Can I bring a cheat sheet into the Series 63?

No. Reference materials are not permitted in the testing session; this sheet is for studying only.

Is there a lot of math on the Series 63?

Almost none. The 63 is a law and ethics exam.

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 Cheat Sheet: Formulas, Rules & Numbers (2026)

Formulas and concepts, with worked examples

Exempt security vs. exempt transaction - Security exemption = what it is; transaction exemption = how it is sold

Example: A US Treasury bond is an exempt security wherever it is sold. An unsolicited order for a non-exempt stock is an exempt transaction. Antifraud rules apply to both.

Is this person an agent? - Represents a broker-dealer or issuer in effecting securities transactions

Example: A receptionist who does not take orders is not an agent. Someone selling an issuer’s non-exempt stock to the public is.

Is this firm an investment adviser? - Advice about securities + in the business + compensated

Example: A teacher of a general investing class, or a lawyer giving incidental advice, is typically excluded.

Prep course - emailed to you

SeriesPrep Kit All-Exam Prep Course (12 months)

$39 one-time, 12 months

1,706 original questions across 6 exams
Section drills + timed full-length exams
12 months, one-time - emailed to you after purchase

Get the prep course - $39

Your course access is emailed to you after purchase. 14-day money-back guarantee. Refund policy

See exactly what is included Start a free practice test (free)

Numbers and deadlines to memorize

Rules change. Figures verified 2026-09-23; FINRA and NASAA update exam content on their own schedule after a rule change, so check each exam page before your test.
Item	Number / rule	Source
Series 63 pass mark	43 of 60 scored questions	FINRA
Exam format	60 scored + 5 unscored, 75 minutes	FINRA
Heaviest sections	Ethical Practices 25%, Communications 20%	NASAA
Retest waits	30 / 30 / 180 days; third-failure wait becomes 60 days on Jan 4, 2027	NASAA
Exam validity	2 years before registration	NASAA
Fee	$147	FINRA

Download this Series 63 cheat sheet

The formulas, examples and numbers on this page as a printable one-pager (print or save as PDF) or a Word file.

Test yourself: 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?

SIE to Series 66 prep course - $39

SIE, Series 6, 7, 63, 65 and 66 in one prep course: 1,706 outline-weighted practice questions with explanations, section drills and timed full-length exams. One-time payment, 12 months of access, emailed to you after purchase.

Get the prep course - $39

Your course access is emailed to you after purchase. 14-day money-back guarantee. Refund policy

Series 63 Exam GuideThe Series 63 has 60 scored questions in 75 minutes; you pass with 43 correct. Fee $147. NASAA exam run by...Series 63 Study GuideSeries 63 study guide mapped to NASAA's June 2023 outline: all 8 sections with weights, what to know and...Free Series 63 Practice TestFree Series 63 practice questions with explanations and a score by outline section. Original items...Series 63 Pass Rate and Passing ScoreSeries 63 passing score: 43 of 60 scored questions. Official pass rates: not published by NASAA. What the...How to Register for the Series 63The Series 63 costs $147. How to enroll (self-enroll), the 120-day scheduling window, test center vs...Series 66 Cheat SheetSeries 66 cheat sheet: the formulas, rules and numbers to memorize, each with a worked example and a...

Series 63 Cheat Sheet

Formulas and concepts, with worked examples

Numbers and deadlines to memorize

Download this Series 63 cheat sheet

Test yourself: 10 free Series 63 questions

Series 63 practice questions

SIE to Series 66 prep course - $39

Frequently asked questions

Sources

Series 63 Cheat Sheet

Formulas and concepts, with worked examples

Numbers and deadlines to memorize

Download this Series 63 cheat sheet

Test yourself: 10 free Series 63 questions

Series 63 practice questions

SIE to Series 66 prep course - $39

Frequently asked questions

Sources

Related