Q:

If you fail your first attempt at the Series 7 exam, your sponsor can submit an amendment to reopen a window in which you can write the exam again. This window will not open until 30 days since your last exam attempt has transpired. At this point, your window will be open for 90 days.

There is no requirement for a sponsor firm to terminate your employment should you fail. However, every time you rewrite the exam, you must pay the required $200 registration fee. So your employer they may require you to reimburse the fees paid to write the exam.

After three failed attempts, you must wait six months before you can re-write the exam for the fourth time. The six-month waiting period is appropriate since by that point you would have paid a total of approximately $600, and the cumulative expense by the fourth time would be $800. The six-month requirement is intended to provide a window in which an individual can ensure he or she is prepared for the fourth exam attempt. This process will then continue indefinately, as there is no limit as to the number of times you can attempt the series 7 exam.



A:

RELATED FAQS

  1. Do I have to successfully complete the Series 7 exam before I can register for the ...

    There are no prerequisites to register for the Series 63 exam. However, once you have registered for the exam, you must schedule ...
  2. How many people fail the series 63 exam every year?

    How many stock brokers failed the Series 63 exam before they passed successfully? Here is what you need to know before taking ...
  3. Do I need to be sponsored or employed by a member firm in order to write the Series ...

    You do not need to be sponsored by a member firm in order to write the Series 66 exam. However, it is important to remember ...
  4. What certification series does one need to be a bond broker?

    One major requirement before one can become a bond broker is to pass the General Securities Representative Exam, commonly ...
  5. What major is required to take the Series 7 examination?

    There are no prerequisite educational requirements for the Series 7 exam. However, keep in mind that you must be sponsored ...
  6. How many attempts at the Series 7 exam are permitted?

    The National Association of Securities Dealers (NASD) has not placed any limits on the number of times you can attempt to ...
RELATED TERMS
  1. Series 66

    An exam administered by the Financial Industry Regulatory Authority ...
  2. Series 34

    An exam required for individuals seeking to engage in off-exchange ...
  3. Series 24

    A securities license entitling the holder to supervise and manage ...
  4. Series 63

    A securities license entitling the holder to solicit orders for ...
  5. Series 86/87

    An exam administered by the Financial Industry Regulatory Authority ...
  6. Series 65

    A securities license required by most U.S. states for individuals ...
Hot Definitions
  1. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  2. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  3. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  4. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  5. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  6. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
Trading Center