How to Study for the Series 63
Two sections carry close to half of the Series 63. Ethical practices and obligations is 25% and communication with customers and prospects is 20%, while the six sections on state rules for advisers, broker-dealers, agents, securities and remedies run from 5% to 13% each.
Start with the NASAA outline
About the Series 63 exam
Work through each section
Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers5%
- Definitions of Investment Advisers
- Activities requiring registration and exclusions from registration
Regulations of Investment Adviser Representatives5%
- Definition of an Investment Adviser Representative
- Activities requiring registration and exclusions from registration
Regulations of Broker-Dealers12%
- Definition of a Broker-Dealer
- Registration and post-registration requirements
- Broker-Dealer Agent supervision
Regulations of Agents of Broker-Dealers13%
- Definition of an Agent of a Broker-Dealer
- Registration and post-registration requirements
Regulations of Securities and Issuers9%
- Definition of securities and issuers
- State registration and post-registration requirements
- Exemptions from registration
- State enforcement and antifraud authority
Remedies and Administrative Provisions11%
- Authority of state securities Administrator
- Administrative actions
- Other penalties and liabilities
Communication with Customers and Prospects20%
- Required product disclosures
- Unlawful representations concerning broker-dealer agent registration
- Performance guarantees prohibition
- Customer agreements (new account, margin, options)
- Correspondence and advertising (social media, email/digital messaging, website/internet communications)
Ethical Practices and Obligations25%
- Compensation (fees, commissions, markups, disclosure of compensation)
- Customer funds and securities (custody, discretion, trading authorization, standard of care)
- Conflicts of interest, criminal activities, and other ethics issues
Practice by topic
- Administrative Provisions and Enforcement
- Antifraud Provisions
- Broker-Dealer and Agent Registration
- Client Types and Compensation
- Fiduciary Duty
- Investment Adviser Registration
- Post-Registration Requirements
- Prohibited Communications
- Suitability and Communications
- Unethical Practices: Broker-Dealers and Agents
- Unethical Practices: Investment Advisers
Mix topics in one practice set
Compare the Series 63 with other exams
Related guides
More study guides
Practice the Series 63
Sources
NASAA
- NASAA Series 63 Exam Content Outline ↗
- Uniform Securities Act (1956) Section 204(a) (denial, revocation, suspension of registration) ↗
- NASAA Model Rule 102(a)(4)-1 (Unethical Business Practices of Investment Advisers, IARs and Federal Covered Advisers) ↗
- NASAA Model Rule on Dishonest or Unethical Business Practices of Broker-Dealers and Agents ↗
- Uniform Securities Act (2002) Section 604 (administrative enforcement) ↗
- NASAA Model Rule 502(b) (Prohibited Conduct of Investment Advisers, IARs and Federal Covered Investment Advisers) ↗
- NASAA Model Rule: Examination Requirements for Investment Adviser Representatives ↗
FINRA
Federal regulations
- 15 U.S.C. § 80b-3a ↗
- SEC Rule 206(4)-1 (investment adviser marketing) ↗
- SEC Rule 205-3 (exemption from the performance-fee prohibition; qualified clients) ↗
- Investment Advisers Act Section 206, 15 U.S.C. 80b-6 (prohibited transactions by investment advisers) ↗
- Investment Advisers Act Section 202(a)(11), 15 U.S.C. 80b-2 (definition of investment adviser) ↗
- SEC Regulation Best Interest, Rule 15l-1 ↗
- 15 U.S.C. § 77d ↗
- SEC Rule 204-3 (delivery of brochures and brochure supplements) ↗
- 15 U.S.C. § 78bb ↗
- Investment Advisers Act Section 205, 15 U.S.C. 80b-5 (investment advisory contracts) ↗
- 15 U.S.C. § 80b-4a ↗
Other
The official rules and outlines this exam's practice questions cite, last accessed November 2026.
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