Series 7 exam

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The Series 7 exam, formerly known as the General Securities Representative Exam (GSRE), is a test for registered representatives. [1] The Financial Industry Regulatory Authority (FINRA) administers the exam.[2] In the United States, stockbrokers take this test to get a license to trade.[2]

Structure[edit]

The Series 7 is a six-hour exam.[2] It is held in two three-hour sessions. There are 260 questions on the test, 250 of which count toward the final score. Candidates have to score at least 72 percent to pass.

The Series 7 exam tests candidates on five functions.[2]

Test Breakdown by Function Number of Questions Percentage of Test Questions
Seeks Business for the Broker-Dealer through Customers and Potential Customers 68 27%
Evaluates Customers' Other Security Holdings, Financial Situation and Needs, Financial Status, Tax Status, and Investment Objectives 27 11%
Opens Accounts, Transfers Assets, and Maintains Appropriate Account Records 27 11%
Provides Customers with Information on Investments and Makes Suitable Recommendations 70 28%
Obtains and Verifies Customer's Purchase and Sales Instructions, Enters Orders, and Follows Up 58 23%

Eligibility[edit]

In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO).[2]

Registration costs[edit]

As of Feb 2015, the registration cost is $290.[2]

See also[edit]

References[edit]

  1. ^ "FINRA Administered Qualification Examinations". FINRA. Retrieved 2015-03-18. 
  2. ^ a b c d e f "Series 7 Examination". FINRA. Retrieved 2015-03-16. 

External links[edit]