Series 7 License Exam Details & FAQs

This exam is administered by The Financial Industry Regulatory Authority (FINRA) and provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, except commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with FINRA. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA.

Enrollment Fee:

$245 USD. This includes the examination enrollment fee, and the NYSE development fee.

Prerequisite:

You must be sponsored by a FINRA member firm. The SIE is a co-requisite for the series 7 exam

 

Format:

Multiple Choice

Number Of Questions:

125 scored questions are on the series 7 exam. Each candidate may see an additional 10 pre-test questions that do not count towards the exam grade (and are not indicated in the exam).

Each candidate will be allowed 225 minutes  to complete the examination. This time limit has been designed to provide enough time for all candidates to complete the exam. A score of 72% or higher is required to pass the Series 7 exam. The series 7 top off exam consists of questions from the following critical job functions of a registered representative

  1.  Seeks Business for the Broker-Dealer from Customers and Potential Customers – 9 question
  2. Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives – 11 questions
  3.  Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records – 91 questions
  4. Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions – 14 questions