An investment adviser with its only office in one state manages $125 million in client assets and does not advise a registered investment company. The adviser must:

register with the SEC and make any notice filing its home state requires

register only with its home state Administrator

choose between SEC registration and state registration

register with both the SEC and its home state as a state-registered adviser

Which statement about supervision of investment adviser representatives is TRUE?

The adviser may be sanctioned for failing to reasonably supervise its IARs

IARs of state-registered advisers are supervised directly by the Administrator, not the firm

Supervisory duties apply only to IARs who have discretionary authority

An adviser is relieved of supervisory duties if the IAR holds a CFP designation

An investment adviser wants an individual whose IAR application is still pending to meet prospects and recommend portfolios. Which statement is TRUE?

The adviser may not employ him in that capacity until his registration is effective

It is permitted, since the individual's application has already been filed with the state

It is permitted, provided a registered IAR of the firm attends every client meeting

It is permitted for up to 90 days while the Administrator reviews the application

A broker-dealer with no place of business in Florida receives an order from an existing customer, a New York resident, while she is vacationing in Florida. The broker-dealer:

need not register in Florida to handle this order

must register in Florida before accepting the order

may accept only unsolicited orders for exempt securities

must first obtain the Florida Administrator's written consent

When information in a broker-dealer's registration application becomes materially inaccurate, the firm must:

promptly file an amendment correcting the information

correct the information when it next renews its registration

notify only the customers affected by the inaccuracy in writing

withdraw its registration and file a new application

Under the 1956 Uniform Securities Act, registration of a broker-dealer automatically constitutes registration of:

any agent who is a partner, officer, or director

all sales agents the firm employs in the state

all of the firm's clerical and operations employees

the investment adviser affiliated with the firm

Without cause, a broker-dealer routinely takes several weeks to send customers their free credit balances after they request them. This is:

an unethical pattern of unreasonable delay in paying free credit balances

permissible, if the firm pays interest on the balances

permissible, since the balances belong to the firm until a written request

a violation only if SIPC limits are exceeded

As part of the registration process, the Administrator may require an agent applicant to:

hold a college degree in finance

maintain minimum net capital of $25,000

An individual employed by a broker-dealer sells only municipal bonds to retail customers in the state. The individual:

must register as an agent, because the exemption covers the bonds, not the seller

need not register, because municipal bonds are exempt securities under the Act

must register only with the MSRB, because the bonds are municipal securities

need not register, as long as all of his sales are made on an unsolicited basis to customers

Series 63 Pass Rate and Passing Score

To pass the Series 63 you need 43 of 60 scored questions. NASAA does not publish pass rates for the exam.

Updated 2026-09-23 · 4 sources · By the SeriesPrepKit team

Passing score

43 of 60

raw count

Official pass rate

Not published

NASAA does not publish

Scored questions

Time

75 min

What is officially published

NASAA does not publish pass rates for the Series 63, and neither does FINRA, which administers it. We found no official figure on NASAA’s exam pages or FAQ. Pass-rate numbers for the Series 63 that circulate online come from prep vendors (often their own customers) and are not comparable to an all-candidate rate. What NASAA does publish is the pass mark: 43 of 60 scored questions.

How the passing score works

The Series 63 is scored as a raw count: 43 of 60 scored questions. Unscored pretest questions (5) are mixed in and do not count toward the result.

What makes it hard

Ethics (25%) and Communications (20%) are nearly half the exam. The hard part is precision: exempt securities vs. exempt transactions, who counts as an agent, and what the Administrator can do without a hearing.

Once our practice-test data is large enough, we will publish anonymized section-level miss rates here, labeled as our own data.

If you fail: retake rules

NASAA rule (Series 63/65/66): wait 30 days before a second attempt, 30 days before a third, and 180 days before later attempts within a two-year period. From January 4, 2027 the wait after a third failure drops to 60 days (announced by NASAA on August 10, 2026). The first two 30-day waits are unchanged.

Check your readiness: 10 free Series 63 questions

Series 63 practice questions

A registered broker-dealer begins offering financial plans, billed separately at $2,500 per plan. Which statement is TRUE?

Get the full Series 63 bank

Outline-weighted original questions with explanations, section drills and timed full-length exams. $59 one-time, 12 months, free access extension until you pass.

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Frequently asked questions

What is the Series 63 pass rate?

There is no current official figure. NASAA does not publish pass rates.

What is the Series 63 passing score?

43 of 60 scored questions correct.

How hard is the Series 63?

How soon can I retake the Series 63?

30 days after a first or second failure; 180 days after a third consecutive failure under current rules. From January 4, 2027, NASAA cuts the third-failure wait to 60 days.

Sources

FINRA - Series 63 Uniform Securities Agent State Law Exam (accessed 2026-09-23)
NASAA - Series 63 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
NASAA - Exam FAQs (accessed 2026-09-23)
NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) (accessed 2026-09-23)