If you have ever wanted to get an employment position in the financial services market you may have heard of some of the examination requirements that most people are subject to. Naturally when you are dealing with money and other assets there is a strong need for trustworthiness and accountability in transactions and transacting parties. Whether you are a buyer, seller or a middle agent in the transaction all parties need to have a mutual trust in the integrity of the process. This trust has often been violated especially in recent times as we've seen in the financial news.
Whether it is an effective solution or not various so-called watch-dog groups have been set up by either government or industry to further this mission of achieving a trustworthy financial system. FINRA's contribution to this examination and certification process is the series 7 test which has also been known as the Series 7 Exam or General Securities Representative Examination.
The series 7 test is used to examine and certify that successful examinees are qualified to perform transactions involving the purchase and sale of stocks or bonds as well as a number of other financial instruments. If you plan to take the test you can expect a fee of two hundred-fifty dollars and a 6 hour long test administered in multiple choice format. Questions on the exam include topics such as stocks, stock options, municipal securities and many others. You can also expect to be quizzed on issues related to client interaction and how to meet the needs of your customers. Although the exam consists of 250 questions it is split into three hour sets so you will take one session of 125 questions followed by a second session of 125 questions. There is a pre-test as well but it does not count towards the overall exam score at all. To achieve a passing grade your score will need to be 70% correct or higher.
You will not need to meet any prerequisite courses or other tests that must be passed in order to take the exam however it does help to have background in fields related to business or finance since familiarity will most likely help you achieve a better grade. There are some limitations on who can take the exam since you will need to belong to a firm which is allied with FINRA in order to be eligible. This can be a bit of a challenge in some cases but if this is the career path you have had an interest in for some time you'll likely be able to succeed in making your goals a reality and the series 7 test will seem like a small step along the way.