The Series 63 exam has 60 scored multiple-choice questions. You need to answer at least 43 of them correctly to pass, which works out to a passing score of roughly 72%. You get 75 minutes to complete the entire exam.
How the Questions Break Down
All 60 scored questions are multiple choice and cover the Uniform Securities Act, a model law that forms the basis of state securities regulation. The exam tests your knowledge of state-level rules governing securities agents, broker-dealers, and investment advisers, along with ethical practices and fiduciary obligations. The questions focus on how securities are registered at the state level, what conduct is prohibited, and what recordkeeping and reporting requirements apply.
Some test-takers report seeing more than 60 questions on their screen. That’s because NASAA (the organization that develops the exam) occasionally includes unscored “pretest” questions mixed in with the real ones. These are being evaluated for future exams and don’t count toward your score. You won’t know which questions are pretest and which are scored, so treat every question as if it counts.
Time per Question
With 75 minutes for 60 scored questions, you have roughly 1 minute and 15 seconds per question. That’s a comfortable pace for most candidates, since the questions tend to be straightforward knowledge checks rather than complex calculations. Most people finish with time to spare, leaving room to review flagged questions before submitting.
What It Takes to Pass
You need 43 correct answers out of 60. That means you can miss up to 17 questions and still pass. While a 72% threshold sounds manageable, the questions can be tricky because they test specific details of securities law, like the exact conditions under which an exemption applies or what disclosures an agent must make. Candidates who study the Uniform Securities Act closely and take plenty of practice exams tend to do well.
Exam Cost and Retake Policy
The examination fee is $147, paid to FINRA each time you sit for the exam. If you don’t pass on your first attempt, you can retake it after a 30-day waiting period. The same 30-day wait applies after a second failure. If you fail a third time, the waiting period jumps to 180 days before you can try again, and that longer wait applies to every subsequent attempt as well. Each retake requires paying the $147 fee again.
Who Needs the Series 63
The Series 63 is formally called the Uniform Securities Agent State Law Exam. Most states require it for anyone selling securities or giving investment advice within their borders. It’s typically taken alongside or shortly after a national-level exam like the Series 7 (for general securities representatives) or the SIE (Securities Industry Essentials). The Series 63 covers state law specifically, while those other exams cover federal regulations and product knowledge. Your employer or sponsoring firm will generally tell you which combination of exams you need based on the states where you’ll be doing business.