Welcome to the Series 63 Study Guide
You're about to begin a comprehensive journey through the NASAA Series 63 Uniform Securities Agent State Law Examination. This study guide contains 19 units organized into eight chapters, aligned with NASAA's exam outline and sequenced for optimal learning.
The 8 Content Chapters
This guide follows NASAA's exam structure, building from foundational law through registration requirements, client communication, ethical obligations, and enforcement:
| Chapter | Units | What You'll Learn |
|---|---|---|
| 1. Foundations of State Securities Law | 2 | The Uniform Securities Act, key definitions, the Howey Test, state administrator role |
| 2. Regulation of Broker-Dealers | 2 | BD definition, registration, exclusions, supervision obligations |
| 3. Regulation of Broker-Dealer Agents | 2 | Agent definition, registration, Form U4, exemptions, obligations |
| 4. Regulation of Investment Advisers and IARs | 2 | IA and IAR definitions, registration, Form ADV, state vs. federal |
| 5. Registration of Securities and Issuers | 2 | Three registration methods, exempt securities, exempt transactions |
| 6. Communication with Customers and Prospects | 3 | Disclosures, brochure rule, account types, advertising, privacy |
| 7. Ethical Practices and Obligations | 4 | Compensation, custody, discretion, prohibited activities, fraud |
| 8. Remedies and Administrative Provisions | 2 | Administrator powers, criminal/civil remedies, SIPC |
Total: 19 content units covering 60 scored exam questions (plus this welcome chapter)
Why this order? You'll first understand the legal foundation: what the Uniform Securities Act is and what terms mean. Then you'll learn who must register (broker-dealers, agents, advisers, securities) and how. Next comes the rules for communicating with clients and the ethical obligations that apply to everyone. Finally, you'll master what happens when these rules are broken: the remedies and penalties.
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
After reading a unit, take one or two unit-specific quizzes to get quick feedback on what you just learned. That's it. Don't try to master a chapter before moving forward. The goal is to get a sense of what stuck and what didn't, then keep going.
Once you've worked through all the content, shift entirely to smart study quizzes. This is where the real learning happens:
- Smart quizzes pull from every topic, weighted by exam importance, and automatically target your weak areas
- Your goal: around 1,000 smart study quiz questions before exam day
- At 10 questions per quiz, that's about 100 quizzes spread over your study period
- Grinding through smart quizzes is the fastest path to a passing score
Only go back to unit-specific quizzes as a last resort, if a smart quiz keeps flagging the same subtopic and you need targeted practice on it.
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.