2025 Series 63 Exam Failure Rates: How Many Candidates Don't Pass on Their First Try?
Discover the latest insights on Series 63 exam pass and fail rates in 2025. Learn essential tips to boost your chances of success and understand what to expect before taking this crucial securities licensing exam.
The Series 63 exam, officially known as the Uniform Securities State Law Examination, is a critical step for anyone aiming to become a licensed stockbroker or broker-dealer in the United States. Administered by FINRA on behalf of the North American Securities Administrators Association (NASAA), this exam tests knowledge of state securities laws and regulations.
Since the Series 63 is a state-level exam, official pass or fail rates vary and are not publicly released. However, independent studies provide valuable insights. A comprehensive analysis by The Wall Street Journal examined data from over 367,000 candidates and revealed that approximately 86% of test-takers pass on their first attempt, leaving about 14%—or roughly 51,500 individuals—who initially fail but often succeed on subsequent tries.
Interestingly, candidates who fail multiple times may face closer scrutiny, as repeated failures have been linked to more red flags in their trading histories. Despite this, there is no cap on the number of attempts allowed. Candidates must observe mandatory waiting periods between attempts: 30 days after the first and second failures, and 180 days following the third and any additional failures. All retakes require submission of necessary documentation and payment of exam fees.
Understanding these statistics and regulations can help aspiring brokers prepare more effectively, manage their exam timeline, and increase their chances of passing the Series 63 exam on their first try.
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