Series 7 Exam Prep Products
Preparing for the Series 7 exam is a significant undertaking, one that requires dedication, planning and forethought right from the very beginning. Here at the Securities Institute we know this, and we have dedicated ourselves to providing you with the highest quality exam prep materials on the market today. The goal is simple. Pass the exam and move forward with your career. And that is exactly what we want to help you achieve. Our materials set the standard for the industry and we proudly claim to maintain the highest pass rates of any exam prep program on the market today. These cutting edge materials have been developed in partnership with John Wiley & sons, the largest publisher of financial information in the world. The materials are high quality. They are effective. And they will walk you through the study process step by step until you are ready to pass your exam with flying colors. Ever hear of Wiley Exam Prep Products? It’s likely you have! We are the authors of those products and are thrilled to offer them to our students right from the our experts. So if you have questions, click on the support link to chat with a rep or call our office during business hours and we will answer any questions you may have. Remember, our goal is for you to succeed and we are here to help you do just that. Ensure you are ready to pass your Series 7 exam with our best in class Series 7 exam training materials. Our series 7 GreenLight exam is the perfect way to top off your series 7 exam preparation. Our Series 7 materials now come with our Series 7 money back GreenLight Guarantee ™ – pass our GreenLight exam within 5 days of your actual exam, and if you do not pass, we will refund your money.
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Note: We are the authors of the Wiley exam prep products so you are buying directly from the source! Got any questions? We would love to talk.
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Series 7 License Frequently Asked Questions
1) Why should I get a Series 7 license?
The majority of people who obtain the Series 7 license will be required to pass the exam by their employer. Often times as a condition of employment, individuals are required to obtain the Series 7 license to function in their job. You may be joining your firm as a financial adviser, trader or in some other capacity that dictates that you pass the Series 7 exam. Your firm’s compliance department, home office or HR will notify individuals directly or through their managers as to the time frame for taking the exam. Full service broker dealers, proprietary trading firms and many investment advisory firms require their agents to obtain the Series 7 license.
2) What will I be able to do with a Series 7 license?
A Series 7 license will allow you to conduct a significant amount of business in all general securities products including stocks, bonds, options rights, warrants, open and closed end investment company shares and ETFs. Once you have obtained a Series 7 license, if you wish to conduct business in variable annuity and variable life contracts you will be required to obtain a life and health insurance license in your state. Most agents who obtain a Series 7 license will wish to conduct business in variable annuities and will pursue an insurance license, if they have not already done so. Passing the Series 7 exam and becoming Series 7 licensed will allow you to enter the financial services sector as a general securities registered representative.
3) How hard is it to get a Series 7 license?
Passing the Series 7 exams is a significant challenge and obtaining a Series 7 license takes focus and dedication to the exam preparation process. Students should not take this test lightly. You must thoroughly prepare to take the exam and should make it a top priority. Prepare for the exam by reading a textbook completely with a highlighter. You must read the book, there are no shortcuts and students need to understand this. You must clear your schedule, shut off your phone and focus. In addition to obtaining the knowledge required by the exam , you must master the application of the information by taking thousands of practice questions. We recommend at least 80 – 100 hours of preparation to ensure you pass your Series 7 exam and become licensed to represent your broker dealer
4) Is my Series 7 license transferable?
For most registered representatives it feels like your Series 7 license is indeed transferable, in actuality it is not. If you wish to change employers by switching broker dealers, your Series 7 registration / license must be terminated by your current FINRA member firm. Your former employer / the firm that you are leaving will fill out and submit a Form U5 to FINRA. This will terminate your employment and your registration with that firm. When you arrive at your new firm you must fill out and submit a new Form U4. This will begin your registration with your new firm and your Series 7 license will become active at your new firm upon receiving notice from FINRA and the states where you conduct business.
5) How much does it cost to get a Series 7 license?
Obtaining a Series 7 license will require many people to make an investment in their professional development. Your Series 7 license will empower your to conduct business in all general securities products. Many people who obtain a Series 7 license enjoy lucrative and successful careers. The good news is, for those who have to pay for it out of pocket, the costs are relatively low when compared to other types of training, certification and college expenses. Some employers pick up or reimburse the costs of training and the testing and registration fees. Even for these people many obtain additional resources such as additional test questions, books or videos to ensure they pass their exam. For those who have to pay all of the expenses out of pocket, it usually only costs a few hundred dollars for the testing and registration fees and the training materials. You will find that obtaining a Series 7 license opens many doors for you throughout your career.
6) What are the continuing education requirements once I have a Series 7 license?
Once you have obtained your Series 7 license you will be required to meet certain continuing educational requirements. Every year your firm will send out a questionnaire known as a “needs analysis” to each of its registered personnel. Based on the response to the questionnaire each representative will be assigned continuing education courses to complete. Your firm may have you attend a seminar, webinar or take an online course to satisfy the firm element continuing education requirement. You will also be required to complete the regulatory continuing education requirement, which is administered by FINRA. You will be required to complete this continuing education requirement by successfully completing the S101 course based on your date of association with a FINRA member. Your date of association for most people will be the date you passed your exam. You will be required to complete the S101 on the second anniversary of passing your exam and every three years thereafter. The S101 course may be completed at an approved facility or on FINRA’s continuing education portal.
7) Will I need to obtain any other license to be fully registered?
The series 7 exam is considered to be a top off exam. When combined with the SIE you will be licensed to represent a broker dealer in the sale of all general securities. Additionally, most states require that agents obtain a series 63 license in addition to the Series 7 license to conduct business within their state and with state residents. You can think of your Series 7 license as your product license and your license to represent your employing broker dealer. Your series 63 license can be thought of as your license to transact business with your clients or with people. The series 63 license is in addition to the life and health insurance license detailed above. Alternatively, many Series 7 registered representatives opt to take or are required to take the series 66 exam instead of taking the series 63 exam. The series 66 exam once passed in addition to the Series 7 will allow a person to become fully licensed to represent both a broker dealer and investment adviser in the sale of securities to state residents. A fully licensed Series 7 & 66 agent may receive compensation in the form of commissions for executing orders through a broker dealer and may also receive fee based compensation for giving advice while representing an investment adviser. These fees usually take the form of an asset based fee such as 1 percent of the value of the account. We hope that this answers many of your frequently asked questions about the Series 7 license. If you have any additional questions please call or email us.
8) What are the details of the Series 7 Exam ?
he Series 7 Exam is comprised of 125 multiple choice questions. Each candidate will have 3 hours to complete the exam and a score of 72% is required to pass the exam
Good luck on your exam.