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The table below lists the allocation of exam items for each major job function.

Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4). Known formally as the General Securities Representative Qualification Examination, the Series 7 exam and its licensing is administered by the Financial Industry Regulatory Authority (FINRA)., Stockbrokers in the United States need to pass the Series 7 exam to obtain a license to trade. FINRA. ”Series 24 – General Securities Principal Exam.” Accessed August 19, 2020. Photo credit: ©iStock.com/lovelyday12, ©iStock.com/artekSzewczyk, ©iStock.com/Easyturn. The Series 7 exam licenses the holder to sell all types of securities products except commodities and futures. These include white papers, government data, original reporting, and interviews with industry experts. Every firm that deals with securities in the U.S. must be a member of FINRA. Have a question? Note that FINRA says that the SIE and Series 7 exams are "corequisites," which does not mean you have to take The outline is comprised of the four major job functions of a general securities representative. Below, we list some of the larger financial services test-prep firms. Once you’ve passed the exam, you can move on to more complex industry-regulated assessments. So you need to understand the concepts and how they apply to your work in the real world. The Series 7 is no different than any somewhat challenging freshmen level college exam. The Series 7 license does not cover selling real estate or life insurance products. In addition to obtaining the Series 7 license, many states require that registered representatives pass the Series 63 exam, also called the Uniform Securities Agent State Law Exam. , Since October 1, 2018, Series 7 candidates are required to take the Securities Industry Essentials (SIE) exam before sitting for the Series 7. According to FINRA, the SIE is an introductory-level exam that "assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices." The Series 7 exam focuses on investment risk, taxation, equity, and debt instruments; packaged securities, options, retirement plans, and interactions with clients for prospective securities industry professionals. This introductory-level exam assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry., The purpose of the Series 7 license is to set a level of competency for a registered representative or stockbroker to work in the securities industry. These licenses can help you rise in your financial services career. After the third try, you’ll have to wait 180 calendar days.

Current or potential employers who wish to view proof of completion must access this information through FINRA's Central Registration Depository (CRD)., Completion of the Series 7 exam is a prerequisite for many other securities licenses, such as the Series 24, which permits the candidate to supervise and manage broker activities.. A registered principal is a licensed securities dealer who is also empowered to oversee operational, compliance, trading, and sales personnel. FINRA. But this doesn’t mean cram and memorize as many answers as you can. The SIE exam tests common
After identifying nine series exams with common content (6, 7, 22, 57, 79, 82, 86/87, 99), FINRA decided to restructure their licensing process. We apologize for any inconvenience this may cause. FINRA. Here are some topics you likely would encounter on the exam: Below, a quick glance at how the Series 7 exam is structured: Brokers have four main job functions, according to FINRA. Learn more about our live and online study options, and how to purchase a Series 7 exam prep package on our website. The Series 26 is a FINRA-sponsored licensing exam that must be passed in order to become a supervisor or manager of agents selling mutual funds or variable insurance products.

You can take the SIE exam before being sponsored by a firm and even while you are still in school. Those who get this license are officially listed as registered representatives by FINRA, but It’s one of the many industry-regulated tests the Financial Industry Regulatory Authority (FINRA) administers. You should use this to develop a more effective studying strategy before retaking the exam. Our site will be unavailable for 5 hours starting on Monday, November 16th from 10:00pm and ending at 3:00am CT on Tuesday, November 17th for maintenance. The Series 27 is a securities license entitling the holder to prepare and manage the books and record keeping at a member firm. annuities, options, direct participation program (DPP) partnerships, and packaged securities (i.e., collateralized mortgage obligations). Download "A Candidate's Guide to the SIE Exam" to take your first step toward SIE Exam success. The test also covers industry regulations and best practices for establishing and maintaining client relationships. FINRA. The licensing exam is not exactly a walk in the park. To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). ”Exam Restructuring.” Accessed August 19, 2020. Prior to Oct. 1, 2018, the Series 7 exam contained 250 questions covering five major job functions. The exam duration was six hours, had no prerequisites, and cost $305. The exam consists of 125 multiple-choice questions, and you have 3 hours and 45 minutes to complete it. There The Series 7 is generally preferred by banks and broker dealers for new recruits coming directly into the financial services industry. Individuals who pass the Series 7 examination are eligible to register to trade all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts. Aim to answer at least 1,000 practice questions. The licensing exam covers an extensive range of financial terms and topics as well as securities regulations., Candidates who pass the Series 7 exam can trade many securities, such as stocks, mutual funds, options, municipal securities, and variable contracts. (At the time of the writing of this article, FINRA had most recently rolled out a new version of the exam after October 2018.). According to FINRA, this prerequisite “assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices.”. Most candidates also choose to take the SIE before they take the Series 7, but you can take it first if you prefer and the SIE afterwards. The Financial Industry Regulatory Authority (FINRA) administers the Series 7 examination. FINRA. Candidates must select each exam individually and complete individual appointment transactions. The Series 7 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required.

”Series 7 – General Securities Representative Exam.” Accessed August 19, 2020. The exam mainly covers information about investments, their suitability for different investors,  record-keeping and asset transfers. The content is fairly straight forward but there will be the odd curve ball thrown. ). What is a Series 7 license? Accessed August 19, 2020. The Series 7 exam is a test that brokers and other financial professionals must pass in order to be licensed to sell, trade and recommend most types of securities including stocks, bonds and mutual funds. The Series 6 is a securities license entitling the holder to register as a company's representative and sell certain financial products. Here are the functions – and how extensively the Series 7 exam covers them: You can find test-prep books, videos and online content to help you prepare for the Series 7 exam.

But with preparation, you can ace it and become licensed to sell nearly any security. Overall, you should dedicate the time and take preparation seriously. The Series 7 license is an essential requirement for an entry-level broker. Every year, more than 43,000 individuals take this test to pursue a career in finance. Investopedia requires writers to use primary sources to support their work. Some are more effectively structured than others, however. Answering some questions may require the use of charts, graphs and other graphics.


If you need more information on the SIE, FINRA's SIE exam content outline provides more details., Candidates who want to take the Series 7 exam must be sponsored by a FINRA member firm, and FINRA has other Series 7 eligibility requirements. But not all financial advisors are brokers. So do your research. A holder is allowed to sell corporate stocks and bonds, municipal bonds, mutual funds, variable ”Central Registration Depository (CRD).” Accessed August 19, 2020.

Those who are both follow different standards, depending on the role. You can expect the Series 7 exam to touch on basic types of investment products, their potential benefits and their associated risks. Here's how to qualify and prepare for the exam… Read reviews for test prep books before you purchase one and commit some serious study hours.

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