Series 63 Investment Adviser Practice Questions
I–II · Investment advisers and investment adviser representatives · 6 of 60 scored questions
Ten Series 63 questions on investment advisers and iars, untimed, with a worked answer after each one.
Or take the full Series 63 mock examUnder the NASAA Investment Adviser Information Security and Privacy Rule, a state-registered investment adviser must:
Investment advisers and IARs on the Series 63
Sections I and II of the Series 63 outline (6 of the 60 scored questions) cover who must register as an investment adviser or investment adviser representative under the Uniform Securities Act.
- Outline
- I–II: Who is an investment adviser or investment adviser representative, exclusions, federal covered advisers and state registration
- Share of the exam
- I–II Investment advisers and investment adviser representatives: 6 of 60 scored questions (10%)
- Our drill
- 10 questions from 30 on this topic, untimed, a worked answer after each; one free attempt, unlimited with a pass
What to know
- An investment adviser is paid to advise others about securities. Excluded are investment adviser representatives; banks, savings institutions and trust companies; lawyers, accountants, engineers and teachers whose advice is solely incidental to their profession; broker-dealers and their agents whose advice is solely incidental and not specially paid; publishers of bona fide publications that do not give advice tailored to each client; and federal covered advisers.
- Advisers with $110 million or more in assets under management register with the SEC (federal covered advisers); those under $100 million generally register with the state; between $100 and $110 million an adviser may choose.
- A federal covered adviser makes a notice filing and pays a fee in each state where it has a place of business or more than five non-institutional clients; its investment adviser representatives with a place of business in the state register there.
- De minimis: an adviser with no place of business in a state and no more than five clients there (other than institutions) in 12 months need not register in that state.
Test yourself on investment advisers and iars
Ten Series 63 questions on investment advisers and iars, untimed, with a worked answer after each one.
Or take the full Series 63 mock examCommon questions
How many investment advisers and iars questions are on the Series 63?
Sections I and II together are 6 of the 60 scored questions (5% each).
Are these real Series 63 questions?
No. FINRA and NASAA do not release exam questions. These are original practice questions written to the official content outline, with a worked explanation and the rule behind every answer.
More Series 63 topics
Outline and exam facts checked November 2026: FINRA: Series 63 exam · NASAA Series 63 content outline · NASAA Series 63 study guide · NASAA: Exam FAQs.
Original independent practice questions written to the published NASAA content outline. Not affiliated with or endorsed by FINRA or NASAA.