Q:

Unfortunately, the answer is "No." The Financial Industry Regulatory Authority or FINRA, (formerly the National Association of Securities Dealers (NASD)), requires an individual to be sponsored by a member firm, a self-regulatory organization (SRO), or an exchange in order to write the Series 7 exam.

The Series 7 exam allows a finance professional to demonstrate his or her competence in all areas of trading, except for commodities and futures. It is the first step of the registration process set forth by FINRA. In order to schedule an exam, the member firm that sponsors you must file the Uniform Application for Securities Industry Registration or Transfer (Form U-4) with FINRA. Click here for the most recent PDF version of Form U-4, and here for instructions on how to complete the form.

For Form U-4 to be completed to the liking of FINRA, the sponsoring firm must act as an Appropriate Signatory. Therefore, if an individual attempted to file this form without the signature of a sponsoring firm, the application would be rejected and monies paid toward registration might not be refunded.

This may lead you to wonder, how do you get sponsored? Click here for more information on obtaining sponsorship for an exam.

A:

MORE FAQS

  1. What major is required to take the Series 7 examination?

  2. How do I receive sponsorship from a member firm in order to write a Series 7 exam?

  3. What does passing the Series 6 enable me to do?

  4. I am not currently employed at a member firm, but I have independently written the Series 63 exam. How do I keep this status valid?

  5. I have passed the Series 63 and FINRA Series 7, but would like to become licensed as an investment advisor. Should I take the Series 65 or Series 66?

  6. I passed my Series 7 exam, but I terminated employment at my sponsoring firm before I received my license. Is my exam still valid?

  7. I decided not to take the Series 63 exam. Can I get a refund?

  8. Do I need a class to take the Series 63 exam?

  9. Am I qualified once I complete my FINRA certification exam?

  10. I failed the Series 6 exam. How long must I wait before I can re-take it?

  11. I want to start my own brokerage company, how do I become a member of FINRA?

  12. I failed the Series 7 exam. How long must I wait before I can take it again?

  13. For what reasons are electronics stocks commonly purchased by a value investor?

  14. If my employment with my current firm terminates relatively soon, do I have two years before my FINRA exams expire no matter how long I was with the last member firm?

  15. Are dividends the best way to make money for retirement?

  16. Are qualified dividends included in ordinary dividends?

  17. Why do you need a margin account to short sell stocks?

  18. When short selling, how long should you hold on to a short?

  19. How does somebody make money short selling?

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