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Series 63

     The Uniform Securities Agent State Law Examination was developed by NASAA (North American Securities Administrators Association) in cooperation with representatives of the securities industry and industry associations.  The examination, called the Series 63 exam, is designed to qualify candidates as securities agents.  The examination covers the principles of state securities regulation reflected in the  Uniform Securities Act (with the amendments adopted by NASAA and rules prohibiting dishonest and unethical business practices).  The examination is intended to provide a basis for state securities administrators to determine an applicant's knowledge and understanding of state law and regulations.*

Series 63 Exam Information

The Exam:  60 Questions  (the exam has 65 questions, 5 do not count)
To Pass:  You will need 72%  (that's 43 correct)
Time:  75 Minutes**

The Breakdown of the Exam

Part 1
State Securities Acts and related rules and regulations:
     Investment Advisers                                                      3 Questions
     Investment Adviser Representatives                             3 Questions
     Broker/Dealers                                                  12 Questions
     Agents/Registered Representatives                               6 Questions
     Securities and Issuers                                          6 Questions
     Remedies and Administrative Provisions                        6 Questions
          Total for Part 1                                            36 Questions

Part 2
Ethical Practices and Fiduciary Obligations
     Communications with Clients and Prospects                        8 Questions
     Compensation                                                            4 Questions
     Client's Funds and Securities                                               8 Questions
     Conflicts of Interest and Other Fiduciary Issues                   4 Questions
          Total for Part 2                                             24 Questions

The Series 63 is a "criterion based" minimum competency examination.  This exam is administered to professionals within the industry.  Criterion based means that a minimum passing criterion is established.  Those candidates who pass the exam aree considered to have met the minimum competency level and those who fail do not meet the minimum competency level.  The items for the exam were drafted to clearly differentiate those candidates who qualify as minimally competent from those who do not.

The Series 63 is assembled by FINRA using a process called "on the fly."  Each question in the pool has two parameters that are used as part of the assembly, a difficult parameter and a content parameter.  Each exam is assembled to meet the exam specifications for content and to have the same difficulty level as all other exams in the same Series.

NASAA or one of its committees has approved the questions in the examination, the weighing of the composite examination, the study guide, and the method by which the examination is administered.  In addition, each examination is statistically analyzed to insure reliability
.*

Series 63 Course Information


      The Series 63 Course will cover relevant information to assist you in passing your exam on the first attempt.  In the course we will provide you with a good understanding of the State Laws that regulate securities transactions.  We will cover the registration of persons, the concepts of fair business practices, examples of illegal practices, and the penalties associated with them.  There are a lot of confusing terms on the exam, such as isolated non-issuer transactions and isolated sophisticated transactions.  There are usually 2 correct answers, one is just a little more correct.  The course will help you in choosing the better answer to pass the exam.  

     The Series 63 course will last for about 5 hours and comes with a Series 63 Playbook for you to use as a tool while you are studying sample exam questions.  

Register now for the Series 63 Program $150.00



 Source:  NASAA Series 63 Overview 2/3/2014

**There are special arrangements and/or time to comply with the Americans with Disabilities Act (ADA) and people with Limited English Proficiency (LEP), formerly known as English as a Second Language (ESL)  For more information on this topic, click here

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