Series 7 Exam: General Securities Representative
The Series 7 exam is intended for general securities registered representatives. The test covers stocks, corporate bonds and CMOs, government securities, options, mutual funds, variable annuities, and limited partnerships. It gives an employee the ability to sell general securities. A student must be sponsored by a broker/dealer to sit for the exam. The Series 63 or 66 should follow the Series 7 license.
FIRE's Series 7 Exam Prep Features
- Online self-study modules
- Live and recorded web tutorial sessions
- Online quizzes and Final exams. Your average score on our final exams is typically within 3 points of your actual score
- FIRE's Green Light plan ensuring you stay on track (90%+ pass rate)
- FIRE Drill Quiz Apps available for free download (iOS & Android) at https://www.firesolutions.com/apps
- Free on-demand printing of online materials
- Unlimited toll-free telephone and email access to our expert trainers
- 6 week and 12 week syllabi
FIRE's exclusive Green Light plan is designed to maximize your chances of passing your series seven exam by ensuring your training remains on schedule, gauges your readiness and promotes confidence. A Green Light certificate is issued by completing 100% of the module quizzes and exams and averaging at least the minimum passing score on your first attempt. Students that achieve a Green Light pass their exams over 90% of the time!
- Corporate Debt Securities
- Government Securities
- Economics & the Markets
- Municipal Securities
- Investment Companies
- Retirement Plans
- Customer Accounts
- New York Stock Exchange
- FINRA Rules
- Federal & State Regulations
- Direct Participation Programs
- Financial Statements, Exhibits, and Charts
Number of Modules = 18
Exam Prep Study Time = 150 ‐ 175 hours
How the Series 7 Exam is Structured
The Series 7 exam is a six-hour exam with a total of 250 questions given in two sessions of 125 questions each, and you have three hours to complete each session. If you take less than the allotted time, you may leave early.
A one-hour break is offered between the two sessions. In addition, you may take restroom breaks during your sessions, but the three-hour clock will continue to tick during those breaks.
On each half of the exam, you will be asked five additional questions that FINRA is considering adding to its question bank; however, they are beta questions and do not count towards your final score.
You must score 72% or higher to obtain your Series 7 license.
Questions on the Series 7 Exam
The focus for the Series 7 test is on the client — opening client accounts, evaluating clients and their needs, and making suitable recommendations. The questions are very broad, focusing on the different investment products and strategies, as well as the rules and regulations of the industry.
FINRA has provided us with the table below, which outlines the breakdown of questions on the Series 7 exam. As you can see, their categories are rather broad and ambiguous, and as such, we are not able to make a direct correlation between their categories and our modules. You should be prepared to answer questions from all 18 modules.
|Category||Percentage of Test Questions||Number of Questions|
|The rep seeks business for the broker/dealer through customers and potential customers.||27%||68|
|The rep evaluates customers other security holdings, financial situations and needs, financial status, tax status, and investment objectives.||11%||27|
|The rep opens accounts, transfer assets and maintains appropiate account records.||11%||27|
|The rep provides customers with information on investments and makes suitable recommandations.||28%||70|
|The rep obtains and verifies customers purchases and sales instructions, enters orders, and folows up.||23%||58|
How to Schedule Your Exam
To take the Series 7 exam, your firm must first file your Form U-4 and open a window with FINRA. Once that window is open, you may schedule your exam by contacting either of the testing centers authorized to administer the Series 7 on behalf of FINRA:
What to Expect at the Testing Center
You should arrive at the testing center 30 minutes in advance of your appointment, and bring a government-issued photo ID, such as a driver's license, military ID, or passport. You will be fingerprinted when checking in.
You will be provided with a locker to store your personal items. You may not take anything into the testing room. The testing center will provide you with earplugs, a calculator, and pencils and scratch paper or markers and dry-erase sheets.
Completion of the Exam
You will find out if you passed the exam as soon as you submit it, and you will be provided with a printout of your results. The testing center will notify FINRA of your results, and FINRA will make the information available to your firm via WebCRD, FINRA's Central Registration Depository.
Finra info www.finra.org/industry/series7
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