Series 7 Exam

This 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 make different types of trades with all types of corporate securities, excluding commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with FINRA. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA.

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Exam Details

Time Limit: 6 hours. Note that the exam is broken into two parts and each part has a time limit of 3 hours.
Cost: $290.00 as of August 2012.
Number of Questions: 250
Passing Score: 72%
Format: Multiple Choice
Prerequisites: You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO).
Exam Date(s): Any weekday
Exam Locations: Find your U.S. or international exam center here
Offical Exam Website: http://www.finra.org


Additional Exam Details

Individuals in the United Kingdom or Canada, in good standing with their respective country's regulatory authority, may be eligible to take an abbreviated form of the Series 7.

Acceptable abbreviated version include the Series 17, Series 37, or Series 38 exams.

FINRA Series 7 Outline– A 48 page outline of the exam, keep in mind it was published in 2011 so some of the information may be outdated.

Series 7 Exam Topic Breakdown Chart


Terms To Know



Frequently Asked Questions

  • 1. Is it possible to take the Series 7 exam without being sponsored?
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  • 2. How do I receive sponsorship from a member firm in order to write a Series 7 exam?
    View Answer »
  • 3. I failed the Series 7 exam. How long must I wait before I can take it again?
    View Answer »

Question of the Week

When a corporation wishes to open a margin account with a broker-dealer, which of the following is required?

  • I. A corporate resolution from the board of directors
  • II. A copy of the corporation’s trust indenture
  • III. A copy of the corporation’s charter or by-laws
  • IV. An agreement that the stock of the corporation will not be traded by the broker-dealer as a market-maker.

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