254 practice questions for the Series 63, NASAA's Uniform Securities Agent State Law exam, the state test most states require before an agent can do business there. They follow NASAA's test specifications and its 8 sections, weighted the way the real exam is: investment advisers (5%), adviser representatives (5%), broker-dealers (12%), agents (13%), securities and issuers (9%), remedies and the Administrator's powers (11%), communication with customers (20%) and ethical practices (25%). The questions are written to the law the exam actually tests: the Uniform Securities Act of 1956 as NASAA amended it, NASAA's model rules on unethical practices, and the federal and FINRA rules NASAA lists. Each question is tagged to its outline topic, so your score report shows exactly where you miss, and every answer explains why the best choice is best, gives you a Remember line, and links the section or rule it comes from.
The real test: 60 scored multiple-choice questions plus 5 unscored pretest questions (65 in all) in 75 minutes, closed book. You pass by answering at least 43 of the 60 scored questions. NASAA writes it and FINRA gives it; the fee is $147 and there is no corequisite, and most states require it before an agent can register there. It tests the Uniform Securities Act of 1956 as amended by NASAA across 8 sections: investment advisers (5%), adviser representatives (5%), broker-dealers (12%), agents (13%), securities and issuers (9%), remedies and administrative provisions (11%), communication with customers (20%) and ethical practices (25%). Our practice test is full length, 60 scored questions plus 5 unscored in 75 minutes, split like the specifications, passing at 43 of 60.
Passing score: The Series 63 passing score (43 of 60), the retake waits and how long a pass lasts
Here: 254 questions. Our own practice questions, built on NASAA's Series 63 test specifications and written from public sources (the Uniform Securities Act of 1956 as amended by NASAA, NASAA model rules and statements of policy, the 1933 and 1934 Acts, the Investment Advisers Act of 1940, SEC rules, FINRA rules and SIPC), with every answer's source linked. Topics are the exam's 8 sections. Not NASAA's exam questions. Free.
Start studying, freeOpens the SIE Ticket study guide. No sign-up, nothing to install.| Topic | On the test | In the guide |
|---|---|---|
| I. Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers | ~3 | 13 |
| II. Regulations of Investment Adviser Representatives | ~3 | 13 |
| III. Regulations of Broker-Dealers | ~7 | 29 |
| IV. Regulations of Agents of Broker-Dealers | ~8 | 33 |
| V. Regulations of Securities and Issuers | ~5 | 22 |
| VI. Remedies and Administrative Provisions | ~7 | 29 |
| VII. Communication with Customers and Prospects | ~12 | 50 |
| VIII. Ethical Practices and Obligations | ~15 | 65 |
"On the test" is the rough share of a 60-question test for each topic, following the exam's published weights.
A financial planner builds retirement plans for a flat fee, and each plan names the mutual funds and stocks the client should buy. How does state law treat her?
B. As an investment adviser, because she advises on securities for pay as a business
Which employee of a state-registered advisory firm is an investment adviser representative?
A. A salesperson who signs up new advisory clients but never picks securities
A firm buys bonds for its own inventory and sells them to customers at a markup. Under the Act, what is it?
B. A broker-dealer, acting as a dealer
Under the Act, who can be an agent?
D. Only an individual
A promoter sells investors rows in a citrus grove; his company tends and harvests the trees and pays each investor a share of the profits. Under the Howey test, what is each investor's interest?
C. An investment contract, and so a security
Where may the Administrator conduct an investigation into a suspected violation of the Act?
C. Within or outside the state, publicly or privately
A customer buys shares in a registered public offering. Under NASAA's business practices rule, by when must she receive the prospectus?
C. No later than the due date of the trade confirmation
A broker-dealer charges customers $150 to transfer a stock certificate, far above what other firms charge for the same service. Under NASAA's rule, what is the issue?
C. Unreasonable fees for services
Which person is excluded from the definition of investment adviser under the Uniform Securities Act?
D. A trust company that manages securities portfolios for its clients
The head of an advisory firm's research desk never meets clients but decides which recommendations the firm's advisers give. Is she an investment adviser representative?
B. Yes, because she determines which advice is given to clients