Series 7 License Pass Rate – The Series 7 exam, also known as the General Securities Representative Qualification Exam, is administered by FINRA to individuals who wish to obtain a Series 7 license to become an entry-level stockbroker.
To be eligible to take the Series 7 exam, you must be affiliated with and sponsored by a FINRAFINRA financial industry regulatory authority. This organization is a private corporation designed to protect investors while operating the U.S. securities industry fairly and honestly. Part of running the securities industry fairly is ensuring that those who sell securities products are vetted, qualified and licensed. A member firm or a member firm of any other self-regulatory body.
Series 7 License Pass Rate
The Series 7 exam consists of 135 multiple-choice questions, ten of which are unscored, and you will be given a time limit of 3 hours and 45 minutes.
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The nine scored questions under this function primarily assess the ability to communicate with existing and potential customers using various methods of communication, seek approval for distribution of advertising materials, and conduct business. Describes investment services to clients on demand
11 scored questions under this function to inform customers about account types, provide disclosure about different account types, obtain and update customer information, attempt to obtain customer investment profile information and open accounts. Assess your ability to obtain supervisory approval.
91 Scored Questions Assess your ability to provide investment strategy information to clients under this function, review and analyze client investment profiles and product options, provide required disclosures regarding investment products, and communicate with clients about their contact information and process requests.
The 14 scored questions under this function assess the ability to provide current references, process and verify customer transactions, identify discrepancies and errors, resolve disputes and complaints, and resolve margin issues.
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The firm you are affiliated with must register with FINRA through the Central Registration Depository (CRD) program to be able to take the Series 7 exam. An examination fee of $300 is due at the time of registration.
On the day of your test, you should reach the test center at least 15 minutes before the scheduled test time. If you come late, you will not be allowed to sit the exam. Once you arrive, you will be asked to show a valid, government-issued photo ID. If your ID is invalid or you forget to bring it, you will not be allowed to sit the exam.
Once the check-in process is complete, you will be asked to place all personal belongings in a secure locker, such as your cell phone, books, papers, notes, food, jacket and hat.
After the test begins, you are allowed to take a break, but the timer will not stop while you are away.
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On the day before your exam, you should check your computer’s audio, video and webcam compatibility. You will need to download and install an application that will perform a system check to ensure that your laptop or desktop operating system meets the minimum requirements.
On the day of your test, make sure your test area is clear of your cell phone, reference materials, scratch paper, and food containers. Make sure you can rotate the webcam for the proctor so they can see your area.
You can start the test 30 minutes before your scheduled appointment. You may not leave the webcam view, use another monitor, or talk to anyone during your test. Your exam will be canceled if the proctor observes suspicious behavior.
The Series 7 exam is scored using the modified-Angoff method, which means your final score is determined based on your performance on the exam. Each version of the test is different, so the number of correct answers required to get a passing score will vary slightly.
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Your success on the day of the Series 7 exam depends not only on the number of hours you spend preparing, but also on whether you prepare properly or not. It’s a good idea to test along the way to see if your education is paying off. One of the most effective ways to do this is to take Series 7 practice tests to assess your progress. Practice tests are useful because they show you where you need to improve. Each time you take the free Series 7 exam practice tests, pay special attention to these three groups of questions:
This will show you what are your weak areas and where you need to spend more time studying. Ask yourself why each of these questions bothers you. Was it because you didn’t understand the material? Was it because you didn’t remember the vocabulary? Do you need more repetitions on these types of questions to build momentum and confidence? Research these questions and figure out how you can strengthen your weak areas as you go back to review the material.
Also, many Series 7 practice tests have a section explaining the answer choices. It may be tempting to read the explanation and think you now have a good grasp of the concept. However, an explanation probably covers part of the broader context of the question. Even if the explanation makes sense, go back and check each concept related to the question until you’re positive you don’t understand it well.
As you proceed, remember that the Series 7 practice test is just that: practice. Memorizing these questions and answers will not help much in the actual exam as none of the questions are likely to be the same. If you only know the correct answers to sample questions, you won’t be prepared for the real thing. Study the concepts until you understand them completely and then you will be able to answer any question that appears in the exam.
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The Series 7 exam is a certification exam for those seeking certification as an entry-level stockbroker.
Peter Wrench joined in 2009 and serves as Vice President of Product Development, responsible for overseeing all new product development and quality improvement. Mr. Wrench, a National Merit Scholar, graduated from Texas A&M University with a bachelor’s degree in mechanical engineering and a magna cum laude degree with a minor in mathematics. Series 7 allows the license holder to solicit, buy and/or sell most varieties. Securities, such as investment company products, corporate securities, and municipal fund securities, other than futures and commodities.
Considered the gold standard of financial advisor licensing, holding a Series 7 license is required of all US stockbrokers. Our trusted partner Achievable’s FINRA Series 7 course guides you through a personalized learning experience, reinforcing what you’ve learned and ensuring you’re ready to pass your exam. Achievable FINRA Series 7 is all you need to pass, and includes an easy-to-understand online textbook, dozens of videos on key topics, 4,000+ chapter review questions powered by their memory-enhancing algorithm, and 35+ full-length. Practice test. Accessible course content was designed by Brandon Reith, a top instructor at Fidelity Nationwide. Receivables has an industry-leading pass rate on their FINRA course and will give you a full refund if you don’t pass on the first try. Learn more
Series 7 is administered by the Financial Industry Regulatory Authority (FINRA), the government-sanctioned, nonprofit agency responsible for overseeing all securities licensing procedures and requirements.
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The Series 7 exam is a requirement for anyone wanting to work in financial services These include insurance agents, financial planners, stock brokers and consultants.
The Series 7 license demonstrates that the professional has the knowledge and ability to buy, trade, or sell all securities products, including mutual funds, corporate securities, hedge funds, and venture capital.
Finance professionals typically obtain a Series 7 license early in their careers because many finance positions require this license.
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In 2015, FINRA streamlined its exam structure by consolidating the core knowledge shared across a series of exams in the Securities Industry Essentials (SIE) exam.
Annual Pass Benefits
The SIE exam assesses candidates’ knowledge of securities industry information, including the risks associated with different types of products and the structure of the securities industry.
The exam is open to anyone aged 18 or over, students and prospective candidates looking to demonstrate basic industry knowledge to potential finance industry employers.
SIEs are not required to be taken by representatives in good standing with the United Kingdom’s Financial Conduct Authority (FCA) or a Canadian stock exchange or securities regulator. This is in accordance with FINRA Rule 1220.01.
SIE exam results are valid for four years only. It is important to note that passing the SIE exam alone does not qualify you to register with a FINRA member firm or to engage in securities trading.
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To be registered to participate in any securities business you must pass the SIE examination and the qualification test relevant to the type of business. To take the qualifying exam, you must be affiliated with a member firm.
Topics covered in the SIE exam are an overview of capital markets, financial products, financial risk, client accounts, stock trading, prohibited practices and regulations.
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