Passing the Series 63 exam allows the holder to sell and solicit orders for any type of financial security in a particular state after they’ve passed it. Most states but not all require that an individual pass the Series 63 exam to become a licensed securities agent. Series 63 is also the name of the license awarded after passing the exam.
The Series 63 exam can be taken an unlimited number of times as long as applicable waiting period requirements have been met, according to the North American Securities Administrators Association (NASAA) which oversees the test. The same applies to the Series 65 and 66 exams.
Key Takeaways
- Passing the Series 63 exam allows an individual to sell and solicit orders for any type of financial security in a particular state.
- The exam can be taken an unlimited number of times subject to some waiting periods.
- NASAA periodically revises exam questions to reflect recent regulatory changes.
- The ee to take the Series 63 exam is $147 as of 2025.
Retaking the Series 63 Exam
There’s a waiting period of at least 30 days before the second taking of that exam can be scheduled after a person fails the Series 63 exam the first time. There’s another waiting period of at least 30 days after a second failed attempt. There’s a waiting period of at least 180 days for scheduling each subsequent retaking of the test if the exam is failed three times or more.
Waivers of the 180-day waiting period are only rarely granted. The test questions are selected at random from an existing database of queries so the same questions will recur if a test is taken enough times. The exam then becomes a test of memorization rather than competency.
Note
NASAA periodically revises exam questions to reflect recent regulatory changes. Series 63 65, and 66 exam questions were updated in 2021 to reflect the SECURE Act changes to retirement plan rules along with alterations in the accredited investor definition.
The waiting periods are exclusive to each of the NASAA exams. There’s no waiting period for taking either the Series 65 test (NASAA Investment Law Examination) or the Series 66 test (NASAA Uniform Combined State Law Examination if an individual fails the Series 63 exam, formally known as the Unified Securities State Law Examination. The time frames for re-dos are the same for the Series 65 and 66 tests but the waiting period applies only to the specific exam the candidate didn’t pass.
Background of the Series 63 Exam
The Series 63, 65, and 66 exams are administered on behalf of NASAA by the Financial Industry Regulatory Authority (FINRA), a regulatory body created after the National Association of Securities Dealers merged with the regulation committee of the New York Stock Exchange. FINRA is vested with responsibility for governing business between brokers, dealers, and investors.
Important
The fee to take the Series 63 exam is $147 as of 2025.
Series 63 is considered an entry-level exam. There are 60 multiple-choice questions on the exam. The passing score is 72% or 43 of the 60 questions.
The exam covers the principles of state securities regulations. It was developed to qualify candidates who want to work in the securities industry within a state and to sell investment products such as mutual funds, variable annuities, and unit investment trusts.
Most states and U.S. territories require that broker-dealer representatives pass the Series 63 exam.
What Changes Did the SECURE Act 2.0 Make to Investing?
The SECURE Act 2.0 tweaked the 2019 SECURE Act three years later in 2022. The changes largely addressed retirement savings. The age for taking required minimum distributions increased and the penalty for not doing so decreased. Catch-up contributions also increased.
Which States Don’t Require Passing the Series 63 Exam?
Colorado, Florida, Louisiana, Maryland, the District of Columbia, and Puerto Rico don’t require passing the exam to perform as a broker-dealer representative in their jurisdictions.
What Jobs in Finance Require Passing the Series 63 Exam?
Passing the Series 63 exam is mandatory in most states for acquiring securities registration and working for a FINRA-member firm or self-regulatory organization as a licensed securities agent. Not passing the exam can narrow your employment horizons if you want to work in finance and investing.
The Bottom Line
Obtaining a well-paying and critical job in securities and investment services requires passing the Series 63 exam in most states but it’s not a one-attempt-and-done deal. You can retake the test subject to waiting periods and some other rules.