Securities exam formats and scoring: SIE, Series 7, 63, 65 and 66
Last checked October 16, 2026 · Sources: FINRA qualification exams table, SIE FAQ and Regulatory Notice 26-18; NASAA exams page and retest announcement (Aug 10, 2026); NASAA’s 2023 passing scores as reported by Achievable and Knopman Marks
Securities exam formats are all computer-based multiple choice. The SIE has 75 scored questions in 1 hour 45 minutes and needs 70 to pass; the Series 7 has 125 in 3 hours 45 minutes (225 minutes); and the NASAA state law exams range from 60 questions on the Series 63 state law exam to 130 questions on the Series 65. Retake waiting periods are getting shorter in early 2027.
Securities exam formats at a glance
| Exam | Time | Scored questions | Fee | Passing score |
|---|---|---|---|---|
| SIE | 1 hr 45 min | 75 | $100 | 70 (on a 0-100 scale, roughly 70%) |
| Series 6 | 1 hr 30 min | 50 | $100 | Not covered here |
| Series 7 | 3 hr 45 min | 125 | $395 | 72%, per prep providers |
| Series 63 | 1 hr 15 min | 60 | $147 | 43 of 60 (72%) |
| Series 65 | 3 hr | 130 | $187 | 92 of 130 (about 70.8%) |
| Series 66 | 2 hr 30 min | 100 | $177 | 73 of 100 (73%) |
Time, scored questions and fees from FINRA’s qualification exams table; SIE passing score from FINRA; others from NASAA’s 2023 update and prep providers. Checked October 16, 2026.
FINRA says some exams add unscored pretest questions on top of the scored ones, and that appointment times include an extra 30 minutes for the tutorial and post-exam survey. Each exam’s content outline on FINRA.org shows how many questions come from each section.
How securities exams are scored
FINRA says the SIE passing score is 70 on a scale of 0 to 100. Scores are placed on a common scale and adjusted for slight differences in difficulty between question sets, so every candidate is held to the same standard whichever version they get. An SIE pass is valid for 4 years, and FINRA says you must pass both the SIE and the Series 7 to become a general securities representative. A prep guide citing FINRA reports a first-time SIE pass rate of roughly 74%, but FINRA doesn’t publish official pass rates on its exam pages, so treat that figure with caution.
NASAA, which writes the Series 63, 65 and 66, last changed passing scores in its June 2023 update, as reported by prep providers Achievable and Knopman Marks: the Series 65, with its 130 questions, dropped from 94 to 92 correct, while the Series 63 (43 of 60) and Series 66 (73 of 100) stayed the same.
Common licensing paths
- Full-service broker: the SIE, the Series 7 and the Series 63 or 66.
- Investment adviser representative: the Series 65, a NASAA exam. The SIE is a co-requisite for FINRA’s representative exams, not the Series 65. If you also hold the Series 7, the Series 66 can replace the 63 and 65.
- Mutual funds and variable products: the SIE and the Series 6, usually with the Series 63.
Retake waiting periods: what changes in 2027
| After failing | FINRA exams now | FINRA exams from Jan 19, 2027 | NASAA exams now | NASAA exams from Jan 4, 2027 |
|---|---|---|---|---|
| 1st or 2nd attempt | 30 days | 15 days | 30 days | 30 days |
| 3rd or later attempt (within two years) | 180 days | 60 days | 180 days | 60 days |
Sources: FINRA Regulatory Notice 26-18 and NASAA’s August 10, 2026 announcement, checked October 16, 2026.
FINRA’s change covers all its qualification exams, including the SIE and Series 7. FINRA says it will adjust existing testing windows to the shorter periods on January 19, 2027. NASAA’s change covers the Series 63, 65 and 66; NASAA notes its exams can be taken without firm sponsorship. Each retake requires a new enrollment and the full fee.
The 120-day testing window
FINRA says that once an enrollment is processed, the system opens a 120-day testing window, starting the next day unless you’re in a waiting period. You must take the exam within that window or enroll again. Our how to register guide explains enrollment for each exam.
Common questions about securities exam formats
What score do you need to pass the SIE?
70 on a scale of 0 to 100, according to FINRA.
How many questions are on the SIE?
75 scored questions in 1 hour 45 minutes, according to FINRA’s exam table. Some exams also include unscored pretest questions.
How long do I have to wait to retake a failed FINRA exam?
Currently 30 days after a first or second failure and 180 days after a third within two years. From January 19, 2027, FINRA’s waits become 15 days and 60 days.
What are the passing scores for the Series 63, 65 and 66?
The Series 63 needs 43 of 60, the Series 65 needs 92 of 130 and the Series 66 needs 73 of 100, per NASAA’s 2023 update as reported by prep providers.
How long is the testing window?
120 days from when your enrollment is processed, according to FINRA.
Can I fail the Series 65 with 70%?
Yes. NASAA says the Series 65 passing grade is based on the overall exam and isn’t calculated as a percentage, so a 70% score can still fail. The passing grade is 92 out of 130 questions.
We first checked these sources on October 12, 2026 and rechecked them on October 16, 2026. MockTestPrep is independent and is not affiliated with FINRA or NASAA.