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In many US jurisdictions, passing a test known as Series 63 is necessary to become a securities agent. It is a component of the Uniform Securities Agent State Law Examination, or Series 63 exam, offered by the North American Securities Administrators Association (NASAA).
The purpose of the Series 63 exam is to gauge applicants' familiarity with state securities laws and regulations. It is regarded as a crucial prerequisite for professionals who want to offer securities inside the boundaries of a state. The exam covers a wide range of topics, including definitions, ethical and legal standards, enrollment requirements, and illegal and forbidden behavior.
Some states require those who want to be registered representatives to pass the Series 63 exam. The typical exam comprises 65 multiple-choice questions and a 75-minute time limit. The average exam passing mark is 72%.
In order to assess a candidate's knowledge of state-specific securities rules and regulations, the exam questions are made to be difficult. As a result, it is crucial that applicants fully prepare for the exam by reading the required reading and taking practice exams.
