The Series 7 is an exam administered by FINRA that qualifies individuals to solicit the purchase and/or sale of corporate, municipal fund securities, options, direct participation programs and investment company products. The exam has 269 testable questions and is six hours long.
Candidates must be sponsored by a broker-dealer before taking the Series 7. The sponsor must pay the exam fee.
The Series 7 exam, formally known as the General Securities Representative Examination, is an essential first step for individuals wanting to work in the financial industry. It is administered by the Financial Industry Regulatory Authority (FINRA) and allows registrants to sell all types of securities products.
The 125-question exam is computer-based and closed-book. Candidates are given three hours and 45 minutes to complete the test, and a score of 72 or higher is required to pass. It is considered one of the most difficult licensing exams to pass, but with the right study habits and preparation, you can do it.
If you are planning to take the Series 7 exam, it is important to register early. Once you have registered, FINRA will provide you with a 120-day window in which to choose a day and time to take the exam at a Prometric test center. It is also recommended that you arrive at the test center at least 30 minutes prior to your scheduled time. This will give you enough time to check in and review the exam policies and procedures.
Prepare for the Series 7 – General Securities Representative Exam exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
The Series 6 and Series 7 are two of the most important securities exams for aspiring financial professionals. While both exams make you a registered representative with FINRA, the scope of what they cover and what you can sell with each license is different. Here are some things to keep in mind before you decide which one is right for you.
The Series 6-officially called the Investment Company and Variable Contracts Products Representative Qualification Examination-allows you to sell mutual funds, variable annuities, life insurance, and municipal fund securities. It also covers tax laws, regulations and securities basics. However, it is not as comprehensive as the Series 7. The Series 7 exam is also regarded as more difficult because of its length, high prevalence of suitability questions and complicated math options.
To take the Series 7, you must have a sponsoring firm file Form U4. The firm must pay the exam fee and have a designated enrollment window, which is usually 120 days. After the registration process is complete, you can schedule your exam with a Prometric Testing Center.
Whether you’re a beginner or an experienced securities professional, passing the Series 7 exam is crucial to your career. You need to be able to demonstrate your knowledge of the financial industry and pass the Securities Industry Essentials (SIE) exam before you can sit for the Series 7. Fortunately, there are several study guides and prep courses available to help you prepare for the exam.
The Series 7 exam is a 125-question computer-based test that covers the four major job functions of a general securities representative. It is a closed-book exam, which means you cannot bring any personal items into the testing center, such as ear plugs or scratch paper. You will also be required to bring a valid government ID and a calculator.
The Series 7 is a difficult exam, but it’s not impossible to pass. You can improve your chances of success by taking a comprehensive preparation course and working hard. Those who come from a finance background should consider studying for at least 80 to 100 hours, and those without a finance background should study more.