Introduction of FINRA Series-63 Exam!

The FINRA Series 63 exam is a securities license exam that is required for individuals who wish to register as securities agents in the United States. The exam covers topics related to state securities regulations, including the registration of securities, offer and sale of securities, and fiduciary duties of securities agents. The exam is administered by the Financial Industry Regulatory Authority (FINRA).

What is the Duration of FINRA Series-63 Exam?

The FINRA Series 63 exam is a one-hour, 60-question multiple-choice test.

What are the Number of Questions Asked in FINRA Series-63 Exam?

There are a total of 60 multiple-choice questions on the FINRA Series 63 exam.

What is the Passing Score for FINRA Series-63 Exam?

The passing score for the FINRA Series 63 exam is 70%.

What is the Competency Level required for FINRA Series-63 Exam?

The FINRA Series 63 exam tests an individual's knowledge of securities laws and regulations. To pass the exam, an individual must demonstrate a competency level of at least 70%.

What is the Question Format of FINRA Series-63 Exam?

The FINRA Series 63 exam consists of 60 multiple-choice questions, all of which are scored. There are 50 scored questions and 10 unscored questions. The unscored questions are used to test new questions for future exams.

How Can You Take FINRA Series-63 Exam?

The FINRA Series 63 exam is offered in both online and in-person formats. The online version of the exam is administered through Prometric, and the in-person version is administered by Pearson VUE. Both versions of the exam have the same content and time limit.

What Language FINRA Series-63 Exam is Offered?

The FINRA Series-63 Exam is offered in English.

What is the Cost of FINRA Series-63 Exam?

The cost of taking the FINRA Series-63 exam is $125.

What is the Target Audience of FINRA Series-63 Exam?

The target audience of the FINRA Series 63 Exam is individuals who wish to become registered representatives of a broker-dealer firm. This includes individuals who wish to become stockbrokers, financial advisors, and other financial professionals.

What is the Average Salary of FINRA Series-63 Certified in the Market?

The average salary of Uniform Securities State Law Examination certified professionals varies widely by role, region, and experience, because it depends on the job the certification is combined with. Check current listings in your market for an up-to-date figure.

Who are the Testing Providers of FINRA Series-63 Exam?

The Financial Industry Regulatory Authority (FINRA) administers the Series 63 exam. Candidates must register with a FINRA-approved testing center in order to take the exam. A list of approved testing centers can be found on the FINRA website.

What is the Recommended Experience for FINRA Series-63 Exam?

The recommended experience for taking the FINRA Series 63 Exam is to have at least two years of experience in the securities industry. This experience should include working in a supervisory or compliance role, or in a position that involves providing investment advice or handling customer accounts. It is also recommended that candidates have a thorough understanding of the Uniform Securities Act, the Investment Advisers Act of 1940, and the Investment Company Act of 1940.

What are the Prerequisites of FINRA Series-63 Exam?

The prerequisite for taking the FINRA Series 63 exam is that you must be sponsored by a FINRA-registered firm. You must also have successfully completed the Series 7 exam or an acceptable substitute.

What is the Expected Retirement Date of FINRA Series-63 Exam?

The FINRA Series-63 exam is the current version of the Uniform Securities State Law Examination exam, and FINRA has not announced a retirement date for it. When FINRA introduces a newer version, the retirement date for the older version is published on the FINRA certification site.

What is the Difficulty Level of FINRA Series-63 Exam?

The FINRA Series 63 exam is considered to be of moderate difficulty. It is a multiple-choice exam consisting of 60 questions, and you must answer at least 75% of the questions correctly in order to pass.

What is the Roadmap / Track of FINRA Series-63 Exam?

The FINRA Series 63 Exam is a securities licensing exam administered by the Financial Industry Regulatory Authority (FINRA). The exam is designed to assess the knowledge of state securities regulations, and is required for individuals who wish to become registered representatives of broker-dealers. The certification roadmap for the FINRA Series 63 Exam includes the following steps: 1. Review the FINRA Series 63 Exam content outline. 2. Obtain the necessary textbooks and study materials. 3. Take practice exams and review the areas where you need to improve. 4. Register for the Series 63 Exam with FINRA. 5. Take the Series 63 Exam. 6. Receive your results and review your score report. 7. If necessary, retake the Series 63 Exam. 8. Receive your passing score and FINRA registration.

What are the Topics FINRA Series-63 Exam Covers?

The FINRA Series 63 exam covers topics related to the Uniform Securities Agent State Law Examination. It tests a candidate’s knowledge of state securities laws and regulations. The exam is designed to assess the competency of entry-level securities agents. The exam consists of 60 multiple-choice questions and must be completed within 75 minutes. The topics covered by the Series 63 exam include: 1. Introduction to Securities: This topic covers the basics of securities, such as the different types of securities, the role of the securities industry, and the different regulatory bodies. 2. State Securities Regulations: This topic covers the laws and regulations governing the sale of securities in each state. It includes the registration requirements for securities agents and the different types of registration. 3. Investment Company and Investment Adviser Regulations: This topic covers the laws and regulations governing the sale of mutual funds and other investment products. It includes the registration requirements for investment advisers and the different types of registration.

What are the Sample Questions of FINRA Series-63 Exam?

1. What is the purpose of the Uniform Securities Agent State Law Exam (Series 63)? 2. What is the time limit for the Series 63 exam? 3. What are the topics covered in the Series 63 exam? 4. What are the requirements to become a registered agent? 5. What is the penalty for failing the Series 63 exam? 6. What is the process for filing a Uniform Application for Securities Industry Registration or Transfer (Form U4)? 7. What are the restrictions on advertising and communication with the public? 8. What is the role of the Financial Industry Regulatory Authority (FINRA) in administering the Series 63 exam? 9. What is the effect of a customer complaint on a registered agent's license? 10. What are the requirements for continuing education for registered agents?

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Free Series-63 – Uniform Securities State Law Examination Practice Test Question

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Showing 1–15 of 15 questions

Question 1

Bootstraps, Inc. is a family-owned business that has experienced enormous growth in the last couple of years. The business needs more cash to support this growth and has decided to issue some promissory notes, each with a face value of $5,000, for sale to the general public. The firm plans to hire three individuals to help them sell these notes. These individuals will earn a commission based on the notes they sell.

Given these facts, which of the following is true?

Select an option, then click Submit answer.

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The notes must be registered with the state, and the three individuals hired to sell the notes must be registered as agents with the state.
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The notes must be registered with the state, but the individuals hired to sell them are not required to be registered.
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Neither the notes nor the individuals selling the notes need to be registered with the state.
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Either the firm must register the notes with the state, or the individuals that are hired to sell the notes must be registered as agents with the state, but not both.

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Question 2

Which of the following conditions is necessary for an act involving securities fraud to be considered criminal and subject to criminal penalties?

Select an option, then click Submit answer.

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The act extended across state lines.
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The perpetrator willfully committed the fraudulent act.
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The victim(s) lost a combined total of at least $25,000 because of the act.
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The Administrator decides to send the case to criminal court.

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Question 3

Which of the following statements would not be in violation of NASAA rules regarding the sale of investment company shares?

I. “Investing your money in shares of this money market mutual fund is identical to putting your money in a savings account at a bank, except the money market fund provides a higher return.”

II. “Our U.S. government bond fund is invested only in government bonds issued by the U.S. government and is, therefore, a risk-free investment.”

III. “You are investing $22,000 in this fund today. The fund has a 5% load at this investment level, but if you sign a letter of intent to invest another $3,000 within the next 13 months, your load will be reduced to 4%. If something comes up and you can’t invest the extra $3,000 within 13 months, you will only need to pay the difference in the two loads.”

Select an option, then click Submit answer.

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I only
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I and II only
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III only
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I, II, and III
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“Investing your money in shares of this money market mutual fund is identical to putting your money in a savings account at a bank, except the money market fund provides a higher return.”

II. “Our U.S. government bond fund is invested only in government bonds issued by the U.S. government and is, therefore, a risk-free investment.”
III. “You are investing $22,000 in this fund today. The fund has a 5% load at this investment level, but if you sign a letter of intent to invest another $3,000 within the next 13 months, your load will be reduced to 4%. If something comes up and you can’t invest the extra $3,000 within 13 months, you will only need to pay the difference in the two loads.”

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Reference / correct answer:

III only

Only Selection III would not violate NASAA rules regarding the sale of investment company shares because it is the only true statement. If a fund has a breakpoint at $25,000 that triggers a reduced front-end load and allows an investor to receive the reduced load charge if the investor signs a letter of intent stipulating that the additional investment will be made within 13 months, the only penalty to the investor who doesn’t meet the breakpoint is payment of the difference in the two loads. Investing in shares of a money market mutual fund is not identical to putting money in a savings account at a bank. The bank account is insured by the FDIC in most cases; the money market mutual fund is not insured by the FDIC, and the investor can lose money (although, to date, money market mutual funds have covered any losses that they’ve experienced and not passed those losses onto their investors.) A U.S. government bond fund that is invested only in U.S. government bonds is free from default-risk, but it is still subject to interest rate risk. If interest rates increase, the value of the bonds in these funds-and therefore the fund itself-will decrease.

Question 4

Layered Corporation wants to issue a bond that will have warrants attached. Each warrant gives the holder the right to buy 5 shares of Layered’s common stock at a price stipulated on the warrant.

In this instance, Layered must file to register which of the following securities with the state?

I. the bonds

II. the warrants

III. the common stock

Select an option, then click Submit answer.

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I only
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I and III only
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I and II only
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I, II, and III
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the bonds
II. the warrants
III. the common stock

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Question 5

An investment adviser representative with Capital Investment Advisors, Inc. advised his client to invest $5,000 in bonds of a firm that the adviser claimed was an investment “almost as risk-free as investing in U.S. government bonds; maybe even more so, given the magnitude of the government deficit these days.” The client paid a total of $200 for this advice. The bonds paid interest at the rate of 6%, with semiannual payments, and the client received $300 in interest payments before the firm went belly-up at the end of a year, and its bonds were deemed worthless. The client has filed suit, and its attorneys’ fees and court costs are expected to be $1,000. When the investment is a bond, the state has recently been assessing an interest rate equal to the interest rate paid by the security as an equitable interest payment guideline in civil penalties.

The maximum the client can expect in civil penalties is

Select an option, then click Submit answer.

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$5,900.
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$6,200.
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$5,200.
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$6,000.

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Question 6

Alice Wonder called her broker on Tuesday, August 10th, with a market order to buy 10 calls on the stock of Abbott Laboratories. Under normal conditions, Alice will have to pay for the calls on

Select an option, then click Submit answer.

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Wednesday, August 11th.
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Tuesday, August 10th.
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Friday, August 13th.
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Monday, August 16th.

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Question 7

Today’s edition of the Wall Street Journal carried a front page story regarding a federal lawsuit that has been filed against a software manufacturer for monopolistic practices. The CFO of the company called his broker today and sold some of the shares he owns in the company.

Which of the following statements are true?

I. The CFO is guilty of illegal insider trading.

II. If the agent who effected the transaction for the CFO knew he was CFO of the software company, the agent is guilty of illegal insider trading.

III. The broker-dealer for whom the agent works may have its license suspended or revoked if its agent has knowingly executed this illegal insider trade for not having supervised the agent properly.

Select an option, then click Submit answer.

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I only
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I and II only
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I, II, and III
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None of the statements is true.
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The CFO is guilty of illegal insider trading.
II. If the agent who effected the transaction for the CFO knew he was CFO of the software company, the agent is guilty of illegal insider trading.
III. The broker-dealer for whom the agent works may have its license suspended or revoked if its agent has knowingly executed this illegal insider trade for not having supervised the agent properly.

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Question 8

The trade confirmation must be received by the customer no later than

Select an option, then click Submit answer.

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one week after the settlement date.
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the settlement date.
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the day after the trade takes place.
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five business days after the settlement date.

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Question 9

Assuming there is not a stop order or a proceeding pending, under the registration by coordination process a security’s registration with the state becomes effective:

Select an option, then click Submit answer.

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only when it is approved by the state Administrator, regardless of whether it has been approved by the SEC.
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immediately after approval by the SEC as long as the registration statement has been on file for at least 20 days or the Uniform Securities Act has provided an exemption to this waiting period.
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immediately subsequent to approval by the SEC, regardless of how long the registration statement has been on file.
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only when it is approved by the state Administrator, who will review the registration documentation upon notification that SEC approval has been granted.

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Question 10

You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the order ticket will be

Select an option, then click Submit answer.

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Thursday, September 23rd.
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Monday, September 27th.
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Friday, September 24th.
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Tuesday, September 28th.

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Question 11

Iggy recently started his own company. He soon discovered it required more cash to keep it going than he had anticipated. He ran an ad in the local paper for investors and got a response. He found a template for a promissory note on the internet, filled in the requisite information specific to the agreement he and the investor had worked out, and printed it out. On it, he promised to make monthly interest payments of 2% on the loan and to repay the principal amount at the end of 18 months. A few months after the arrangement, Iggy read an article in a small business publication that indicated that promissory notes had to be registered with the state unless they were sold in an exempt transaction, such as one enacted with a financial institution, prior to being offered for sale. The article indicated that a seller who had sold an unregistered note in error could remedy the situation by sending the buyer a formal offer to buy the security back, with interest. Iggy turned to the computer once again, found a form that could be used for a formal offer of rescission, filled it out, and sent it to the investor. Having done this,

Select an option, then click Submit answer.

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Iggy cannot be sued for civil damages if the investor fails to respond to the offer within 30 days.
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Iggy must follow up with a second notice sent via registered mail if he has not heard from the investor within 30 days.
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Iggy must wait 6 months for a response from the investor. If no response is received by the end of 6 months, Iggy is off the hook.
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Iggy will not be assessed any penalties by the Administrator of the state, but the investor can still sue for damages in civil court.

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Question 12

Fly-By-Night Investment Advisers has closed its doors.

Which of the following statements is true?

Select an option, then click Submit answer.

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Fly-By-Night is required to shred all documentation of client transactions and communications.
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Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.
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Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.
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Fly-By-Night must send each of its former clients its records of all that client’s transactions and communications with the firm over the past five years.

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Question 13

Which of the following entities must sign a “consent to service of process,” thereby allowing the Administrator to receive legal documents that are meant to be served to the entity in place of that entity?

I. agents

II. investment advisers

III. investment adviser representatives

IV. broker-dealers

Select an option, then click Submit answer.

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I and IV only
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II and III only
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II and IV only
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I, II, III, and IV
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agents
II. investment advisers
III. investment adviser representatives
IV. broker-dealers

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Question 14

Mr. L. Ranger is an agent for a broker-dealer and has overheard “talk” that a merger between two well-known high-tech companies is about to take place. Mr. Ranger knows that, on average, in these instances the target firm’s price spikes. He calls his client and good friend, Mr. Tonto, and tells him of the rumor, suggesting that Tonto might want to buy shares in the target firm. He tells Mr. Tonto that if the rumor isn’t true, the target firm’s price may not spike at all and may, in fact, decline, and suggests that Mr. Tonto not invest any money he isn’t willing to lose. Mr. Ranger knows that his friend likes to gamble, and decided he wouldn’t be much of a friend if he didn’t inform Tonto of this potential opportunity.

Has Mr. L. Ranger violated any laws or engaged in any prohibited practices?

Select an option, then click Submit answer.

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No. Mr. Ranger and Mr. Tonto are friends, so there can be no violations of any laws or practices because of their non-business relationship.
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Yes. Mr. Ranger has engaged in fraud in telling Mr. Tonto about the rumor, given that the merger hasn’t been officially announced by the two companies.
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No. Mr. Ranger has informed Mr. Tonto that the merger is just a rumor and has informed him of the risk involved. Mr. Ranger is knowledgeable about his friend’s risk tolerance level as well and recognizes this investment as one his good friend might want to take.
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Yes. Mr. Ranger is privy to knowledge that is not available to the general public and both he and Mr. Tonto will be guilty of illegal insider trading if Mr. Tonto trades on Mr. Ranger’s information.

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Question 15

Most individual state securities laws today are based on:

Select an option, then click Submit answer.

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the Uniform Securities Act of 1956.
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the Uniform Securities Act of 2002.
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the National Securities Markets Improvement Act of 1996.
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the Gramm-Leach-Bliley Act of 1999.

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About the Series-63 Free Practice Test

This page holds a free practice test for the Uniform Securities State Law Examination (Series-63) certification from FINRA. The 15 questions are a free sample of the full Study4Pass practice set of 251 questions, so you can check your level before you commit to the real exam. The free sample is made up of 15 single-answer questions, each with a full explanation. Questions are spread across the areas that matter most on the real exam: Introduction to Securities, State Securities Regulations and Investment Company and Investment Adviser Regulations. The FINRA Series 63 exam is a securities license exam that is required for individuals who wish to register as securities agents in the United States.

The target audience of the FINRA Series 63 Exam is individuals who wish to become registered representatives of a broker-dealer firm. The prerequisite for taking the FINRA Series 63 exam is that you must be sponsored by a FINRA-registered firm.

Certification: Uniform Securities State Law Examination (Series-63)
Vendor: FINRA
Free on this page: 15 practice questions with answers and explanations
Full practice set: 251 questions

Treat this sample as a diagnostic. Answer honestly, check the explanation after every question, and note which topics feel shaky. A short, focused review of those topics is worth more than re-reading everything — and the full set lets you drill them topic by topic.

A good way to use this page: take the whole sample in one sitting, then go back over every explanation with fresh eyes. Mark the topics that felt uncertain, not just the ones you got wrong — uncertain answers are unmarked risk on the real exam. One or two focused passes like this usually move a score more than days of passive reading.

Inside the full Series-63 practice set:

All 251 questions with answers and explanations
Timed Exam Simulation that mirrors the real exam pressure
Topic Training to drill one domain at a time
Ask AI for More Explanation on every question
Flag questions and review them before you finish

How to use this Series-63 free practice test

Answer a question, then check the result to see the correct answer and the explanation behind it. Work at your own pace — there is no timer and no signup. Stuck on a concept? This is an AI-Enabled practice test: use Ask AI on any question and get the underlying concept explained in plain words, so you learn the reasoning instead of memorizing answers. Ready for more? The full 251-question set adds a timed Exam Simulation mode, topic training for your weak areas, and a flagged-question review, so you can practise the way the real exam feels.

What to study for each Series-63 domain

Introduction to Securities — This topic covers the basics of securities, such as the different types of securities, the role of the securities industry, and the different regulatory bodies.
State Securities Regulations — This topic covers the laws and regulations governing the sale of securities in each state.
Investment Company and Investment Adviser Regulations — This topic covers the laws and regulations governing the sale of mutual funds and other investment products.

Series-63 practice test — quick questions

Is this Series-63 practice test free?

Yes — the 15 questions on this page are completely free, with no signup and no payment details needed.

How many questions are in the full Series-63 set?

251 questions. The 15 free questions above are a sample of that full set, in the same style and topic balance.

Does the free test show the answers?

Yes — every question shows the correct answer with an explanation, and Ask AI can explain the concept behind a question in plain words if you want to go deeper.