What Are Your Options If You Failed the Series 63 Exam?
Failed the Series 63 exam? Learn about your options for retaking the test, scheduling considerations, fees, and sponsorship requirements.
Failing the Series 63 exam can be frustrating, but it’s not the end of your journey to becoming a registered securities agent. Many candidates don’t pass on their first attempt, but there are clear steps to try again. Understanding what went wrong and making adjustments will improve your chances next time.
Reapplying After a Fail
If you fail the Series 63 exam, you must wait before retaking it. FINRA mandates a 30-day waiting period after the first and second failed attempts. After three failures, the waiting period extends to 180 days. These rules encourage candidates to improve their understanding before trying again.
Use this time to review your score report, which highlights performance by topic. While NASAA does not provide a detailed breakdown of missed questions, it does indicate weaker areas. If you struggled with ethical practices or state securities regulations, focus on those topics in your study plan.
Adjusting your study methods can help. If you relied only on a textbook, try practice exams, flashcards, or interactive study tools. Some test prep providers offer adaptive learning platforms that tailor questions to your weaknesses. A study group or tutor can also clarify complex regulations.
Scheduling the Next Exam
Once you’re ready to retake the Series 63, scheduling your exam should be a priority. The test is administered by FINRA through Prometric testing centers, which offer both in-person and online options. Availability varies, so booking early ensures you get a date that fits your study plan.
Choosing the right time of day can make a difference. If you struggled with time management or test anxiety, a morning session might help. If you’re more focused later in the day, an afternoon appointment may be better. Prometric allows candidates to select their preferred time slot.
If you need to reschedule, be aware of Prometric’s policies. Changing an appointment at least 10 business days in advance is free. Rescheduling within five business days incurs a fee, and missing the exam without prior notice means forfeiting the exam fee.
Exam Fees and Payment
The Series 63 exam fee is $147 as of 2024. This fee, set by NASAA, is non-refundable, meaning you must pay the full amount for each attempt. There are no discounts for multiple tries or bundled pricing with other securities exams.
Payment is processed through FINRA’s Central Registration Depository (CRD) system. If you are sponsored by a firm, they typically handle registration and payment. If you are taking the exam independently, you must create a FINRA account and submit payment yourself. Accepted payment methods include credit cards, debit cards, and electronic bank transfers. Personal checks and cash are not accepted.
Sponsorship Requirements
Unlike some other securities licensing exams, the Series 63 does not require sponsorship from a FINRA-member firm. This allows candidates to take the test independently, which can be beneficial for those seeking employment in the industry. However, passing the Series 63 alone does not authorize you to conduct securities transactions. You must still register with a state and be affiliated with a broker-dealer.
Most states require individuals to be associated with a registered firm before activating their Series 63 qualification. Firms typically handle this by filing a Uniform Application for Securities Industry Registration or Transfer (Form U4) through the FINRA CRD system. State regulators review the submission to ensure compliance with licensing requirements. Some states may also require fingerprinting, background checks, or an ethics attestation before granting approval.