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FINRA General Securities Representative Qualification Examination (Series 7)
600 questions
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About this exam
The FINRA General Securities Representative Qualification Examination, known as the Series 7, assesses whether candidates have the knowledge needed for a general securities representative role. It is typically taken by people seeking registration to sell a broad range of securities products through a FINRA member firm. Candidates generally need firm sponsorship to take the Series 7 and must also pass the Securities Industry Essentials (SIE) exam; the SIE can be taken separately before sponsorship.
The Series 7 is a multiple-choice exam covering client accounts and recommendations, securities products, transactions, and applicable rules. Major study areas include equity securities and corporate actions, debt securities and yield-price relationships, municipal securities and tax considerations, options, investment companies, and trading procedures. Preparation calls for more than memorizing definitions: candidates need to interpret client situations, compare products, and apply rules under time pressure. Review the current FINRA content outline, since exam details and requirements can change.
How to prepare for the FINRA Series 7 exam
- Use the current FINRA Series 7 content outline to organize your study plan, then give extra review time to its major tested functions, especially recommendations and product knowledge.
- Study securities markets and trading, equity securities and corporate actions, debt yields and price relationships, and municipal securities and tax treatment; practice explaining how a product or transaction fits a client's situation.
- Build timed multiple-choice sessions into your schedule, review the reasoning behind every missed answer, and confirm registration and exam information with FINRA and your sponsoring firm.
FAQ
Who is eligible to take the Series 7 exam?
Candidates generally need sponsorship from a FINRA member firm to enroll for the Series 7. They must also pass the SIE exam, which may be taken before or after obtaining sponsorship. Check current FINRA requirements and confirm the enrollment process with the sponsoring firm.
How many questions are on the Series 7, and how long is the exam?
The Series 7 currently has 125 scored multiple-choice questions and a testing time of 3 hours and 45 minutes. The passing score is 72%. Confirm the latest format with FINRA before your exam, as requirements may change.
What subjects should I study for the Series 7?
Review customer accounts and recommendations, equity and debt securities, municipal securities, options, investment companies, trading and order handling, and relevant regulations. The FINRA content outline is the best guide to the current exam coverage.