Series 7

Getting Started - What FINRA is Testing

FINRA (Financial Industry Regulatory Authority) is the self-regulating exchange that administers the Series 7 exam with the co-operation of other securities exchanges and the consent of the Securities and Exchange Commission (SEC). Although the SEC could decide at any time to take over the task of determining who is and who is not fit to trade U.S. securities, it is not interested in doing that. The industry itself, through the exchanges, is just as happy to hold on to this responsibility rather than cede it to government regulators.

Exam Content
The content of the Series 7 exam is no mystery. A summary of all things Series 7 can be found in the Content Outline for the General Securities Registered Representative Examination (Test Series 7), in PDF format, prepared by the New York Stock Exchange.

The Content Outline does not give you the exam questions or the answers, but it does give you the topics - and that is as good a place as any to start. The are seven overarching topics, or "critical functions", which are each weighted differently, as figure 1.1 below illustrates:

Figure 1.1


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