Candidates who pass the Finra Series 63 exam will be eligible to work as securities agents. The Uniform Securities Act’s guiding concepts for state securities regulation are examined (with the amendments adopted by NASAA and rules prohibiting dishonest and unethical business practices).
An applicant’s knowledge and comprehension of state law and regulations are to be ascertained by the examination by state securities administrators. In collaboration with members of the securities industry and trade organizations, NASAA created the Uniform Securities Agent State Law Examination.
The Series 63 study guide’s themes are covered in the 65 multiple-choice questions that make up the Uniform Securities Agent Law Examination. Out of the 65 questions in the test, 60 will be used to determine the final grade. The remaining five questions are undergoing pre-testing in preparation for possible inclusion in the operational question bank.
These unidentified questions could show up anywhere on the test. To pass, a candidate must correctly answer at least 43 of the 60 questions on the Series 63 Exam. The exam has a time limit of 75 minutes for candidates. Moreover, an enrollment window should be opened on FINRA.org by a FINRA member firm, and FINRA should be paid the $147 examination cost.
The Series 63 test covers the fundamentals of state securities laws as well as guidelines that forbid dishonest or unethical behavior. Approximately 45% of the questions deal with rules, 10% with administrative rules, 20% with customer communications, and 25% with moral obligations and business responsibilities.
The test is administered in a closed-book book format. The proctor will supply scratch paper, which is not required if the candidate requests it. The candidate will get rapid access to the overall test score and the results for each portion of the exam after it is finished. However, the Financial Industry Regulatory Authority, or “FINRA,” is responsible for conducting the exam.
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