NASAA Series 63 Study Guide (2026)
The Uniform Securities Agent State Law Examination (Series 63) tests 60 scored questions across 4 core areas. Master the Uniform Securities Act, broker-dealer and agent registration procedures, exempt securities, state private placements, and fiduciary business conduct with our 100% free curriculum.
60-Question Simulator
Practice under timed 75-minute Prometric conditions with a 72% benchmark.
Series 63 Cheat Sheet
High-yield tables comparing the 4 personae, 30-day deadlines, and the 5-3-5 criminal rule.
Study Schedule & Strategy
Structured day-by-day study roadmap with first-5-minute Prometric dump sheet.
Curriculum Syllabus
Regulation of Investment Advisers (Including IARs)
Understand the definition of an Investment Adviser under the three-pronged ABC test, federal covered adviser thresholds under NSMIA, and IAR de minimis rules.
Regulation of Broker-Dealers (Including Broker-Dealer Agents)
Master the definitions, exclusions, registration processes, net capital rules, surety bonds, supervisory responsibilities, and termination protocols for broker-dealers and agents.
Lessons in this chapter:
Regulation of Securities and Transactions
Understand the definition of a security under the Howey test, non-securities exclusions, registration methods, exempt securities, and exempt transactions.
Ethical Practices, Business Conduct, and Fiduciary Obligations
Master Administrator jurisdiction, statutory sanctions, civil and criminal liabilities, anti-fraud rules (Section 101), prohibited conduct, custody, and market manipulation.
Frequently Asked Questions About the Series 63
What is the NASAA Series 63 examination?
The Series 63 is the Uniform Securities Agent State Law Examination, administered by FINRA on behalf of the North American Securities Administrators Association (NASAA). It qualifies candidates to register as securities agents with state securities administrators to transact broker-dealer business within each state.
Do you need broker-dealer sponsorship to take the Series 63?
No. Candidates may register for and sit for the Series 63 examination without broker-dealer sponsorship by opening an enrollment window through FINRA's Test Enrollment Services System (TESS) using Form U10.
What is the passing score and time limit for the Series 63 exam?
The Series 63 consists of 60 scored multiple-choice questions plus 5 unscored experimental pretest questions (65 questions total). Candidates have 75 minutes (1 hour and 15 minutes) to complete the examination. The passing score is 72% (43 out of 60 scored questions correct).
How does the Series 63 differ from the Series 66?
The Series 63 is a 60-question exam focused exclusively on the state regulation of broker-dealers, agents, and ethical sales practices (the Uniform Securities Act). It qualifies an individual only as an agent selling securities. The Series 66 is a 100-question exam combining the Series 63 and Series 65, qualifying individuals as both a broker-dealer agent AND an Investment Adviser Representative (IAR).
What is the primary governing statute tested on the Series 63?
The Series 63 tests state blue sky law as codified in the Uniform Securities Act of 1956 and the Uniform Securities Act of 2002, alongside NASAA Statements of Policy on Dishonest and Unethical Business Practices and federal preemption under NSMIA.