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 general securities, excluding 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. FINRA announced in 2015 that they will be making major changes to their exam structure by introducing The Securities Industry Essentials Exam (SIE)
Series 7 Exam
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Exam Details
| Time Limit: | 6 hours. Note that the exam is broken into two parts and each part has a time limit of 3 hours. |
| Cost: | $290.00 as of August 2012. |
| Number of Questions: | 250, plus 10 "pre-test" questions |
| Passing Score: | 72% |
| Format: | Multiple Choice |
| Prerequisites: | You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO). |
| Exam Date(s): | Any weekday |
| Exam Locations: | Find your U.S. or international exam center here |
| Official Exam Website: | http://www.finra.org |
Exam Topic Weights
Individuals in the United Kingdom or Canada, in good standing with their respective
country's regulatory authority, may be eligible to take an abbreviated form of the
Series 7.
Acceptable abbreviated version include the Series 17, Series 37, or Series 38 exams.
Terms To Know
Frequently Asked Questions
- 1. Is it possible to take the Series 7 exam without being sponsored?
View Answer » - 2. How do I receive sponsorship from a member firm in order to write a Series 7
exam?
View Answer » - 3. I failed the Series 7 exam. How long must I wait before I can take it again?
View Answer »
Question of the Week
When a corporation wishes to open a margin account with a broker-dealer, which of the following is required?
- I. A corporate resolution from the board of directors
- II. A copy of the corporation’s trust indenture
- III. A copy of the corporation’s charter or by-laws
- IV. An agreement that the stock of the corporation will not be traded by the broker-dealer as a market-maker.
- a) I, II
- b) I, III
- c) II, IV
- d) I, II, III, IV
- View Answer »
