Series 7 Exam Information
Series 7 Exam Overview & FAQs
The General Securities Representative (Series 7) Exam
Created in 1974, the Series 7 exam assesses the knowledge needed to perform functions of an entry level registered representative. It is often referred to as Series 7 top off since it “tops off” a candidate’s registration when paired with the SIE exam (i.e. they are co-requisites). The Series 7 exam is administered by the Financial Industry Regulatory Authority (FINRA), and required by FINRA and SEC.
Topics include: regulation, customer accounts, taxation, functioning of primary and secondary accounts, as well as product knowledge of options, bonds, equities, and packaged products.
Series 7 Exam Difficulty Level
According to most students, the Series 7 is quite challenging, and is more difficult than the SIE. This might be because the Series 7 has significantly more depth in options. Also, the product questions are more application/suitability-based, whereas the SIE focuses more on the definitional treatment of products. It’s recommended that students learn through a variety of methods, such as reading, listening, watching, and — the most crucial component of the process — continuous testing. But with Pass Perfect’s proven preparation methods, you’ll be guaranteed to pass the first time. Our comprehensive learning platform is designed to get you through the test on the first attempt since failure requires a 30-day wait period.
After the Series 7
For current and potential Registered Representatives, Financial Advisers, Financial Consultants, and Registered Associates, the Series 7 exam is a great way to further your career. Depending on the path you choose, you’ll also be required to pass a co-requisite exam, such as SIE, Series 4, 9/10, 24, 26, and 39.
Series 7 FAQ
How long do I need to study for the Series 7 Exam?
When preparing to take the Series 7 exam, you should plan to study for 125-150 hours. Typically, candidates study over the course of 4-6 weeks. The time you need to spend preparing for the exam varies depending on your familiarity with the material. Our adaptive preparation provides extra help where needed to make sure you spend your study time wisely and take the test with confidence.
How much time do I have on the Series 7 exam?
You will have 3 Hours and 45 Minutes to complete the Series 7 exam.
How many Series 7 questions are on the exam?
The Series 7 exam consists of 125 multiple choice questions.
What is the passing score for the Series 7 exam?
The minimum passing score for the Series 7 exam is 72%.
What is the Series 7 pass rate?
The Series 7 exam has approximately a 70% pass rate.
Is the Series 7 harder than the SIE?
Yes. The Series 7 questions tend to layer in information from several sections of content — they are often judgmental versus purely factual. Series 7 is also more application driven.
How do I register for the Series 7 exam?
Visit Finra.org to enroll for the Series 7 exam. The exam fee is $245, and a member firm employer will need to register the candidate.
What happens if I fail the Series 7?
After the first or second time a candidate fails the Series 7, there is a mandatory 30-day waiting period before they can take the exam again. After the third (and subsequent) fails, the waiting period increases to 6 months. The $245 exam fee applies each time they take the exam.
How many times can I take the Series 7 exam?
You may take the Series 7 exam as many times as it takes to pass. Note there is a 30 day waiting period after your first and second failed attempt, and a 6-month waiting period after the third failed attempt and beyond.
What do I bring to take the Series 7 exam?
You cannot bring in anything with you to take the Series 7 exam. No pen, pencil, calculator, cell phone, smart watch, or paper. Everything is prohibited.
Can I use a calculator on the Series 7 exam?
Yes, you are able to use a calculator on the Series 7 exam. Although this exam is not math-heavy, the testing center will provide students with a calculator, if needed.
Are there prerequisites for the Series 7?
Yes, passing the SIE.
Can I take the Series 7 before the SIE?
Yes, but it is not recommended.
Who can take the Series 7?
Not everyone can take the Series 7 — sponsorship from a FINRA member firm is required, meaning a candidate must first be hired by a FINRA member firm.
What can I do after passing the Series 7 exam?
After passing the Series 7 exam, you’ll be able to sell stocks and bonds, mutual funds, municipal securities, rights and warrants, money market funds, exchange traded funds,hedge funds, real estate investment trusts, and more.
How long is the Series 7 exam good for?
The Series 7 exam does not expire unless you leave the employ of the member firm. There is a 2-year grace period — after the 2-year employment lapse, retesting is required.