• Source: 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, that demonstrates competency 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 the Financial Industry Regulatory Authority (FINRA), an industry regulatory agency.
The Series 7 exam ensures a baseline level of proficiency for individuals starting their careers in the financial industry. It is particularly important for newly hired personnel who may lack prior exposure to finance-related subjects during their university education. Passing the Series 7 exam is often a requirement for other FINRA exams, including those related to options trading and managerial roles.




Permitted activities


A candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.
Covered activities and products include:

public offerings and/or private placements of corporate securities (stocks and bonds),
rights,
warrants,
mutual funds,
money market funds,
unit investment trusts (UITs),
exchange-traded funds (ETFs),
real estate investment trusts (REITs),
options, options strategies and mortgage-backed securities,
government securities,
repos and certificates of accrual on government securities,
direct participation programs,
venture capital,
sale of municipal securities and
hedge funds




Eligibility


The corequisite is the Securities Industry Essentials (SIE) exam, a change FINRA enacted in 2018. In October 2018, the 250-question Series 7 exam was replaced by the current top-off exam that is now taken in conjunction with the SIE exam. (A correlative change was made to the Series 6 exam.). In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO). Employers will sponsor candidates as part of employment.
There is no education requirement.




Structure


The Series 7 is a three-hour, forty-five-minute exam. It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams.
Average study time is between 80 and 150 hours depending on current financial knowledge.
The Series 7 exam tests candidates on four functions.




Registration costs


As of June 24, 2023, the registration cost is $300.




See also


List of securities examinations
Series 6 exam
Uniform Securities Agent State Law Exam (Series 63)
General Securities Principal Exam (Series 24)
U.S. Securities and Exchange Commission




References






External links



Financial Industry Regulatory Authority
FINRA Registration and Examination Requirements
Securities Industry Essentials Exam

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