Series 63 Study Guide

The Financial Industry Regulatory Authority (FINRA) handles the Series 63 exam, also known as the Uniform Securities Agent State Law examination. This is developed by the North American Securities Administrators Association (NASAA – not NASA!!) in collaboration with the delegates from different industry associations and securities industry. Once you pass the exam, you become qualified as a securities agent.

The following steps must be accomplished in order to take the Series 63 exam.
• If it is for a sole individual’s purpose, the examinee should file Form U10 at FINRA, along with the examination fee of $82.
• If it is a firm that’s going to accomplish this, they must file an electronic Form U4 at FINRA and pay the necessary dues through mailed checks.
• Once you are registered, you will have 120 days to schedule the exam date and location.
• You may look at FINRA’s website to find out which testing locations are nearest you.

The Series 63 exam consists of 65 multiple-choice questions which you need to finish within 75 minutes. 5 items are experimental questions that will not be counted in the final score. You must get 70% right answers out of the remaining 60 in order to pass. 42 to be specific!

The exam will revolve around the regulations of state securities as mirrored in the Uniform Securities Act. This aims to test your knowledge about state laws, guidelines and implementation. Here are some of the terms that you must be familiar with that are also incorporated in the Series 63 exam:
• Front running
• Broker-dealer
• Shelf registration
• Securities and Exchange Commission (SEC)
• Shingle Theory

Series 63 Study Guides:

Series 63 Study Guides
Series 63 Flashcards