Exams

Passing an exam is normally a prerequisite for being licensed by a state before a broker-dealer or investment adviser can work with investors. The exams are administered for NASAA by the Financial Industry Regulatory Authority (FINRA).

The Series 63, Uniform Securities Agent State Law Examination, is the state law test for broker-dealer representatives. The Series 65, Uniform Investment Adviser Law Examination, is for investment adviser representatives.

Passing the Series 66, the Uniform Combined State Law Examination, qualifies an individual as if he or she had passed both the Series 63 and Series 65 separately. However, to register as an investment adviser representative based on the Series 66, an individual must also have passed the FINRA Series 7 exam and the exam must be valid (i.e., not expired).

There are other requirements, such as an application (usually done by a firm using Form U-4), background check, bonding, and fee payment that a state may impose before granting a license.

In This Section

New Exam Passing Scores Effective January 1, 2010

Series 63 Exam
Effective January 1, 2010, candidates must attain scores of 72% in order to pass. For more information on the Series 63 exam, click here.

Series 65 Exam
Effective January 1, 2010, candidates must attain scores of 72% in order to pass. For more information on the Series 65 exam, click here.

Series 66 Exam
Effective January 1, 2010, candidates must attain scores of 75% in order to pass. For more information on the Series 66 exam, click here.

Print | PDF | Email