Series 63

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The Series 63 examination, officially known as the Uniform Securities Agent State Law Examination, is considered the state-based companion exam to the better-known Series 7 examination that allows graduates to sell securities in the United States. Passing Series 63 qualifies candidates to become registered representatives (RR) under state-based securities industry regulations.

Second hurdle

Most prospective entrants to the securities industry must pass both the Series 7 and Series 63 exam to qualify for registration at federal and state levels to buy and sell securities. The Series 6 exam was developed by the North American Securities Administrators Association (NASAA) and based on the Uniform Securities Act[1] that has been adopted by most states. Like the Series 7, the Series 63 exam is administered by the Financial Industry Regulatory Authority (FINRA). The series 63 exam takes 75 minutes to complete 65 multiple-choice questions (60 scored) and candidates must score 70% to pass.

Only the Uniform Securities Act of 1956 (USA) is relevant to the series 63 exam and the breakdown of questions reflect its priorities, with a full 35% devoted to 'business practices'.[2] Study guides also caution that because the USA is much more heavily oriented towards protecting individual investors rather than institutions, candidates should prepare accordingly.

References

  1. Series 63. NASAA.
  2. Succeeding At The Series 63 Exam. Investopedia - Forbes Digital.