Quick Answer: What Is A Series 7 &amp?

From Wikipedia, the free encyclopedia.

The Series 7 exam, also known as the General Securities Representative Exam (GSRE), is a test for entry-level registered representatives.

The Financial Industry Regulatory Authority (FINRA) administers the exam.

What is a Series 7 license used for?

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.

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. Yes, this is annoying for both employees and employers :). 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).

What is a Series 7 & 63 licenses?

The Series 63 license, known as the Uniform Securities Agent license, is required by each state and authorizes licensees to transact business within the state. All Series 6 and Series 7 licensees must carry this license as well. The provisions of the Uniform Securities Act are tested on the 75-minute exam.

Is Series 7 exam difficult?

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 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.

Do I need a Series 7 to be a financial advisor?

While financial advisors do not have to be licensed to provide advice, they are generally required to have various securities licenses to sell investment products. These include the Series 6, Series 7, Series 63 and Series 65 licenses.

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 much does the Series 7 cost?

Fees—The cost of the exam is $245. (When you combine it with the $60 fee for the SIE, the cost becomes the same as in the past.) Number of Questions—The exam consists of 125 multiple-choice questions (down from 250), and each question consists of four answer choices.

How do I get sponsored for Series 7?

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).