Series 7 Exam

Eligibility to take the Series 7 Exam relies on the fact that you are sponsored by a FINRA member firm. Additionally, before or after taking the Series 7 Exam, you must pass the Securities Industry Essentials Exam in order to become a securities registered representative.

This is a computer-based exam that consists of 135 multiple-choice questions, of which, 125 will be scored. You will have 3 hours and 45 minutes minutes to complete the exam.

Special testing accommodations are available to examinees who have conditions covered under the Americans with Disabilities. This request must be made in writing. You will receive confirmation if you have been approved for such accommodations.

Extra time, breaks that do not lessen your testing time, a reader, paper and pencil exams, a separate room for testing, anti-glare screen, screen magnifier, Braille, large-print test book, and large-print answer sheet a few examples of accommodations that can be requested.

What functions and topics are covered on this exam?

  • Function 1: Sourcing business from customers and possible customers – 9 questions
  • Function 2: Determining customers’ investment objectives, then opening accounts – 11 questions
  • Function 3: Providing information and investment recommendations that meet the customers’, then transferring assets and keeping proper records of these accounts– 91 questions
  • Function 4: Staying on top of customers’ purchase and sales directives, and processing these transactions – 14 questions

Function 1

Some of the topics that will be focused on include interacting with customers and possible customers via face-to-face meetings, telephone, email, and standard mail, creating and distributing advertising resources, and explaining investment products for the purpose of making a sale.

Function 2

Some of the topics that will be focused on include discussing account types and how they are appropriate for individual customers, gather and revise customers’ information, as well as report any activity that appears to be suspicious, and get the proper permission to open customer accounts.

Function 3

Some of the topics that will focused on include discussing investment strategies with customer (this also consists of explaining risks and rewards), assessing customers’ portfolios to determine if current investments are aligned with the customers’ goals and/or recommending other investments, providing disclosures for investment products, and converse with customers’ regarding account information and transactions requested.

Function 4

Some of the topics that will focused on include offering quotes, legally processing customers’ transactions and ensuring customers meet their responsibilities with regard to these transactions, and resolving any issues associated with customers’ accounts.

How do I register for this exam?

As previously stated, in order to be eligible to take this exam, you must be sponsored by a firm that is FINRA-associated. This same firm must register for you to take this exam.

What is the cost of taking this exam?

The cost of taking the Series 7 Exam is $245.

What are the testing dates and locations?

Once you are enrolled for taking the Series 7 Exam, you will receive a 120-day testing window. You can contact the test center to find out the open dates.

Throughout the world, there are many testing sites where you can take the exam.

What should I do the day of the exam?

Arriving late to the test center could prevent you from being able to take the exam, so get there approximately 30 minutes early so you have enough time to go through the check-in process and get seated for the exam.

A form of identification that includes your name, signature, and photo will be required, so bring this with you.

You will be given a calculator and white board/dry erase marker that you can use during the test. Upon completion of the test, you must return these items to test center personnel.

Examples of prohibited items include a cell phone, purse, and briefcase.

Can I take a break during the exam?

Taking breaks should be done sparingly, as there is no break scheduled into this exam. This means if you do decide to take a break, the exam clock will not stop, the amount of time you have to complete the exam will be reduced.

What happens after I take the exam?

The computer will let you know if you passed or failed right after you finish. You will also receive a hard copy of your status before leaving the testing center.

What is the minimum passing score on this exam?

72%

What happens if I don’t pass the exam?

You must wait 30 days to re-take the exam. If you take the exam three times in a row, and fail all three times, you must wait a 180-day period from the date of your last attempt, to try it again.

How Can I Prepare for the Series 7 Test?

We believe that different learning styles require different tools for success. We have compiled a list of the best study guides, flashcards, and practice tests that we’ve found on the market. Some of these guides have review videos, for you visual learners out there. Others have practice tests, which have been proven to increase student scores by a whole letter grade (in some cases more than that)!

Top Study Guides: 

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Last Updated: June 27, 2019