The Uniform Securities Agent State Law Exam (Series 63 exam), administered by the Financial Industry Regulatory Authority (FINRA), is used to assess your knowledge and abilities to perform adequately as an investment banking representative.
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Exam Outline Review
The Series 63 exam contains 65 multiple-choice questions, five of which are unscored, and you are given a time limit of 75 minutes. The five unscored questions, which are called “pretest” questions, are used by the exam administrators to evaluate questions for future versions of the exam. The pretest questions are unmarked and mixed amongst the scored questions, so you will not know which are the pretest questions.
The exam is split into eight sections.
- Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers
- Regulations of Investment Adviser Representatives
- Regulations of Broker-Dealers
- Regulations of Agents of Broker-Dealers
- Regulations of Securities and Issuers
- Remedies and Administrative Provisions
- Communication with Customers and Prospects
- Ethical Practice and Obligations
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If you are employed or associated with a FINRA member firm, the firm can register you for the exam via a U4 form. If you are not employed or associated with a FINRA member firm, you can open an enrollment window via FINRA’s Test Enrollment Services System (TESS). The exam fee is $147 regardless of which method of registration you choose.
Once your registration request is processed, you will be notified and given a 120-day window to take the exam.
The Series 63 exam is administered at Prometric testing centers across the country. You should arrive at the testing center 15-30 minutes before the scheduled exam time. If you arrive late, you will not be able to take the exam.
Once you arrive at the testing center, you will be asked to provide a valid, government-issued photo ID. If you forget to bring your ID or if your ID is invalid, you will not be allowed to take the exam.
Before you enter the testing room, you will be asked to leave all personal items in an assigned locker. Personal items include your cell phone, keys, wallet, food, bags, and pencils. You will be asked to roll back your sleeves and pull up your pant legs.
Once you are in the testing room, you will be given a four-function calculator, a small whiteboard, dry-erase markers, and noise-canceling headphones. After the exam begins, you will be allowed to take a break. However, the timer will not be paused during your break.
How the Exam is Scored
Your test score is placed on a scale with all other test-taker’s test scores, and adjustments are made to the score to account for variations in difficulty. You will receive a preliminary score report as soon as you finish the exam.
To pass, you must answer at least 43 of the scored questions correctly.
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How many questions are on the Series 63 exam?
There are 65 multiple-choice questions on the exam.
How long is the Series 63 exam?
The time limit for this exam is 75 minutes.
What is the passing score for the Series 63 exam?
You must answer at least 43 of the 60 scored questions correctly to pass the exam.
How much does the Series 63 exam cost?
The examination fee is $147.