Series 63

No. Passing an exam is normally a prerequisite to a state license, not a license in itself. A state may also require an application (usually filed by a firm using Form U4), a background check, bonding and payment of fees before granting registration. Contact your state securities regulator for the requirements that apply to your category.

There is no limit on attempts. The minimum waits are 30 days after a first failure and 30 days after a second failure. After a third failure you must wait 180 days before the fourth attempt and each subsequent one. Waiting periods count failed attempts within a two-year period and apply only to the specific exam you did not pass.

No. Unsponsored candidates who are not Form U4 registered and are not currently affiliated with a firm through FINRA's Web CRD system can open an exam enrollment window via FINRA.org, pay the fee and schedule the exam themselves. Candidates already associated with a FINRA member firm are scheduled by that firm on Form U4.

Most states follow a two-year rule: after you first pass, you have two years to become licensed or registered with a state, or the exam expires. Once registered, the exam remains valid as long as you stay registered; if registration terminates, you again have two years to be re-registered before it shows as expired.

Extensions are granted only where illness or injury has precluded the candidate from sitting for the exam. They are not given to the four-month window simply to allow more study time. If you need longer, you must sign up for the exam again and pay an additional fee.

Generally no. Examination fees are non-refundable and non-transferable, either to another individual or to another examination for the same person. Refund requests are decided case by case and are typically approved only for a system error, or where a window was opened and a state then granted a waiver so the exam is no longer needed.

NASAA exams are based on the Uniform Securities Act of 1956, as amended by NASAA, together with the Statements of Policy and Model Rules NASAA has adopted. NASAA has said tests would likely be modified only once enough jurisdictions enact the newer USA 2002, and that advance notice would be given.

Not from January 4, 2027. Effective that date NASAA will no longer offer remote testing for the Series 63, Series 65 or Series 66. Candidates who need alternate arrangements may request in-center accommodations through FINRA's Accommodations Team. Check FINRA's scheduling information for delivery options available before that date.

Yes. NASAA is updating exam questions affected by model rule amendments adopted in May 2026 relating to investment adviser advertising - Model Rules 102(a)(4)-1, USA 2002 502(b), 203(a)-2 and 411(c)-1. Implementation is planned for early 2027, with the exact date to be announced on NASAA's site.

Start from NASAA's published Series 63 content outline so you cover every content area rather than only the sections you find easy. The most common failure mode is memorizing definitions while ignoring the prohibited-practice and communication scenarios, which reward applying the rule to a fact pattern rather than reciting it.