How Hard is the Series 63 License Exam?
After getting through the 79 I'm required to get this. Anyone taken it before? How difficult?
Is Knopman the best prep for this as well or is STC better?
What is the Series 63 Exam?
The Series 63 is a securities license entitling the holder to solicit orders for any type of security in a particular state. The applicant must pass an exam which also requires a display of ethical practices and fiduciary duties. This is the exam that is needed to facilitate and soliciate securities orders.
Series 63 Difficulty & Pass Rate
While some users emphasized that the Series 63 exam was not difficult, many stressed the need to study and work through a few practice exams. While there is a no official pass / fail rate released, a previous study suggested that around 14% of candidates fail the exam on their first attempt.
Series 63 Study Method
With that in mind - our users shared their studying experiences:
Studied approx 30 hrs for 79, hit 80%, studied approx 8 hours for 63, and got like a 79%. 63 is much more memorization, and the ethical questions really are that easy on the test. I used Knopman online to prepare. I would also suggest not taking it as lightly as some people say. The test is notorious for tripping up people that just took the 79.
User @ai215", an asset management associate, shared their study method:
Knopman online practice questions. Keep practicing until you are scoring in the high 70s/low 80s, by then you should have a lot of the rules/regs memorized. You'll be fine.
The test is straight memorization with some common sense added. It's very easy if you study, but if you just flip through the book quickly and expect to roll in and pass, you'll likely fail. I've heard fail rates are higher on the 63 than the 7 for this very reason (underestimating the test), but I could be totally wrong here as I have no supporting stats.
User @SuccessfulEfforts", a private equity associate, noted that they:
Probably spent 8-10 hours studying and got an 82%.
An anonymous user shared:
The question are very tricky and you HAVE TO study the material and take practice test or You will FAIL. The questions and answer choices are structured makes it difficult. Also, the question on the exam are more obscure than material in my opinion which makes the exam harder. Time is definitely a factor as well. However, I had 17 minutes to spare so I went through all 65 questions and quickly looked at my answers and the question and just thought about it fresh but very quickly. I changed some of my answers but very few and actually felt better about my answers after I reviewed them again. Leave some time to breath and just think.
Series 63 Common Problems and Practice Tips
- Time - when doing practice exams make sure to time yourself
- Vocabulary - while practicing it is important to look up any words you don't know
- Complex question structure - when practicing watch out for the double negative structures
Need to Take the Series 7 Exam Too?
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