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
Official 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7 Outline– A 48 page outline of the exam, keep in mind it was published in 2011 so some of the information may be outdated.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?
    View Answer »
  • 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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Professionals FAQs
  1.

    Where can I look for a financial planner?

    References from trusted friends or family members can help you find a financial planner; however, keep in mind that your friends' financial situations and goals may differ from yours and, therefore, their planners won't necessarily be the best fit for you.The Certified Financial Planner (CFP) Board of Standards certifies financial planners and maintains an online list of certified financial planners on its CFP Board of Standards website.
  2.

    If I am looking to get an Investment Banking job. What education do employers prefer? MBA or CFA?

    If you are looking specifically for an investment banking position, an MBA may be marginally preferable over the CFA. The caveat here is that the MBA would most probably need to be from a Top-20 B-School.The Chartered Financial Analyst (CFA) is well worth considering if you (a) are aiming for an entry-level position in investment banking, and/or (b) cannot afford to shell out six figures for an MBA or have to settle for a lesser-known B-school.That's because in the investment banking field, most entry-level positions are at the analyst level.
  3.

    Can I still pass the CFA Level I if I do poorly in the ethics section?

    You may still pass the Chartered Financial Analysis (CFA) Level I even if you fare poorly in the ethics section, but don't count on it. The CFA Institute has long emphasized that ethics is a particular area of focus for it. The seriousness with which the CFA Institute views ethics is evident from the fact that for exam candidates with borderline total scores, performance on the ethics section can mean the difference between passing and failing the exam.
  4.

    Where do most fund managers get their market information?

    Many fund managers, whether they manage a mutual fund, trust fund, pension or hedge fund, have access to resources that the "average Joe" investor does not, but the type and quality of information generally remains the same for all investors. The information that managers use comes from publicly available information in the form of news releases, annual reports and filings with pertinent exchanges.
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