FINRA Series 7–General Securities Representative Exam FAQs

What is the FINRA Series 7–General Securities Representative exam?

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.

What are the requirements for FINRA Series 7–General Securities Representative exam?

So, to be eligible 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.

What is the syllabus of this exam?

The syllabus of exam has 4 broad sections given as follows:

1: Seeks Business for the Broker-Dealer from Customers and Potential Customers

2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives

3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records

4: Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions

What is the duration for completion of FINRA Series 7–General Securities Representative exam?

The time duration of the exam is 3 hours 45 minutes .

What kind of questions come in this exam?

Holostically, the questions asked in the exam are all multiple-choice type questions.

How can one schedule the FINRA Series 7–General Securities Representative 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.

How much do one need to score in order to pass the exam?

The passing score for the exam is 72

Where can one find online training for preparation of this exam?

FINRA has transformed the delivery of the Continuing Education (CE) Regulatory Element to an online format called the CE Online Program. The CE Online Training Program provides participants with the flexibility to satisfy their CE Regulatory Element requirement from a computer anytime and anywhere.

Who is considered a candidate with limited English proficiency?

Candidates with LEP are those who don’t speak English as their primary language and have only limited ability to read, speak, write or understand English.

How is FINRA Series 7–General Securities Representative exam beneficial?

Candidates who pass the Series 7 exam are qualified for solicitation, purchase and sale of the following securities products:

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

How many questions does this exam asks?

125 questions

How can one prepare for this exam?

In order to prepare, you can follow these methods:

Go through the exam objectives
Review the details of exam
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 can also try the SIE practice test that is made available at the official site. For taking the test, Click here
Join study groups
Practice tests

What does Testpreptraining offer for this exam?

Testpreptraining offers practice tests that are both reliable and enough to practice in order to ace the exam with flying colours. It provides:

unique sets of professionally designed questions that make it easier for the candidate to give the actual exam
mock tests
allows you to create your own practice tests
has a pool of experts to address your queries