According to Investopedia, the series 63 exam contains long, complex questions with a difficult structure, sometimes employing a double negative. Careful reading is required, but this difficulty is compounded with a 75-minute time limit for 60 questions. A score of 72 percent or higher is required to pass the exam.
The series 63 exam is required in most states to qualify as a securities agent. It is based on the Uniformed Securities Act, of which there are three versions. Most states follow the 1956 version, a reportedly difficult version to obtain, according to Investopedia. The exam consists of 36 questions about state securities acts and related rules and regulations and 24 questions about ethical practices and obligations.