The Series 7 exam — the General Securities Representative Qualification Examination (GS) — assesses the competency of an entry-level registered representative to perform their job as a general securities representative.
Is Series 7 hard to get?
Is the Series 7 Exam Difficult? Clocking in at 125 questions to be answered in three hours and 45 minutes, the Series 7 exam is considered the most difficult of all the securities licensing exams. The minimum passing score is 72, which may not seem that difficult.
How much does Series 7 cost?
FINRA Representative-level Exams
| Duration | Cost | |
|---|---|---|
| Series 6 – Investment Company and Variable Contracts Products Representative Exam | 1 hour and 30 minutes | $75 |
| Series 7 – General Securities Representative Exam | 3 hours and 45 minutes | $300 |
| Series 22 – Direct Participation Programs Limited Representative Exam | 1 hour and 30 minutes | $60 |
How do you get a Series 7 license?
How to Get Your Series 7 License
- Step 1: Take and Pass the SIE Exam. The SIE exam tests common topics such as fundamentals, regulatory agencies and their functions, product knowledge, and acceptable and unacceptable practices.
- Step 2: Secure a Sponsorship.
- Step 3: Study for the Series 7 Exam.
- Step 4: Pass the Series 7 Exam.
What does the Series 7 test on?
The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives. The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative.
Do a lot of people fail Series 7?
The Financial Industry Regulatory Authority (FINRA) does not report on a Series 7 exam pass rate, but the Series 7 pass rate is estimated to be around 65%. With 3 hours and 45 minutes to complete 125 questions at a required score of 72%, the Series 7 exam doesn’t offer a large margin for error.
Do you need a bachelors to get a Series 7?
There are no education requirements to sit for the Series 7 exam, although most candidates have a college degree in a finance-related field, and many choose to complete a Series 7 exam prep package prior to sitting for the exam.
Why is the Series 7 so hard?
It is a corequisite of the SIE exam, which tests you on general securities topics. By contrast, the questions on the Series 7 exam are detailed and related to the day-to-day activities, responsibilities, and job functions of stockbrokers. Therefore, it can be considered a challenging exam.
How long is Series 7 GOOD FOR?
No top-off or SIE is required. Assume you hold a Series 24 registration and leave the industry for five years. To come back to the industry as a Series 7 representative, you must take both the Series 7 (expired after two years) and the SIE (expired after four years).
Do all traders need Series 7?
Administered by the Financial Industry Regulatory Authority (FINRA), passing the Series 7 is necessary for anyone to legally trade any type of security. Anyone who is directly or indirectly involved in selling and trading securities needs to get their series 7 license.
What jobs can you get with a Series 7?
Series 7 license Jobs in California
- Operations and Compliance Associate. Long Beach, CA.
- Client Service Associate. Long Beach, CA.
- 3.7. Private Wealth Advisor I.
- Customer Service Rep/Office & Client Manager. Auburn, CA.
- Investment Banker. Diamond Bar, CA.
- Financial Planning Registered Assistant. Orange, CA.
- 3.7.
- 4.1.
Is it worth getting your Series 7?
In a Nutshell
However, after passing the Series 7 Exam, you’re able to sell mutual funds, annuities, individual equities, bonds, options, as well as other securities. Typically, the Series 7 is the better choice if you’re interested in selling individual securities either now or in the future.
Do financial analysts need Series 7?
Generally, you’ll need a Series 7, a Series 63, and possibly a Series 79, 86, or 87 license, which you can only acquire after you are employed and sponsored by a financial firm. However, you can improve your resume by passing the Securities Industry Essentials Exam (SIE) before you are hired.
How long does it take to learn Series 7?
You need to spend 80-100 hours studying for the FINRA Series 7 exam if you have a finance background and about 150 if you don’t. The first thing you should do is lay out a study plan that ensures you put those hours in. Give yourself enough time to take breaks from study to let concepts percolate.
How long does it take to get Series 7?
Most financial institutions will provide new hires with Series 7 study materials and will encourage them to allocate about 1 week of dedicated study time. In reality, test takers should spend close to 100 hours, of which at least 20-30 hours should be dedicated to practice exams and questions.
How long do I need to study for Series 7?
125-150 hours
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.
Whats harder the series 6 or 7?
The Series 7 is the tougher but more comprehensive exam of the two. It allows you to deal with almost any type of security, from stocks to bonds to investment trusts and funds, that a professional or retail investor would want.
What is the easiest FINRA exam?
As a result, the Series 66 exam is considered by most to be an “easier” test. It will, like the Series 65, qualify the individual to act as an IAR, and it fulfills the requirements of the USA for state registration. Note that candidates can take the 66 or 7 in any order, but both must be completed in order to register.
Is it worth getting a Series 7 license?
In a Nutshell
Typically, the Series 7 is the better choice if you’re interested in selling individual securities either now or in the future. Plus, once the Series 7 is completed, no additional exam is required.