How Many People Fail the Series 63 Exam Every Year?

By
The Investopedia Team
Investopedia logo
Full Bio

Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed.

Learn about our editorial policies
Updated January 04, 2023
Reviewed by
Amy Soricelli
Amy Soricelli
Reviewed by Amy Soricelli
Full Bio
Amy Soricelli has over 40 years working with job candidates and has honed the art of the job search in all areas. She offers one-on-one session interview preparation skills or constructs resumes for job seekers. She conducts workshops and seminars on all aspects of the job search and is a consistent contributor to HBCU Career Connection.
Learn about our Financial Review Board
Fact checked by Kirsten Rohrs Schmitt

Because the Series 63 is a state exam, statistics vary, and there is no official pass or fail rate currently provided. The Series 63 exam, the Uniform Securities State Law Examination, is a North American Securities Administrators Association (NASAA) exam administered by FINRA, the Financial Industry Regulatory Authority, and it is a requirement for anyone who wishes to become a stockbroker or broker-dealer. It is, therefore, necessary before the dealer can partake in active trading.

There is no limit however on the number of times that a prospective dealer can retake the exam. The Wall Street Journal conducted its own study and found that many brokers failed the exam at least once before passing the second time around. In this analysis of 367,669 brokers, it was found that 86% of brokers passed on their first attempt. That means that 14%, approximately 51,500 brokers, failed the exam the first time they took it. It was also found that those who experienced a higher number of failures before passing the exam had more red flags on their trading records.

A candidate must wait a minimum of 30 days after failing the exam for the first time before resitting, another 30 days if they fail the second time, and 180 days if they fail the exam for the third time, and each time after that. There is no limit on the number of times a candidate can retake these FINRA exams as long as all waiting period requirements are met, all documents submitted and exam fees are paid.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Financial Industry Regulatory Authority. "Series 63 – Uniform Securities Agent State Law Exam."

  2. North American Securities Administrators Association. "Exam FAQs."

  3. Wall Street Journal. "Stockbrokers Who Fail Test Have Checkered Records."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Service
Name
Description