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Whats the Series 7 Exam?

By Edited Mar 11, 2014 0 0

General Details

The is Series 7 exam is mandatory for all securities brokers. The objective of the exam is to test and certify any individual that will be executing transactions in financial securities. Securites like options, stocks, and municipal securities. The exam additionally serves as the prerequisite for  more advanced assessments. It is a gateway into the financial career field.

Those who successfully pass the test are then accredited the title General Securities Representative (GS) also referred to as a Registered Representative (RR). An individual will be able to then officially inform clients on securities, solicit transactions, perform transactions for accounts, and will have the power of an agent.

The liscense precondition came from the need to reassure people of the security of their  investments, and that there would be a regulatory body in place. That regulator and administer of the Series 7 is FINRA.


The Details

  • Requirements: Sponsorship by a financial business that is a part of FINRA
  • Fees: $265
  • Layout: Multiple choice questions
  • Number of Questions: 260 (10 will be pretest problems which are not rated)
  • Time Frame: six hours overall. Composed of 2 3 hour periods
  • Successful Score: 70% or more
  • Examination Days: Every weekday
  • Exam Areas: Look for a close by examination center simply by going to the FINRA site
  • Examination Appointment Scheduling:Set up an examination by way of Pearson or Prometric Testing Centers.

About Sponsorship

The prerequisite for taking the Series 7 Exam is being hired by an agency who's a part of FINRA.
After being employed for at least four months, you'll be able to take the test. This helps the candidate in gaining some experience in financial services, which he or she will likely be assessed on inside the test.

This requirement is often irritating for individuals who want to to take the Series 7. Various agencies will only employ those with a license already. It causes those who don't have a license unable to find sponsorship. Listed below are some licenses that don't call for sponsorship. These can benefit in strengthening ones resume, thus helping them get employed by a sponsor.

  • Series 3
  • Series 63
  • Series 65

Once sponsored, you must put together a Form U-4 and have your fingerprints taken. The sponsoring firm will then send out the form plus the finger prints to FINRA. After that, a verification shall be returned to your sponsor. You will be all set to register for the test.



Make sure to study before taking the exam.  Understand the content covered by getting a hold of a series 7 study guide.  familiarize yourself with exam questions so you can get a grip on test format as well.



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