FINRA Series 7 – General Securities Representative
The FINRA Series 7 — General Securities Representative Exam validates the capability of an entry-level registered representative to work as a general securities representative. This exam tests the degree up to which a person possesses the skills required to perform the complex functions of a general securities representative inclusive of sales of corporate securities, investment company securities, municipal securities, variable annuities, direct participation programs, options and the government securities.
Eligibility Criteria for FINRA Series 7 – General Securities Representative exam
So, in order to take FINRA representative-level qualification exams, you need to fulfill the following conditions:
- Association with and sponsored by a FINRA member firm or any other applicable self-regulatory organization (SRO) member firm.
- The SIE exam acts as a corequisite to the Series 7 exam.
- So, you must pass both the Series 7 exam and the SIE exam to obtain the General Securities registration.
Benefits
Well, passing the Series 7 exam enables you for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, direct participation programs, options, investment company products and variable contracts. These products include the following:
- Public offerings and/or private placements of corporate securities
- Rights
- Real estate investment trusts
- Options on mortgage-backed securities
- Government securities
- Warrants
- Mutual funds
- Money market funds
- Unit investment trusts
- Exchange-traded funds
- Repos and certificates of accrual on government securities
- Direct participation programs
- Venture capital
- Sale of municipal securities
- Hedge funds
Scheduling the exam
For scheduling the exam, firstly enroll yourself with FINRA. Then, you will automatically be directed to the correct enrollment process for that exam. Once you are enrolled to take an exam, FINRA will post a 120-day window in which you can schedule an appointment with Prometric, that is their test delivery vendor, to take the exam. Also, it is recommended for you to schedule the exam session in advance as soon as possible to secure the desired exam date.
FINRA offers you the choice to take an exam at a local test center or, for a limited number of exams, remotely online conducted exam. For either appointment type, make sure that you are prepared in advance of your test appointment and also familiar with what to expect on the day of your exam.
Exam Details
| Number of Questions | 125 |
| Exam Duration | 3hrs 45mins |
| Passing Score | 72 |
| Exam Language | English |
| Registration Fee | USD 245 |
For more details and any other queries, visit the FINRA Series 7 – General Securities Representative exam FAQs
FINRA Series 7 – General Securities Representative exam Course Outline
Moreover, the entire syllabus of exam is given below:
DOMAIN 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers 7%
1.1 Contacts current and potential customers in person and by telephone, mail and electronic means; develops promotional and advertising materials and seeks appropriate approvals to distribute marketing materials.
1.2 Describes investment products and services to current and potential customers with the
intent of soliciting business
DOMAIN 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
2.1 Informs customers of the types of accounts and provides disclosures regarding various account types and restrictions
2.2 Obtains and updates customer information and documentation, including required legal documents, and identifies and escalates suspicious activity
2.3 Makes reasonable efforts to obtain customer investment profile information including, but not limited to, the customer’s other security holdings, financial situation and needs, tax status and investment objectives
2.4 Obtains supervisory approvals required to open accounts
DOMAIN 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
3.1 Provides customers with information about investment strategies, risks and rewards, and communicates relevant market, investment and research data to customers
3.2 Reviews and analyzes customers’ investment profiles and product options to determine that investment recommendations meet applicable standards
3.3 Provides required disclosures regarding investment products and their characteristics, risks, services and expenses
3.4 Communicates with customers about account information, processes requests and retains documentation
DOMAIN 4: Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions
4.1 Provides current quotes
4.2 Processes and confirms customers’ transactions pursuant to regulatory requirements and informs customers of delivery obligations and settlement procedures
4.3 Informs the appropriate supervisor and assists in the resolution of discrepancies, disputes, errors and complaints
4.4 Addresses margin issues
FINRA Series 7 – General Securities Representative Exam Study Guide
First of all, you should familiarize yourself with all the topics and subtopics that are there in the FINRA Series 7 – General Securities Representative exam syllabus. This will help you gather a fair idea about required learning and will help you distribute your learning preparation. Also, the practical application of what you learn is really important so keep that in mind while studying. So, start your preparation by going through the syllabus well.
Review the details of exam
Consequently, the next step towards preparing for the exam is to thoroughly go through the details of exam including details about the type and number of questions and also the time allotted. Accordingly, this helps you give a direction to your learning and also analyze the time allotted so as to manage time well, during the exam. So, check the model papers and analyze them well and thus, make sure that you are aware of the pattern of exam.
Study Resources
Further, for your convenience, we have compiled the best study resources for your preparation.
- FINRA has transformed the delivery of the Continuing Education (CE) Regulatory Element to an online format called the CE Online Program. The CE Online Program provides participants with the flexibility to satisfy their CE Regulatory Element requirement from a computer anytime and anywhere.
- Before, appearing for the exam, you can check out FINRA’s exam tutorial for better understanding of how system functions.
- You should also try the SIE practice test that is made available at the official site. For taking the test, Click here
Join study groups
Moreover, joining study groups and communities can also prove to be of great help. Thus, this acts as a platform that connect professionals and beginners which in a way helps you get your queries solved and alongside, gives you the opportunity to have healthy discussions with peers from the same background. Therefore, joining these groups help to keep you updated.
Practice tests
However, the most crucial step of preparation is practicing questions. This helps in refining the knowledge that you have gathered from different study resources. Therefore, this not only helps in evaluation of your current preparation but also helps in boosting your confidence and therefore the actual exam feels like just another practice test. There are various practice tests that are available online but the reliability of the practice tests that we offer is really high. They are designed by professionals and are enough for you to practice and ace the exam.
