Exam at a Glance

Exam at a Glance 

The Series 63 Uniform State Law Examination qualifies an individual to sell securities in each State. The test covers an agent's knowledge of the Uniform Securities Act (referred to in the text as the Act). This Act:

Defines the persons and securities to be registered with the State.

 Defines activities that are prohibited by the State. 

Details the enforcement powers of the State.

Most states have adopted this law. Prior to these laws, unscrupulous operators would sell worthless securities to investors - who bought "pieces of the big blue sky." Thus, state securities laws are often termed "blue sky" laws.

The examination is based upon the 1956 Act as amended, along with amendments to the Act caused by the enactment of the National Securities Markets Improvement Act of 1996 and certain rules written by the North American Securities Administrators Association (NASAA). Please note that individual States can vary many of the numerical provisions of the Act.

In the United States, the examination is administered each work day on computer through the FINRA "PROCTOR" system at Prometric Testing Centers. Please follow this link to access Prometric website (Opens in a new tab).

To register for the Series 63 exam, the applicant must complete a U4 or U10 Form, which is sent to FINRA. After processing the form, FINRA enrolls the candidate. The candidate then calls the nearest test center to schedule the examination.

The exam consists of 60 multiple choice questions plus 5 "trial" questions that will not count in the grading (65 questions total). The time to take the exam is 75 minutes. The passing grade is 72% or 43 questions correct out of 60 questions.