You're about to begin a comprehensive journey through the NASAA Series 63 Uniform Securities Agent State Law Examination. This study guide contains 22 units organized into eight chapters, matching NASAA's published exam outline topic for topic.
The 8 Content Chapters
These are NASAA's eight exam topics, in NASAA's order, with the same numbered units the published outline uses:
| Chapter | Units | Exam Weight | What You'll Learn |
|---|---|---|---|
| 1. Regulations of Investment Advisers | 1 | 5% | IA definition, exclusions, state versus federal registration |
| 2. Regulations of Investment Adviser Representatives | 1 | 5% | IAR definition, registration, post-registration duties |
| 3. Regulations of Broker-Dealers | 3 | 12% | BD definition, exclusions, registration, supervision |
| 4. Regulations of Agents of Broker-Dealers | 2 | 13% | Agent definition, exemptions, Form U4, registration duties |
| 5. Regulations of Securities and Issuers | 4 | 9% | The Howey Test, registration methods, exemptions, antifraud authority |
| 6. Remedies and Administrative Provisions | 3 | 11% | Administrator powers, administrative actions, penalties |
| 7. Communication with Customers and Prospects | 5 | 20% | Product disclosures, unlawful claims, guarantees, agreements, advertising |
| 8. Ethical Practices and Obligations | 3 | 25% | Compensation, custody of customer assets, conflicts, prohibited practices |
Total: 22 content units covering 60 scored exam questions (plus this welcome chapter)
Why this order? It is NASAA's own. When you compare this guide against the official outline, the chapters and the numbered units line up one for one, so you can always tell what you have covered and what is left. The order is not a difficulty ramp, so feel free to study chapters in whatever sequence suits you. If you want the highest-value material first, start with chapters 7 and 8.
Who Takes the Series 63?
The Series 63 is a state law exam required for securities professionals who want to transact business in a state. It covers the Uniform Securities Act (USA) and state-level registration requirements.
Key facts:
- Co-requisite: Typically paired with the Series 7 (or SIE + Series 7) for registered representatives
- Scope: State securities regulations only (not federal securities law or investment advisory law)
- Alternative: If you need both state law AND investment adviser registration, consider the Series 66 instead (combines Series 63 + Series 65 content)
- No sponsorship required to sit for the exam, but you'll need firm sponsorship to register in a state
Choose Your Study Path
Path A: New to the Material (Start Here)
If you're starting from scratch, work through the chapters in order. Each chapter builds on the previous one, so concepts introduced early become building blocks for more advanced material later. After completing the content, take a practice exam to confirm your understanding and identify any gaps.
Path B: Some Background Knowledge (Recommended for Efficiency)
If you have some securities industry background or have already passed the Series 7, start by taking a practice exam. The app analyzes your results and identifies your weak areas. You can then focus your study time on the specific chapters and topics where you actually need work, rather than reading material you already know.
Think of it this way: Why spend hours reviewing broker-dealer registration if you already understand it from your Series 7 prep? Take the practice exam first, find out where the gaps are, and target those areas. This is the most efficient path to passing.
The Right Way to Study
For each unit, use the same four-step loop:
- Watch the unit videos and listen to the podcast.
- Take a Study Quiz and run the unit's Flashcards before reading to prime your attention.
- Read the unit.
- Repeat the Study Quiz and Flashcards to reinforce the concepts.
Then move to the next unit. After completing your first pass, take a full Practice Exam each week so your priority list stays current.
Use Smart Study and Smart Flashcards for weaknesses spread across the exam. Use a Custom Quiz when one specific unit or topic needs additional work. A practical daily target is 20 to 50 questions, adjusted around your Practice Exam and content-review schedule. Across the whole study period, aim for about 1,000 smart study questions before exam day.
Key Features Throughout
As you study, look for these learning aids:
- Exam Tips highlight common pitfalls and gotchas that catch test-takers off guard
- Think of it this way sections provide analogies that make abstract concepts concrete
- Tables and comparisons help you see distinctions the exam loves to test
- Memory aids give you shortcuts for recalling key facts under pressure
The Exam at a Glance
- Questions: 65 total (60 scored, 5 unscored pretest questions)
- Time: 75 minutes (1 hour, 15 minutes)
- Passing Score: 43 out of 60 scored questions (72%)
- Format: Multiple choice
- Prerequisites: None (but typically taken alongside Series 7 or SIE)
- Primary Law Tested: Uniform Securities Act of 1956 (as amended by NASAA)
Exam Weights (NASAA Official):
- Regulation of Investment Advisers: 5%
- Regulation of Investment Adviser Representatives: 5%
- Regulation of Broker-Dealers: 12%
- Regulation of Agents: 13%
- Registration of Securities and Issuers: 9%
- Remedies and Administrative Provisions: 11%
- Communication with Customers and Prospects: 20%
- Ethical Practices and Obligations: 25%
Notice something? A quarter of the exam (25%) tests ethical practices, and another 20% covers client communication. Combined, these two areas account for 45% of the exam. Master those chapters thoroughly and you're nearly halfway to passing.
Next: Learn How to Use This App
Before diving into the content, learn how to maximize the platform's features: How to Use This App ->
You'll discover:
- How "Mark as Complete" tracks your progress and auto-advances to the next section
- Smart flashcards that adapt to your weak areas
- Smart quizzes weighted by exam importance
- Practice exams that mirror the real Series 63
Unlock the Rest of the Course
To open up the rest of the chapters, mark every section in this Welcome chapter as complete. Each page has a Mark as Complete button at the bottom. Tap it on this page and on How to Use This App, and the full course unlocks.
Let's Go.