FINRA Series 63 – Uniform Securities Agent State Law
The FINRA Series 63 – Uniform Securities Agent State Law exam is offered by NASAA in association with representatives of the securities industry and industry associations. This exam is basically designed to qualify candidates as securities agents. The objectives of this examination include 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). Holistically, it provides the basis for state securities administrators to test the candidate’s knowledge and understanding of state law and regulations.
Target Audience
This exam is intended for people who wish to be a securities sales agent, an investment banker, a broker, or another professional within the securities industry. This group of people includes the following professionals:
- Financial Advisers
- Investment Bankers
- Financial Services Sales Agents
- Investment Advisers
- Commodity Trading Advisors
- Equity Traders
- Retail Broker-Dealers
- Securities Sales Representatives
- Insurance Agents
- Financial Analysts
- Futures Traders
Eligibility Criteria for FINRA Series 63 – Uniform Securities Agent State Law exam
So, to be eligible to take the FINRA exam, you need to be associated with and sponsored by a FINRA member firm or any other applicable self-regulatory organization (SRO) member firm. Passing the exam is the normal requirement for being licensed by a state before a broker-dealer agent or investment adviser representative can work with investors.
Scheduling the exam
For scheduling the exam, firstly enroll yourself with FINRA. Then, you will automatically be directed to the correct enrollment process for that exam. Once you are enrolled to take an exam, FINRA will post a 120-day window in which you can schedule an appointment with Prometric, which is their test delivery vendor, to take the exam. Also, it is recommended for you to schedule the exam session in advance as soon as possible to secure the desired exam date.
FINRA offers you the choice to take an exam at a local test center or, for a limited number of exams, remotely online conducted exams. For either appointment type, make sure that you are prepared in advance of your test appointment and also familiar with what to expect on the day of your exam.
Exam Retake Policy
For the individuals who need to retake the Series 63 following a failed attempt, the following waiting tenures apply:
- After failing the exam the first time, wait for at least 30 days before going to take it a second time.
- Again after failing the exam the second time, wait for at least 30 days before scheduling next.
- After failing the exam for the third time, wait for a minimum of 180 days before the fourth taking of the exam (and each subsequent taking).
Exam Details
| Number of Questions | 60 |
| Exam Duration | 75 minutes |
| Passing Score | 43/60 |
| Exam Language | English |
| Registration Fee | USD 147 |
For more details and any other queries, visit the FINRA Series 63 – Uniform Securities Agent State Law exam FAQs
FINRA Series 63 – Uniform Securities Agent State Law exam Course Outline
Moreover, the entire syllabus of exam is given below:
1. Regulation of Investment Advisers Including State-Registered and Federal Covered Advisers :5%
- definitions of an Investment Adviser (e.g., activities requiring registration)
2. Regulation of Investment Adviser Representatives :5%
- definition of an Investment Adviser Representative (e.g., activities requiring registration)
3. Regulation of Broker-Dealers :15%
- definition of a Broker-Dealer
- registration/post-registration (e.g., books and records; registration maintenance requirements)
- Broker-Dealer Agent supervision
4. Regulation of Agents of Broker-Dealers :15%
- definition of an Agent of a Broker-Dealer
- registration/post-registration (e.g., books and records; registration maintenance requirements)
5. Regulation of Securities and Issuers :5%
- definition of securities and issuers
- registration/post-registration (e.g., state registration requirements)
- exemptions
- State anti fraud authority
6. Remedies and Administrative Provisions :10%
- authority of state securities Administrator
- administrative actions
- other penalties and liabilities
7. Communication with Customers and Prospects :20%
- disclosures
- unlawful representations concerning registrations
- performance guarantees
- customer agreements (e.g., new account, margin, options)
- correspondence and advertising (e.g., social media, email, website)
8. Ethical Practices and Obligations :25%
- compensation (e.g. fees; commissions; markups; soft dollars; disclosure of compensation)
- customer funds and securities (e.g. custody; discretion; trading authorization; prudent investor standards; suitability)
- conflicts of interest, criminal activities, and other ethical issues (e.g. excessive trading; loans to and from customers; sharing in profits and losses in a customer account; insider trading; selling away; market manipulation; due diligence; outside securities accounts)
- cybersecurity and data protection
FINRA Series 63 – Uniform Securities Agent State Law Exam Study Guide
First of all, you should familiarize yourself with all the topics and subtopics that are there in the FINRA Series 6 – Investment Company and Variable Contracts Products Representative exam syllabus. So, this will help you gather a fair idea about required learning and will help you distribute your learning preparation. Also, the practical application of what you learn is really important so keep that in mind while studying. So, start your preparation by going through the syllabus well.
Review the details of exam
Consequently, the next step towards preparing for the exam is to thoroughly go through the details of the exam including details about the type and number of questions and also the time allotted. Accordingly, this helps you give a direction to your learning and also analyze the time allotted to manage time well, during the exam. So, check the model papers and analyze them well and thus, make sure that you are aware of the pattern of the exam.
Study Resources
Further, for your convenience, we have compiled the best study resources for your preparation.
- FINRA has transformed the delivery of the Continuing Education (CE) Regulatory Element to an online format called the CE Online Program. The CE Online Program provides participants with the flexibility to satisfy their CE Regulatory Element requirement from a computer anytime and anywhere.
- Before, appearing for the exam, you can check out FINRA’s exam tutorial for a better understanding of how the system functions.
- You should also try the SIE practice test that is made available at the official site. For taking the test, Click here
Join study groups
Moreover, joining study groups and communities can also prove to be of great help. Thus, this acts as a platform that connects professionals and beginners which in a way helps you get your queries solved and alongside, allows you to have healthy discussions with peers from the same background. Therefore, joining these groups helps to keep you updated.
Practice tests
However, the most crucial step of preparation is practicing questions. This helps in refining the knowledge that you have gathered from different study resources. Therefore, this helps in evaluating your current preparation and helps boost your confidence and therefore the actual exam feels like just another practice test. There are various practice tests available online, but the reliability of the practice tests we offer is really high. They are designed by professionals and are enough for you to practice and ace the exam.
