Series 7 Exam Online Course
The Series 7 is an exam sponsored by the Financial Industry Regulatory Authority (FINRA). It measures the qualifications of a person to work in the financial industry as a general securities representative. FINRA was previously called the National Association of Securities Dealers (NASD).
In order to be considered for the Series 7, a person must by sponsored by a FINRA member, a SRO (Self-Regulatory Organization), or an investment exchange. The Series 7 assesses all areas of trading other than commodities and futures.
According to FINRA, the certification that results from the exam, "qualifies a candidate for the solicitation, purchase, and/or sale of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts."
The first step is to find a sponsor. Applicants must have a sponsor in order to schedule an exam. This may mean taking a position which does not require an applicant to already have the Series 7. Often, a willingness to sponsor the Series 7 exam may be explicitly stated in a given employment ad.
The sponsoring organization must send a Uniform Application for Securities Industry Registration or Transfer (Form U-4) with FINRA. Forms filed without a sponsor will be rejected.
The exam is often a requirement for firms seeking membership with FINRA. It can also be a step toward taking more advanced FINRA exams.
The Series 7 exam contains 250 multiple-choice questions. It is divided into two parts that include 125 questions each. Participants are given three hours to complete each part. Each test has 10 questions that are not scored. At least 70% of the scored questions must be answered correctly to pass the exam.
Series 7 Self-Assessment Module:
Series 7 Exam Overview
Last Updated: 09/22/2017