Quick Answer: Can I Take Series 7 On My Own?

Sadly, you must be sponsored by a FINRA-member firm in order to take the Series 7 exam.

You can take the SIE exam without sponsorship at a firm (which means you can take and pass it before applying to jobs to boost your resume).

Can you sponsor yourself for Series 7?

In order to qualify to take the Series 7 exam, you need to be sponsored by a member firm, a self-regulatory organization (SRO), or an exchange associated with FINRA. This means that until you are employed in a position that would require the Series 7 exam for daily tasks, you cannot even sit for the Series 7 test.

What does Series 7 allow you to do?

The Series 7 is an exam and license that entitles the holder to sell all types of securities products except commodities and futures. The Series 7 exam covers topics on investment risk, taxation, equity, and debt instruments, packaged securities, options, and retirement plans.

How do I get my Series 7 license?

To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).

Does an RIA need a Series 7?

RIA Compliance and Practice Management Blog

It should also be noted that RIA firms do not hold any licenses for individual investment advisers, regardless of it being the Series 7, Series 65, Series 66, etc. The concept of the Series 7 license being held by a firm is unique to the broker dealer industry.

How difficult is Series 7 exam?

The first and last 25 questions are the easiest, so don’t panic if it suddenly gets more difficult. The Series 7 exam is three-hours and 45 minutes. That’s down from six hours, but it’s a beast. There’s a reason you need to immerse yourself into practice exams rather than simply bite-sized study chunks.

How many times can you take the Series 7?

However, there are restrictions on the amount of time that must pass between exam attempts. For your first three attempts you must wait 30 days after each attempt, and for every new attempt after that you must wait a period of six months.

How long is Series 7 GOOD FOR?

Your Series 7 license is valid for two years after termination. Within those two years, if you do not find employment with a financial company that is a member of FINRA or is a SRO, your Series 7 license expires. Should you find employment within the two-year period, the new firm notifies FINRA on your behalf.

How long does it take to study for 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.

Who needs Series 7 license?

The Series 7 license allows professionals to sell securities in the U.S. To obtain it, they must pass a rigorous exam covering various financial topics. Financial Industry Regulatory Authority (FINRA) administers the test, and most employers in the financial services industry require their employees to pass this exam.