The Series 7 exam is administered by the Financial Industry Regulatory Authority (FINRA) (previously the National Association of Securities Dealers (NASD)) and provides an individual with the qualifications necessary in order to process trades with all types of corporate securities, excluding commodities and futures. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA.

Because the Series 7 Examination intends to measure competence at an entry level, every effort is made to avoid including questions that can only be answered correctly by a small proportion of candidates. The measurement purpose of the Series 7 Examination is to determine whether or not a candidate has attained the level of competency required to function as a Registered Representative (RR), not to rate the candidate in relation to the candidate group. In other words, you are not competing with anyone. You are just taking an entry-level, pass-fail exam.Here is some more useful information:

Time Limit Six hours. Three in the morning, followed by a one-hour break, then three in the afternoon.
Questions 250 multiple choice questions Questions are comprised of inter-related components: functions, tasks, knowledge statements and rule knowledge
Passing Score 72%
Exam Fee $290 as of August 2012. For more see the FINRA Registration/Exam Fee Schedule.
Exam Date(s): Exams occur on any weekday. Find your US or International exam center here.
Prerequisites: You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO).

You probably already know about the Catch-22 inherent in getting a Series 7 license. To get a job in financial securities, you need a Series 7, but to get a Series 7, you need a job in financial securities.This presents a difficult, but not insurmountable, problem. There are similar hurdles to getting through any licensure or apprenticeship program for any job worth having. There is more than one way to get into the business, and within this section we will give you a few suggestions.



Explore Your Options

Related Articles
  1. Financial Advisor

    Introduction To The Series 65 Exam

    The Series 65 is required in many states in order to be a fee-based advisor. Find out what it is and whether you need it.
  2. Personal Finance

    The Series 79 Exam: What It Is And When You Need It

    If you're getting into the field of investment banking, you'll need to know all about the Series 79.
  3. Financial Advisor

    The Difference Between Series 63, 65 and 66

    After passing the first core examination, usually the FINRA Series 6 or Series 7, one hurdle remains. That’s the Series 63, 65 or 66.
  4. Financial Advisor

    Tips For Passing The Series 6 Exam

    Find out what you can do during the test to make sure you get a passing score.
  5. Financial Advisor

    Understanding Series 6

    Upon successful completion of the Series 6, an individual will have the qualifications needed to sell open end mutual funds and variable annuities
  6. Financial Advisor

    What is the Series 66?

    The Series 66 exam is one of two tests required to register as both a securities agent and an investment advisor.
  7. Personal Finance

    CFA Vs. Series 7: Which is Easier

    Find out which is exam is easier: The Chartered Financial Analyst (CFA) exam, or the Series 7 securities exam for registered representatives.
  8. Financial Advisor

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  9. Personal Finance

    Prepare For Your CFA Exams

    Find out how to get yourself ready for these lengthy and often daunting exams.
  10. Financial Advisor

    Who Needs to Take the Series 65?

    Most states require individuals to pass the Series 65 exam in order to act as investment advisors.
Trading Center