Series 7 exam

In the United States, the Series 7 exam, also known as the General Securities Representative Exam (GSRE), is a test for entry-level registered representatives, to buy or sell security products such as corporate securities, municipal securities, options, direct participation programs, investment company products and variable contracts. The Series 7 is administered by Financial Industry Regulatory Authority (FINRA), an industry regulatory agency.[1]

The corequisite is the Securities Industry Essentials (SIE) exam, a change FINRA enacted in 2018.[2] In October 2018, the 250-question Series 7 exam was replaced by the current top-off exam that is now taken in conjunction with the SIE exam. (A correlative change was made to the Series 6 exam.)

Structure

The Series 7 is a three hour and forty-five minute exam.[1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72 percent to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [3]

The Series 7 exam tests candidates on four functions.[1]

Test Breakdown by Function Number of Questions Percentage of Test Questions
(F1) Seeks Business for the Broker-Dealer through Customers and Potential Customers 9 7%
(F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 11 9%
(F3) Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 91 73%
(F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions 14 11%
TOTAL 125 100%

In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO).[4]

Registration costs

As of December 15, 2022, the registration cost is $300.[5]

See also

References
  1. "Series 7 Examination". FINRA. Retrieved 2015-03-16.
  2. "FINRA Administered Qualification Examinations". FINRA. Retrieved 2015-03-18.
  3. "SIE Exam |SIE Exam Tutor".
  4. "Form U10 | FINRA.org". Archived from the original on 2015-04-11.
  5. "Qualification Exams | FINRA.org". www.finra.org. Retrieved 2022-12-15.
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