Series 63

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What is the 'Series 63'

The Series 63 is a securities license entitling the holder to solicit orders for any type of security in a particular state. Securities agents must acquire the Series 63 license, in addition to a Series 7 or Series 6 license, in order to sell securities. To obtain a Series 63 license, the applicant must pass an exam to demonstrate knowledge of state securities acts and related rules and regulations, as well as knowledge of ethical practices and fiduciary obligations.

BREAKING DOWN 'Series 63'

The Series 63 exam was developed by the North American Securities Administrators Association (NASAA) and is also called the "Uniform Securities Agent State Law Examination." It is administered by the Financial Industry Regulatory Authority (FINRA) and mainly covers state laws and regulations. Test-takers also need to be familiar with the Uniform Securities Act and the NASAA's Statements of Policy and Model Rules. The exam has 65 questions, of which 60 are scored and at least 43 must be answered correctly for the applicant to pass.

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RELATED FAQS
  1. Do financial advisors need to pass the Series 7 exam?

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