What is the Series 63 exam?

The Series 63 (Uniform Securities Agent State Law Examination) is a FINRA-administered state law exam required for investment adviser representatives and broker-dealer agents in most US states. It tests knowledge of state securities regulations, ethical practices, fiduciary obligations, and the Uniform Securities Act. The exam is a state-level requirement in addition to the federal-level Series 6, 7, or 65 exam (FINRA, 2026).

How many questions are on the Series 63 exam?

The Series 63 exam has 60 scored multiple-choice questions plus 5 unscored pretest questions, for a total of 65 questions. The exam duration is 75 minutes. The format is computer-based at Prometric test centers nationwide. Candidates may schedule the exam at any of 200+ Prometric locations (FINRA, 2026).

What is the pass mark on the Series 63 exam?

The Series 63 pass mark is 72%, meaning candidates must correctly answer at least 43 of the 60 scored questions. The exam is not curved; the passing score is set by FINRA based on a job-task analysis of the duties performed by state-registered representatives. Scaled scores range from 0 to 100 (FINRA, 2026).

How much does the Series 63 exam cost?

The Series 63 exam costs $125 paid at registration. There is no separate FINRA processing fee. The exam fee is paid through the FINRA Gateway system and is non-refundable if the candidate misses the appointment without proper cancellation. Candidates who fail must pay the full $125 fee again to retake (FINRA, 2026).

How long is the Series 63 exam valid?

The Series 63 exam result does not expire as long as the candidate remains registered continuously with a state securities regulator. If a candidate's registration lapses for more than 2 years, FINRA requires a retake of the Series 63 plus a new firm sponsorship. Candidates who pass Series 63 do not receive a permanent license; they must be sponsored by a registered investment adviser or broker-dealer firm to register with the state (FINRA, 2026).

What topics does the Series 63 exam cover?

The Series 63 exam covers four major sections: (1) Federal Securities Acts, (2) State Securities Acts and Regulations (the Uniform Securities Act), (3) Ethical Practices and Fiduciary Obligations, and (4) Communications with Customers and the Public. The exam is approximately 30% state law, 25% ethical practices, 20% federal law, and 25% communications and suitability (FINRA content outline, 2026).

What is the difference between Series 63 and Series 65?

Series 63 is for broker-dealer agents and state-registered investment adviser representatives. Series 65 is for investment adviser representatives only. The Series 65 exam is longer (130 questions, 180 minutes) and tests more advisory-specific content. Candidates pursuing both registrations often pass both exams; many states accept the Series 65 in lieu of the Series 63 for investment adviser representatives (FINRA, 2026).

Series 63 Exam 2026 Uniform Agent State Law

The Series 63 (Uniform Securities Agent State Law Examination) is a FINRA-administered state-law exam for broker-dealer agents and state-registered investment adviser representatives. The exam has 60 scored questions, 75 minutes, 72% pass mark, and costs $125. The exam is sponsored by a registered firm and is required in most US states for state securities registration (FINRA, 2026).

Data last verified September 2026 from FINRA and the North American Securities Administrators Association (NASAA).

Exam format

Feature	Detail
Sponsor	FINRA (Financial Industry Regulatory Authority)
Format	Computer-based, multiple choice
Scored questions	60
Unscored pretest questions	5
Time	75 minutes
Pass mark	72% (43 of 60)
Fee	$125
Test delivery	Prometric test centers (200+ US locations)

Source: FINRA qualification exams (2026).

Section	Approximate %	Key topics
Federal Securities Acts	20%	Securities Act of 1933, Securities Exchange Act of 1934, Investment Advisers Act, Investment Company Act
State Securities Acts (Uniform Securities Act)	30%	Registration of securities, agents, investment advisers; exemptions; broker-dealer requirements
Ethical Practices and Fiduciary Obligations	25%	Suitability, fiduciary duty, conflicts of interest, insider trading, fair dealing
Communications with Customers and the Public	25%	Advertising rules, prospectus delivery, customer confirmations, record retention

Q1. What is the Uniform Securities Act?
Answer: The Uniform Securities Act is a model state securities law drafted by the National Conference of Commissioners on Uniform State Laws (now the Uniform Law Commission) and adopted in some form by most US states. The Act provides for registration of securities, broker-dealers, agents, and investment advisers; defines fraudulent practices; and authorizes state enforcement
Q2. What is a fiduciary duty?
Answer: A fiduciary duty is a legal obligation to act in the best interest of another party. Investment advisers have a fiduciary duty to their clients, which requires them to provide suitable advice, disclose conflicts of interest, and avoid transactions that benefit the adviser at the client's expense
Q3. What is the difference between an agent and an investment adviser representative?
Answer: An agent is a person who represents a broker-dealer in soliciting, negotiating, or effecting securities transactions for compensation. An investment adviser representative is a person who represents a registered investment adviser and provides investment advice for compensation. Both require state registration and Series 63
Q4. What is suitability?
Answer: Suitability is the requirement that a broker-dealer or investment adviser has a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer's financial situation, investment objectives, risk tolerance, and other relevant factors. FINRA Rule 2111 codifies suitability obligations for broker-dealers
Q5. What is the Securities Act of 1933?
Answer: The Securities Act of 1933 (often called the 'truth in securities' law) requires that securities offered to the public be registered with the SEC or qualify for an exemption, and that investors receive a prospectus with material information about the offering. The Act is the primary federal law governing the initial issuance of securities
Q6. What is the Securities Exchange Act of 1934?
Answer: The Securities Exchange Act of 1934 created the SEC and regulates the secondary trading of securities. It requires broker-dealers to register with the SEC, regulates exchanges, requires periodic reporting by public companies, and prohibits manipulative and deceptive practices
Q7. What is a registration exemption under the Uniform Securities Act?
Answer: The Uniform Securities Act provides several registration exemptions, including: (1) federal covered securities (registered with the SEC), (2) securities listed on recognized exchanges, (3) commercial paper with a maturity of 9 months or less, (4) securities issued by government entities, and (5) private placement exemptions for sales to a limited number of accredited or sophisticated investors
Q8. What is an investment adviser representative?
Answer: An investment adviser representative (IAR) is a person who works for a registered investment adviser (RIA) and provides investment advice to clients. IARs must register with the state securities regulator in each state where they have clients, and must pass either the Series 65 exam (investment adviser law) or the Series 7 + Series 66 combination
Q9. What is insider trading?
Answer: Insider trading is the buying or selling of a security by someone who has material non-public information about the security, in violation of a fiduciary duty or other relationship of trust and confidence. Insider trading is prohibited under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
Q10. What is churning?
Answer: Churning is excessive trading of a customer's account by a broker to generate commissions. Churning is a violation of FINRA rules and is also a form of fraud. A broker who recommends transactions primarily to generate commissions without regard for the customer's investment objectives may be liable for churning
Q11. What is the Investment Advisers Act of 1940?
Answer: The Investment Advisers Act of 1940 is the federal law that regulates investment advisers. The Act requires investment advisers with $100 million or more in assets under management to register with the SEC; smaller advisers register with state securities regulators. The Act defines fiduciary duty, requires adviser disclosure through Form ADV, and prohibits fraudulent practices
Q12. What is Form ADV?
Answer: Form ADV is the uniform registration form filed by investment advisers with the SEC or state securities regulators. Form ADV has two parts: Part 1 contains regulatory information (ownership, business practices, affiliations, disciplinary history) and Part 2 (also called the brochure) is a plain-English client disclosure document. Form ADV is publicly available through the SEC's Investment Adviser Public Disclosure (IAPD) website
Q13. What is a penny stock?
Answer: A penny stock is a low-priced, speculative security trading below $5 per share, often listed on OTC markets or pink sheets. Penny stocks have limited liquidity, limited public information, and high fraud risk. SEC Rule 15g-9 requires broker-dealers to disclose the risks of penny stocks and obtain customer agreement before selling
Q14. What is the difference between a broker-dealer and an investment adviser?
Answer: A broker-dealer effects securities transactions for customers and receives commissions. Broker-dealers have a suitability obligation but not a full fiduciary duty. An investment adviser provides ongoing investment advice for an asset-based fee. Investment advisers have a fiduciary duty to act in the client's best interest. Many states require a person to register as both if they perform both functions
Q15. What is the Series 63 exam waiver?
Answer:
The Series 63 waiver applies to candidates who hold certain other FINRA designations, such as the Series 7 (General Securities Representative) and Series 65 (Uniform Investment Adviser Law). The Series 7 + 65 combination may waive Series 63 in some states. Candidates should check the state-specific requirements with their state securities regulator (FINRA, 2026).

Eligibility and registration steps

Sponsorship: A registered broker-dealer or investment adviser must sponsor the candidate via FINRA Gateway (FINRA, 2026).
Fingerprinting: Submit fingerprints through a state-approved channel (typically IdentoGO or Fieldprint).
Form U4: The sponsoring firm files Form U4 (Uniform Application for Securities Industry Registration) on the candidate's behalf.
State registration: Once Form U4 is filed and the candidate passes Series 63, the state registers the candidate.
Continuing education: Registered representatives must complete FINRA's Continuing Education (CE) program annually, including the Regulatory Element and Firm Element.

Continuing education and renewal

FINRA's Continuing Education program has two parts: (1) the Regulatory Element, a computer-based training that must be completed within 120 days of the second anniversary of registration and every three years thereafter; and (2) the Firm Element, training provided by the sponsoring firm on current regulatory and compliance topics. Failure to complete the Regulatory Element results in registration lapse (FINRA, 2026).

Resources and next steps

Register for the Series 63 exam through the FINRA Gateway system after your firm has filed Form U4. Study materials include FINRA's free content outline and the Series 63 study guide from approved providers. The North American Securities Administrators Association (NASAA) publishes the model Uniform Securities Act and state-level exam information. Most candidates require 40 to 80 hours of study time to pass the exam on the first attempt (FINRA, 2026).

Series 63 Exam 2026 FINRA Uniform Agent State Law

Exam format

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