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 prerequisite is the (SIE) exam, a change FINRA enacted in 2018.[2]
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 and must also have passed the SIE exam to qualify for a seat in the exam room. 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 October 1, 2018, the registration cost is $245.[1]
See also[]
- List of securities examinations
- Investment Company Products/Variable Life Contracts Representative Exam (Series 6)
- Uniform Securities Agent State Law Examination (Series 63)
- General Securities Principal Exam (Series 24)
- U.S. Securities and Exchange Commission
- Securities Industry Essentials Exam
References[]
- ^ a b c d "Series 7 Examination". FINRA. Retrieved 2015-03-16.
- ^ "FINRA Administered Qualification Examinations". FINRA. Retrieved 2015-03-18.
- ^ "SIE Exam |SIE Exam Tutor".
- ^ "Form U10 | FINRA.org". Archived from the original on 2015-04-11.
External links[]
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- Professional certification in finance
- Standardized tests in the United States
- United States securities law