After passing the SIE and Series 7 Exams, representatives must also pass at least ONE of the following Securities Law Exams in order to be registered to conduct business in any State, and must be approved in their home state.
- Series 63 – Uniform Securities Agent State Law Exam
- Series 65 – Uniform Investment Adviser Law Exam
- Series 66 – Uniform Combined State Law Exam
** The Series 66 exam is the equivalent of taking both the Series 63 and Series 65 exams.
| Exam | Questions | Allotted Exam Time | Required To Pass |
|---|---|---|---|
| S63 | 60 Multiple-Choice Questions | 1 hour and 15 minutes | 72% |
| S66 | 100 Multiple-Choice Questions | 1 hour and 50 minutes | 73% |
| S65 | 130 Multiple-Choice Questions | 3 hours | 70% |
In order for a candidate to pass the Series 63 Exam, he/she must correctly answer at least 43 of the 60 scored questions. The Uniform Securities Agent Law Examination consists of 65 multiple-choice questions covering the topics listed in the study guide. Applicants are allowed 75 minutes to complete the examination. All FINRA examinations are conducted as a closed book tests and are very strictly proctored
The Series 63 Exam focuses on state securities regulations, so understanding the nuances of state laws in addition to federal securities laws is crucial. This course uses a variety of study materials, practice exams, and review sessions to solidify your understanding of the material.
| Section | Description | Questions | Weight |
|---|---|---|---|
| I. | Regulation of Investment Advisers | 3 | 5% |
| II. | Regulation of Investment Adviser Representatives | 3 | 5% |
| III. | Regulation of Broker-Dealers | 7 | 12% |
| IV. | Regulation of Agents of Broker-Dealers | 8 | 13% |
| V. | Regulation of Securities and Issuers | 5 | 9% |
| VI. | Remedies and Administrative Provisions | 7 | 11% |
| VII. | Communication with Customers and Prospects | 12 | 20% |
| VIII. | Ethical Practices and Obligations | 15 | 25% |
| Total | 60 | 100% |
Our program is designed to best position you to pass the Series 63 exam on the first attempt by using Q&A after each section and in aggregate as the course moves forward from one module to the next.
I. Introduction to Series 63 Exam
A. Scope of Series 63 Exam Sections.
B. State Securities Laws.
C. Federal Securities Laws.
II. Securities Act of 1933 and 1934
A. Overview of Federal Securities Laws.
B. Registration of Securities.
C. Exemptions from Registration.
III. Uniform Securities Act
A. Overview of State Securities Laws.
B. Registration of Securities and Broker-Dealers.
C. Exemptions and Exclusions.
IV. Definitions and Terminology
A. Key Definitions in Securities Regulation.
B. Types of Securities and Exempt Transactions.
C. Registration of Broker-Dealers, Agents, and Investment Advisers.
V. Registration and Licensing Requirements
A. Requirements for Broker-Dealers and Agents.
B. Investment Adviser Registration and Exemptions.
C. Uniform Forms and Filing Requirements.
VI. Ethical Practices and Obligations
A. Anti-Fraud Provisions.
B. Insider Trading and Manipulative Practices.
C. Ethical Guidelines for Agents and Investment Advisers.
VII. State Securities Administrators
A. Role and Responsibilities of State Securities Administrators.
B. Enforcement Actions and Disciplinary Measures.
C. Coordination with Federal Regulators (SEC and FINRA).
VIII. Securities Registration Procedures
A. Registration Requirements for Securities.
B. Examination of Registration Statements.
C. Effective Dates and Amendments.
IX. Securities Sales and Business Practices
A. Disclosure Requirements for Sales.
B. Unethical Business Practices and Penalties.
C. Client Communication and Suitability.
X. Examination Preparation Strategies
A. Sample Questions and Practice Exams.
B. Test-Taking Strategies and Time Management.
The following waiting periods apply for individuals needing to retake the Series 63 following a failed attempt:
(1) a minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled;
(2) a minimum of 30 days after failing the exam for the second time before the third taking of the exam can be scheduled; and
(3) a minimum of 180 days after failing the exam for a third time before the fourth taking of the exam (and each subsequent taking) can be scheduled..