What Is the Series 63 Exam?

The Series 63 is administered by FINRA on behalf of state regulators and focuses on state-level securities regulations, registration requirements, and ethical practices — it doesn’t cover investment products or advisory concepts the way the Series 65 or Series 66 do. Because of this narrower scope, holding a Series 63 alone doesn’t satisfy the qualification requirement to register as an investment adviser representative; that typically requires the Series 65, or the Series 66 combined with the Series 7.

Individuals who work in a dual capacity — as both a registered representative of a broker-dealer and an investment adviser representative — commonly hold the Series 63 alongside whichever combination of exams qualifies them on the advisory side.