Series 7 exam
The Series 7 exam, also known as the General Securities Representative Exam (GSRE), is a test for registered representatives. [1] The Financial Industry Regulatory Authority (FINRA) administers the exam.[2] In the United States, stockbrokers take this test to get a license to trade.[2]
Structure
The Series 7 is a six-hour exam.[2] It is held in two three-hour sessions. There are 260 questions on the test, 250 of which count toward the final score. Candidates have to score at least 72 percent to pass.
The Series 7 exam tests candidates on five functions.[2]
| Test Breakdown by Function | Number of Questions | Percentage of Test Questions |
|---|---|---|
| Seeks Business for the Broker-Dealer through Customers and Potential Customers | 68 | 27% |
| Evaluates Customers' Other Security Holdings, Financial Situation and Needs, Financial Status, Tax Status, and Investment Objectives | 27 | 11% |
| Opens Accounts, Transfers Assets, and Maintains Appropriate Account Records | 27 | 11% |
| Provides Customers with Information on Investments and Makes Suitable Recommendations | 70 | 28% |
| Obtains and Verifies Customer's Purchase and Sales Instructions, Enters Orders, and Follows Up | 58 | 23% |
In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO).[3]
Registration costs
As of April 2015, the registration cost is $305.[2]
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
References
- ↑ "FINRA Administered Qualification Examinations". FINRA. Retrieved 2015-03-18.
- 1 2 3 4 5 "Series 7 Examination". FINRA. Retrieved 2015-03-16.
- ↑ http://www.finra.org/industry/formu10
External links
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Wikibooks has a book on the topic of: NASD Series License |
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