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 he fails the second time, and 180 days if he fails 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.