The Series 7 exam ensures a baseline level of proficiency for individuals starting their careers in the financial industry.[3] It is particularly important for newly hired personnel who may lack prior exposure to finance-related subjects during their university education. Passing the Series 7 exam is often a requirement for other FINRA exams, including those related to options trading and managerial roles. [4]
A candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.[5]
Covered activities and products include:
public offerings and/or private placements of corporate securities (stocks and bonds),
rights,
warrants,
mutual funds,
money market funds,
unit investment trusts (UITs),
exchange-traded funds (ETFs),
real estate investment trusts (REITs),
options on mortgage-backed securities,
government securities,
repos and certificates of accrual on government securities,
The corequisite is the Securities Industry Essentials (SIE) exam, a change FINRA enacted in 2018.[6] In October 2018, the 250-question Series 7 exam was replaced by the current top-off exam that is now taken in conjunction with the SIE exam. (A correlative change was made to the Series 6 exam.). In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO).[7] Employers will sponsor candidates as part of employment.
The Series 7 is a three-hour, forty-five-minute exam.[1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9]
Average study time is between 80 and 150 hours depending on current financial knowledge.[10]
The Series 7 exam tests candidates on four functions.[1]
Test Breakdown by Function
Number of Questions
Percentage of Test Questions
(F1) Seeks Business for the Broker-Dealer through Customers and Potential Customers
9
7%
(F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
11
9%
(F3) Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
91
73%
(F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions
14
11%
TOTAL
125
100%
Registration costsedit
As of June 24, 2023, the registration cost is $300.[11]
Wikibooks has a book on the topic of: NASD Series License
Wikibooks has more on the topic of: Series 7 exam
Financial Industry Regulatory Authority
FINRA Registration and Examination Requirements
Securities Industry Essentials Exam
January 01, 1970
series, exam, topic, this, article, meet, wikipedia, general, notability, guideline, please, help, demonstrate, notability, topic, citing, reliable, secondary, sources, that, independent, topic, provide, significant, coverage, beyond, mere, trivial, mention, n. The topic of this article may not meet Wikipedia s general notability guideline Please help to demonstrate the notability of the topic by citing reliable secondary sources that are independent of the topic and provide significant coverage of it beyond a mere trivial mention If notability cannot be shown the article is likely to be merged redirected or deleted Find sources Series 7 exam news newspapers books scholar JSTOR July 2022 Learn how and when to remove this message In the United States the Series 7 exam also known as the General Securities Representative Exam GSRE is a test for entry level registered representatives that demonstrates competency to buy or sell security products such as corporate securities municipal securities options direct participation programs investment company products and variable contracts The Series 7 is administered by the Financial Industry Regulatory Authority FINRA an industry regulatory agency 1 2 The Series 7 exam ensures a baseline level of proficiency for individuals starting their careers in the financial industry 3 It is particularly important for newly hired personnel who may lack prior exposure to finance related subjects during their university education Passing the Series 7 exam is often a requirement for other FINRA exams including those related to options trading and managerial roles 4 Contents 1 Permitted activities 2 Eligibility 3 Structure 4 Registration costs 5 See also 6 References 7 External linksPermitted activities editA candidate who passes the Series 7 exam is qualified for the solicitation purchase and or sale of all securities products including corporate securities municipal fund securities options direct participation programs investment company products and variable contracts 5 Covered activities and products include public offerings and or private placements of corporate securities stocks and bonds rights warrants mutual funds money market funds unit investment trusts UITs exchange traded funds ETFs real estate investment trusts REITs options on mortgage backed securities government securities repos and certificates of accrual on government securities direct participation programs venture capital sale of municipal securities and hedge fundsEligibility editThe corequisite is the Securities Industry Essentials SIE exam a change FINRA enacted in 2018 6 In October 2018 the 250 question Series 7 exam was replaced by the current top off exam that is now taken in conjunction with the SIE exam A correlative change was made to the Series 6 exam In order to take the exam an individual must be sponsored by a member firm of either FINRA or a self regulatory organization SRO 7 Employers will sponsor candidates as part of employment There is no education requirement 8 Structure editThe Series 7 is a three hour forty five minute exam 1 It is held in one four hour session There are 125 questions on the test Candidates have to score at least 72 to pass The SIE Exam and the Series 7 Exam are co requisite exams 9 Average study time is between 80 and 150 hours depending on current financial knowledge 10 The Series 7 exam tests candidates on four functions 1 Test Breakdown by Function Number of Questions Percentage of Test Questions F1 Seeks Business for the Broker Dealer through Customers and Potential Customers 9 7 F2 Opens Accounts after Obtaining and Evaluating Customers Financial Profile and Investment Objectives 11 9 F3 Provides Customers with Information about Investments Makes Suitable Recommendations Transfers Assets and Maintains Appropriate Records 91 73 F4 Obtains and Verifies Customers Purchase and Sales Instructions and Agreements Processes Completes and Confirms Transactions 14 11 TOTAL 125 100 Registration costs editAs of June 24 2023 the registration cost is 300 11 See also editList of securities examinations Series 6 exam Uniform Securities Agent State Law Exam Series 63 General Securities Principal Exam Series 24 U S Securities and Exchange CommissionReferences edit a b c Series 7 Examination FINRA Retrieved 2015 03 16 Series 7 Examination www sec gov Retrieved 2023 06 25 Hicks and Stalter Coryanne and Kate 19 August 2021 An Advisor s Guide to the Series 7 License CPA Sam Swenson CFA What Is Series 7 The Motley Fool Retrieved 2023 06 25 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link Series 7 General Securities Representative Exam FINRA org www finra org Retrieved 2023 06 25 FINRA Administered Qualification Examinations FINRA Retrieved 2015 03 18 Form U10 FINRA org Archived from the original on 2015 04 11 Frequently Asked Questions About the FINRA Series 7 Exam Kaplan Financial Education 9 April 2019 Retrieved 24 June 2023 SIE Exam SIE Exam Tutor 7 Strategies for Passing the Series 7 FINRA Qualifications Exam Kaplan Financial Education 8 April 2019 Retrieved 24 June 2023 Qualification Exams FINRA org www finra org Retrieved 2023 06 24 External links edit nbsp Wikibooks has a book on the topic of NASD Series License nbsp Wikibooks has more on the topic of Series 7 exam Financial Industry Regulatory Authority FINRA Registration and Examination Requirements Securities Industry Essentials Exam Retrieved from https en wikipedia org w index php title Series 7 exam amp oldid 1197597504, wikipedia, wiki, book, books, library,
