Which states require Series 63, when you can skip it, and what de minimis exemptions mean for multi-state practice
Colorado, DC, Florida, Louisiana, Maryland, Puerto Rico
For broker-dealer agents (not RIA-only advisors)
Before state registration required
Plus state registration fees ($50 to $200+ annually)
Here's the truth nobody tells you: Whether you need Series 63 depends on three things simultaneously your state, your firm structure, and where your clients live. And the kicker? Even states that don't require it might still expect you to have it. Confusing? Absolutely. That's why we built this state-by-state breakdown.
Use the state-by-state table below to find your state. Then check the scenarios section to find your situation. That's your actual requirement.
| License | Purpose | Prerequisites | Exam Length | Who Needs It |
|---|---|---|---|---|
| Series 63 | State securities agent registration | None | 60 questions, 75 min | Broker-dealer agents selling securities |
| Series 65 | Investment adviser representative registration | None | 130 questions, 180 min | RIA advisors providing fee-based advice |
| Series 66 | Combined 63+65 (state agent + IAR) | Series 7 required | 100 questions, 150 min | Hybrid firm employees (BD + advisory) |
Series 63 alone doesn't let you do anything. You need Series 7 (to sell securities) or Series 65 (to advise) PLUS Series 63 for state registration. Series 63 is the "state add-on" license.
State exemption for securities agents
No Series 63 requirement
State exemption, but firms often require anyway
State exemption for certain advisers
No Series 63 requirement
U.S. territory exemption
Even in these states, most firms require Series 63 because:
Example: Florida advisor with Georgia clients needs Series 63 for Georgia registration, so firms just require it upfront.
Green rows = No Series 63 required. All other rows = Series 63 required.
| State | Series 63 | Annual Fee | Regulator Link |
|---|---|---|---|
| Alabama (AL) | Required | $100 | Regulator → |
| Alaska (AK) | Required | $150 | Regulator → |
| Arizona (AZ) | Required | $75 | Regulator → |
| Arkansas (AR) | Required | $100 | Regulator → |
| California (CA) | Required | $200 | Regulator → |
| Colorado (CO) | Not Required | $50 | Regulator → |
| Connecticut (CT) | Required | $150 | Regulator → |
| Delaware (DE) | Required | $120 | Regulator → |
| District of Columbia (DC) | Not Required | $75 | Regulator → |
| Florida (FL) | Not Required | $60 | Regulator → |
| Georgia (GA) | Required | $100 | Regulator → |
| Hawaii (HI) | Required | $200 | Regulator → |
| Idaho (ID) | Required | $100 | Regulator → |
| Illinois (IL) | Required | $125 | Regulator → |
| Indiana (IN) | Required | $100 | Regulator → |
| Iowa (IA) | Required | $100 | Regulator → |
| Kansas (KS) | Required | $150 | Regulator → |
| Kentucky (KY) | Required | $100 | Regulator → |
| Louisiana (LA) | Not Required | $75 | Regulator → |
| Maine (ME) | Required | $150 | Regulator → |
| Maryland (MD) | Not Required | $100 | Regulator → |
| Massachusetts (MA) | Required | $150 | Regulator → |
| Michigan (MI) | Required | $100 | Regulator → |
| Minnesota (MN) | Required | $100 | Regulator → |
| Mississippi (MS) | Required | $75 | Regulator → |
| Missouri (MO) | Required | $100 | Regulator → |
| Montana (MT) | Required | $100 | Regulator → |
| Nebraska (NE) | Required | $100 | Regulator → |
| Nevada (NV) | Required | $250 | Regulator → |
| New Hampshire (NH) | Required | $150 | Regulator → |
| New Jersey (NJ) | Required | $150 | Regulator → |
| New Mexico (NM) | Required | $100 | Regulator → |
| New York (NY) | Required | $200 | Regulator → |
| North Carolina (NC) | Required | $100 | Regulator → |
| North Dakota (ND) | Required | $100 | Regulator → |
| Ohio (OH) | Required | $100 | Regulator → |
| Oklahoma (OK) | Required | $150 | Regulator → |
| Oregon (OR) | Required | $125 | Regulator → |
| Pennsylvania (PA) | Required | $150 | Regulator → |
| Puerto Rico (PR) | Not Required | $50 | Regulator → |
| Rhode Island (RI) | Required | $150 | Regulator → |
| South Carolina (SC) | Required | $100 | Regulator → |
| South Dakota (SD) | Required | $100 | Regulator → |
| Tennessee (TN) | Required | $100 | Regulator → |
| Texas (TX) | Required | $150 | Regulator → |
| Utah (UT) | Required | $75 | Regulator → |
| Vermont (VT) | Required | $150 | Regulator → |
| Virginia (VA) | Required | $100 | Regulator → |
| Washington (WA) | Required | $100 | Regulator → |
| West Virginia (WV) | Required | $100 | Regulator → |
| Wisconsin (WI) | Required | $100 | Regulator → |
| Wyoming (WY) | Required | $100 | Regulator → |
States: CT, MA, ME, NH, NJ, NY, PA, RI, VT
Series 63 Required: 9 of 9
Average Fee: $150
All Northeast states require Series 63. High concentration of wealth management firms.
States: AL, AR, GA, KY, MS, NC, OK, SC, TN, VA, WV
Series 63 Required: 11 of 14
Average Fee: $95
Florida, Louisiana, and Maryland do not require Series 63. Other states do.
States: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI
Series 63 Required: 12 of 12
Average Fee: $108
All Midwest states require Series 63.
States: AK, AZ, CA, HI, ID, MT, NV, NM, OR, TX, UT, WA, WY
Series 63 Required: 12 of 13
Average Fee: $125
Colorado is the only Western state not requiring Series 63.
The de minimis exemption allows you to have up to 5 clients in a state without registering there, as long as you don't have a physical office in that state.
The de minimis exemption is your friend, but it's also a ticking time bomb if you don't track it carefully. You can have 5 clients in California without registering there. Get your 6th California client? Boom. You're out of compliance and need to register immediately. This is why firms obsessively track client counts by state. Most firms use CRM systems with state-count alerts.
START: Do you work for a broker-dealer or sell securities?
├─ YES → Do you have Series 7?
│ ├─ YES → Do you also give investment advice?
│ │ ├─ YES → Get Series 66 (combines 63+65)
│ │ │ OR Get Series 63 + Series 65
│ │ └─ NO → Get Series 63 only
│ └─ NO → Get Series 7 first, then Series 63
│
└─ NO → Do you provide investment advice for a fee?
├─ YES → Get Series 65 (no Series 63 needed)
└─ NO → Check with your firm
THEN: Check state requirements
├─ In CO, DC, FL, LA, MD, or PR?
│ └─ State doesn't require it, but firm might
└─ In any other state?
└─ State requires Series 63 for BD agents Whether you need Series 63 depends on your specific situation. Use this guide to determine your requirements state by state, then choose the right prep course for your exam.