What To Do If You Don’t Pass the Series 63 Exam: Your Next Steps Explained

Passing the Series 63 exam is a crucial step for those aiming to sell and solicit orders for financial securities within their state. While most states require this license to operate as a securities agent, the exam itself can be retaken multiple times if you don’t succeed initially.

Administered by the North American Securities Administrators Association (NASAA), the Series 63 exam allows candidates unlimited attempts, provided they observe the mandatory waiting periods between retakes. This policy also applies to the Series 65 and 66 exams.

Key Points to Remember

• The Series 63 license authorizes you to sell financial securities in your state.
• There is no limit on how many times you can retake the exam, but waiting periods apply.
• NASAA updates exam questions regularly to reflect the latest regulatory changes.
• The exam fee is $147 as of 2025.

Retaking the Series 63 Exam: What You Need to Know

If you fail the Series 63 exam on your first try, you must wait at least 30 days before scheduling a retake. Should you fail again, another 30-day waiting period applies. For three or more failures, the waiting time extends to 180 days before you can attempt the exam again. Waivers for this extended waiting period are rarely granted.

Since exam questions are randomly selected from a question bank, repeatedly taking the test may lead to encountering the same questions, turning the challenge into memorization rather than understanding.

Did You Know?

NASAA periodically revises exam content to keep pace with regulatory updates. For example, in 2021, changes were made to incorporate the SECURE Act’s retirement plan rules and modifications to the accredited investor definition.

Each NASAA exam has its own waiting period rules. Unlike the Series 63, the Series 65 and 66 exams do not impose waiting periods for retakes, but the retake policies are specific to the exam you didn’t pass.

Understanding the Series 63 Exam Background

The Series 63, along with the Series 65 and 66, is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of NASAA. FINRA oversees broker-dealer and investor interactions, ensuring regulatory compliance.

Important Details

The exam fee is currently $147 (2025). The test consists of 60 multiple-choice questions, with a passing score of 72% (43 correct answers).

The exam focuses on state securities regulations and is designed to qualify candidates to sell investment products like mutual funds, variable annuities, and unit investment trusts.

Most U.S. states and territories require passing the Series 63 exam for broker-dealer representatives.

Impact of the SECURE Act 2.0 on Investing

Enacted in 2022, the SECURE Act 2.0 amended provisions from the 2019 SECURE Act, mainly affecting retirement savings. It raised the age for required minimum distributions, lowered penalties for missing them, and increased catch-up contribution limits.

States That Don’t Require the Series 63 Exam

Not all states mandate the Series 63 exam. Colorado, Florida, Louisiana, Maryland, the District of Columbia, and Puerto Rico allow broker-dealer representatives to operate without passing this exam.

Careers That Require Passing the Series 63 Exam

Most finance roles involving securities registration and working for FINRA-member firms or self-regulatory organizations require passing the Series 63 exam. Failing to pass can limit job opportunities in the financial and investment sectors.

Final Thoughts

While passing the Series 63 exam is essential for many securities careers, failing it isn’t the end. You can retake the exam multiple times, following waiting period guidelines. With proper preparation and understanding of the rules, you can achieve this important credential and advance your finance career.

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