and recommend portfolios. Which statement is TRUE?

The adviser may not employ him in that capacity until his registration is effective

It is permitted, since the individual's application has already been filed with the state

It is permitted, provided a registered IAR of the firm attends every client meeting

It is permitted for up to 90 days while the Administrator reviews the application

A broker-dealer with no place of business in Florida receives an order from an existing customer, a New York resident, while she is vacationing in Florida. The broker-dealer:

need not register in Florida to handle this order

must register in Florida before accepting the order

may accept only unsolicited orders for exempt securities

must first obtain the Florida Administrator's written consent

When information in a broker-dealer's registration application becomes materially inaccurate, the firm must:

promptly file an amendment correcting the information

correct the information when it next renews its registration

notify only the customers affected by the inaccuracy in writing

withdraw its registration and file a new application

Under the 1956 Uniform Securities Act, registration of a broker-dealer automatically constitutes registration of:

any agent who is a partner, officer, or director

all sales agents the firm employs in the state

all of the firm's clerical and operations employees

the investment adviser affiliated with the firm

Without cause, a broker-dealer routinely takes several weeks to send customers their free credit balances after they request them. This is:

an unethical pattern of unreasonable delay in paying free credit balances

permissible, if the firm pays interest on the balances

permissible, since the balances belong to the firm until a written request

a violation only if SIPC limits are exceeded

As part of the registration process, the Administrator may require an agent applicant to:

hold a college degree in finance

maintain minimum net capital of $25,000

An individual employed by a broker-dealer sells only municipal bonds to retail customers in the state. The individual:

must register as an agent, because the exemption covers the bonds, not the seller

need not register, because municipal bonds are exempt securities under the Act

must register only with the MSRB, because the bonds are municipal securities

need not register, as long as all of his sales are made on an unsolicited basis to customers

Series 63 Exam: Format, $147 Fee & Passing Score (43 of 60)

Series 63 at a glance

Scored questions

+ 5 unscored pretest

Time

75 min

Passing score

43 of 60

about 72%

Exam fee

$147

verified 2026-09-23

Sponsorship

Not required

Owner

NASAA

administered by FINRA

Who needs the Series 63

Who needs it: registered representatives (Series 6 or 7) who will act as agents of a broker-dealer in states that require it, which is most of them. It tests state securities law under the Uniform Securities Act: who must register, what the state Administrator can do, and ethical practices.

Heaviest sections: Ethical Practices and Obligations (25%) and Communication with Customers and Prospects (20%) are almost half the exam.

Official Series 63 content outline

Source: NASAA - Series 63 Test Specifications (effective June 12, 2023). Weights as published; item counts are per exam form.
Section	Weight	Scored questions
I. Regulation of Investment Advisers	5%	3
II. Regulation of Investment Adviser Representatives	5%	3
III. Regulation of Broker-Dealers	12%	7
IV. Regulation of Agents of Broker-Dealers	13%	8
V. Regulation of Securities and Issuers	9%	5
VI. Remedies and Administrative Provisions	11%	7
VII. Communication with Customers and Prospects	20%	12
VIII. Ethical Practices and Obligations	25%	15
Total	100%	60

How to register and schedule

Enroll through a firm or yourself
Sponsored candidates are enrolled by their firm. Unsponsored candidates can open an enrollment window through FINRA’s Test Enrollment Services System (TESS).
Pay the $147 fee
Confirm the current fee on FINRA’s Series 63 page.
Schedule within 120 days
Prometric test center. NASAA offers online exams only by accommodation.
Sit the exam
65 questions (60 scored + 5 unscored), 75 minutes. Pass = 43 of 60.
Register within two years
A NASAA exam pass is valid for two years before registration.

Retake rules

NASAA rule (Series 63/65/66): wait 30 days before a second attempt, 30 days before a third, and 180 days before later attempts within a two-year period. From January 4, 2027 the wait after a third failure drops to 60 days (announced by NASAA on August 10, 2026). The first two 30-day waits are unchanged.

Where it fits in the licensing path

Usually taken right after the Series 6 or 7. If you also plan to give fee-based advice, the Series 66 covers the Series 63 content plus adviser law in one exam; see Series 63 vs 65.

Try 10 free Series 63 questions

Series 63 practice questions

A registered broker-dealer begins offering financial plans, billed separately at $2,500 per plan. Which statement is TRUE?

Everything on the Series 63

Practice testFree original questions, scored by section Study guideEvery outline section, what to know Pass rate & passing scoreWhat is and is not published Registration & feeEnrollment, scheduling, retakes Cheat sheetState-law numbers to memorize

Rep Path bundle: SIE + Series 7 + Series 63 for $149

All three banks for one price (vs $257 bought separately). One-time payment, 12 months, free access extension until you pass.

Get the Rep Path - $149

Frequently asked questions

How many questions are on the Series 63?

60 scored plus 5 unscored questions, 75 minutes.

What is the Series 63 passing score?

You must answer at least 43 of the 60 scored questions correctly (about 72%).

How much does the Series 63 cost?

$147 (verified 2026-09-23 on FINRA’s Series 63 page).

Do I need a sponsor for the Series 63?

No. NASAA lets unsponsored candidates open an enrollment window through FINRA’s TESS system. You will need a firm to actually register as an agent.

Can I take the Series 63 online?

Only by accommodation. NASAA discontinued general online testing for the 63, 65 and 66 in 2022 and now offers it only to candidates who qualify for an accommodation.

Is the Series 63 hard?

It is short but wordy: questions turn on precise definitions (agent vs. broker-dealer, exempt security vs. exempt transaction). Most candidates study 15-30 hours; that range is our estimate, not an official figure.

Sources

FINRA - Series 63 Uniform Securities Agent State Law Exam (accessed 2026-09-23)
NASAA - Series 63 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
NASAA - Exam FAQs (accessed 2026-09-23)
NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) (accessed 2026-09-23)