Series 63 Pass Rate, Format & Study Guide

The NASAA Series 63 page describes 65 multiple-choice questions, of which 60 are scored and 5 are unidentified pretest items, in 75 minutes. To pass you need 43 of the 60 scored questions. The NASAA study guide (September 1, 2023) has eight areas: Regulation of Broker-Dealers (12%), Regulation of Broker-Dealer Agents (13%), Ethical Practices and Obligations (25%), Communication with Customers and Prospects (20%), Regulation of Securities and Issuers (9%), Regulation of Investment Advisers (5%), Regulation of Investment Adviser Representatives (5%) and Remedies and Administrative Provisions (11%). The NASAA page lists an exam fee of US$147 paid to FINRA and waiting periods before a retake of 30 days after the first and second failed attempts and 180 days after the third and later attempts.

The Series 63 is the state securities law exam that NASAA sets for securities agents, and states that require it use it as part of agent registration.

Prospective securities agents and registered representatives preparing for the NASAA Series 63 exam.

The certifying body does not publicly publish an official pass rate for this exam. Be wary of third-party sites citing a specific number here — treat any pass-rate claim you see elsewhere for this exam as unverified.

The NASAA page lists a 30-day wait after the first failed attempt, another 30 days after the second, and 180 days after the third and any later attempt.

You need 43 of the 60 scored questions to pass, which is about 71.7%. The portal mock uses the same 60-question length, but its score is a self-check, not a prediction of your result. Format: 65 multiple-choice questions in 75 minutes (60 scored); the portal mock uses 60 questions in 75 minutes and does not simulate the unscored items. No official pass rate is available for this exam, so none is quoted here.

The NASAA Series 63 page describes 65 multiple-choice questions, of which 60 are scored and 5 are unidentified pretest items, in 75 minutes. To pass you need 43 of the 60 scored questions. The NASAA study guide (September 1, 2023) has eight areas: Regulation of Broker-Dealers (12%), Regulation of Broker-Dealer Agents (13%), Ethical Practices and Obligations (25%), Communication with Customers and Prospects (20%), Regulation of Securities and Issuers (9%), Regulation of Investment Advisers (5%), Regulation of Investment Adviser Representatives (5%) and Remedies and Administrative Provisions (11%). The NASAA page lists an exam fee of US$147 paid to FINRA and waiting periods before a retake of 30 days after the first and second failed attempts and 180 days after the third and later attempts. 65 multiple-choice questions (60 scored, 5 unscored) · 75 minutes · 43 of 60 scored questions to pass. You need 43 of the 60 scored questions to pass, which is about 71.7%. The portal mock uses the same 60-question length, but its score is a self-check, not a prediction of your result.

• Regulation of Broker-Dealers12%
• Regulation of Broker-Dealer Agents13%
• Ethical Practices and Obligations25%
• Communication with Customers and Prospects20%
• Regulation of Securities and Issuers9%
• Regulation of Investment Advisers5%
• Regulation of Investment Adviser Representatives5%
• Remedies and Administrative Provisions11%

The content outline spreads questions across 8 areas: Regulation of Broker-Dealers (12.0%); Regulation of Broker-Dealer Agents (13.0%); Ethical Practices and Obligations (25.0%); Communication with Customers and Prospects (20.0%); Regulation of Securities and Issuers (9.0%); Regulation of Investment Advisers (5.0%); Regulation of Investment Adviser Representatives (5.0%); Remedies and Administrative Provisions (11.0%).

The NASAA page describes only the registration step: a firm files an electronic Form U4, or an unaffiliated individual opens an enrollment window through FINRA. Whether you need the exam depends on your state, so confirm with your state securities regulator.

The NASAA page lists a US$147 exam fee paid to FINRA. Confirm the current amount before you register.

State and firm requirements for keeping your registration current vary; check with your state securities regulator and your firm.

Start with ethical practices and obligations and customer communications, then the broker-dealer and agent rules, remedies, and the smaller areas, and finish with timed 60-question runs in 75 minutes.

This guide follows the NASAA Series 63 Exam Study Guide dated September 1, 2023 and the NASAA exam page, checked November 2, 2026. Fees and policies can change, so confirm them with NASAA and FINRA.