The outline at a glance
| Section | Weight | Scored questions |
|---|---|---|
| I. Regulation of Investment Advisers | 5% | 3 |
| II. Regulation of Investment Adviser Representatives | 5% | 3 |
| III. Regulation of Broker-Dealers | 12% | 7 |
| IV. Regulation of Agents of Broker-Dealers | 13% | 8 |
| V. Regulation of Securities and Issuers | 9% | 5 |
| VI. Remedies and Administrative Provisions | 11% | 7 |
| VII. Communication with Customers and Prospects | 20% | 12 |
| VIII. Ethical Practices and Obligations | 25% | 15 |
Total | 100% | 60 |
I. Regulation of Investment Advisers
5% of the exam, 3 scored questions.
- Who is an investment adviser under the Uniform Securities Act, and the exclusions (e.g., certain professionals whose advice is incidental).
Common trap: Assuming everyone who talks about securities is an adviser; the exclusions are tested.
II. Regulation of Investment Adviser Representatives
5% of the exam, 3 scored questions.
- Who is an IAR and which activities require registration.
Common trap: Mixing IAR registration with IA (firm) registration.
III. Regulation of Broker-Dealers
12% of the exam, 7 scored questions.
- Definition of a broker-dealer and who is excluded (e.g., agents, issuers, banks).
- Registration and post-registration requirements; supervision of agents.
Common trap: Forgetting that a broker-dealer with no place of business in a state may be excluded when dealing only with certain clients.
IV. Regulation of Agents of Broker-Dealers
13% of the exam, 8 scored questions.
- Definition of an agent and the exclusions (e.g., representing an issuer in exempt transactions).
- Registration, transfers and updating uniform forms.
Common trap: Treating a clerical employee who takes no orders as an agent.
V. Regulation of Securities and Issuers
9% of the exam, 5 scored questions.
- What is and is not a security; registration by qualification, coordination and notice filing.
- Exempt securities vs. exempt transactions.
- State antifraud and enforcement authority.
Common trap: The most-tested confusion on the exam: exempt securities vs. exempt transactions. Antifraud rules apply to both.
VI. Remedies and Administrative Provisions
11% of the exam, 7 scored questions.
- The Administrator’s powers: investigations, subpoenas, stop orders, denials, suspensions and revocations.
- Civil liability and criminal penalties.
Common trap: Missing when a hearing is required before a final order.
VII. Communication with Customers and Prospects
20% of the exam, 12 scored questions.
- Required product disclosures and prohibited representations about registration.
- Performance guarantees are prohibited.
- Customer agreements for new, margin and options accounts; social media, email and websites.
Common trap: Believing that registration means the Administrator approved the security or the agent; saying so is prohibited.
VIII. Ethical Practices and Obligations
25% of the exam, 15 scored questions.
- Compensation: fees, commissions, markups and disclosure.
- Custody, discretion and trading authorization.
- Conflicts of interest and other prohibited practices.
Common trap: Treating discretion over time and price only as full discretion; it is not.
The NASAA exams reward exact definitions. Build a one-page list of “is it registered / is it exempt / who is excluded” and quiz yourself daily in the last week.
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Frequently asked questions
What is on the Series 63?
The official outline has 8 sections: I. Regulation of Investment Advisers (5%); II. Regulation of Investment Adviser Representatives (5%); III. Regulation of Broker-Dealers (12%); IV. Regulation of Agents of Broker-Dealers (13%); V. Regulation of Securities and Issuers (9%); VI. Remedies and Administrative Provisions (11%); VII. Communication with Customers and Prospects (20%); VIII. Ethical Practices and Obligations (25%).
Where do I find the official Series 63 content outline?
On NASAA’s website; we link the current PDF in the sources below. NASAA’s current specifications took effect June 12, 2023.
How many hours should I study for the Series 63?
Most candidates plan roughly 15-30 hours. That range is our editorial estimate, not an official figure; adjust it after a diagnostic test.
Sources
- NASAA - Series 63 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- FINRA - Series 63 Uniform Securities Agent State Law Exam (accessed 2026-09-23)