Getting Started - Series 7 Exam Format
Topics to Focus On
A lot of people who decide they want to take the Series 7 anticipate getting a job as a stockbroker - that is, someone who deals in equity shares. Consequently, you could pass the exam without correctly answering a single question about stocks. Your focus should be on the sections pertaining to options, municipal bonds and mutual funds. Many questions are concerned with the governing law, regulation and practice of financial services in the
You get six hours to write the Series 7 exam: three hours in the morning and another three hours after lunch. It is administered electronically, and you will be notified of your score immediately after completion. The exam consists of 260 questions. You will be scored on 250 of them, with the other 10 being "beta tested" on you to see if they are appropriate for people taking the exam the following year. Which 10 questions are the throwaways? There is no way of knowing.
All the questions are multiple choice, and you are given four possible answers for each. That means you have a one-in-four shot of being right every time you guess. The exam is pass-fail, with 72% - or 175 correct answers - being the minimum needed to pass. Should you fail the exam, you will have to wait 30 days before you can take it again.