How to get the Series 7 License
The Series 7 General Securities Representative License, often referred to as the “master key” to the securities industry, grants licensed professionals the authority to solicit, purchase, and sell a wide range of securities products. Earning the Series 7 license involves more than simply passing an exam. This guide provides a step-by-step roadmap detailing the mandatory exams, the sponsorship process, the scope of permitted activities, and the key state and federal regulations you’ll need to follow to obtain and maintain your Series 7 registration.
So, how do you get the Series 7 license?
Short answer: Get hired and sponsored by a FINRA member firm, pass both the SIE and Series 7 exams, have your firm file a Form U4 with fingerprints, meet state licensing requirements for your jurisdiction, and stay current through annual Continuing Education.
Key takeaway: The Series 7 qualification allows you, under firm supervision and in accordance with state regulations, to solicit, buy, and sell most securities products to retail clients.
What the Series 7 Allows You to Do
Once you’re hired and sponsored by a firm and have passed the required exams (SIE and Series 7), you’re licensed to solicit, purchase, and sell a broad range of securities including stocks, bonds, rights and warrants, mutual funds, UITs, ETFs, options, Treasuries, agency securities, DPPs, variable annuities and life products, hedge funds, REITs, and municipal securities.
Key Securities Covered by the Series 7
| Product Category | Specific Examples |
|---|---|
|
Corporate Securities |
Stocks (common/preferred), Bonds (corporate debt), Rights, Warrants |
|
Investment Companies |
Mutual Funds, Exchange-Traded Funds (ETFs), Unit Investment Trusts (UITs) |
|
Derivatives |
Options (on stocks, indices, currencies, etc.) |
|
Government/Agency |
U.S. Government Securities (e.g., Treasuries), Agency Securities (e.g., Fannie Mae) |
|
Special Products |
Variable Annuities, Variable Life Insurance, Direct Participation Programs (DPPs), Real Estate Investment Trusts (REITs) |
|
Municipal |
Municipal Securities (sales to and purchases from customers) |
Series 7 Exam Details
After your sponsoring firm enrolls you with FINRA, you’ll have 120 days to schedule and take the Series 7 Exam at any Prometric testing center.
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Questions: 125 multiple-choice
-
Duration: 3 hours 45 minutes
-
Passing score: 72%
-
Cost: $300
- Corequisite: You must pass both the SIE and the Series 7 to be officially licensed.
Series 7 content exam outline (by function)
The Series 7 exam content is structured to assess a candidate’s knowledge and competency across a broad range of securities industry topics, including equity and debt instruments, options, investment risk, taxation, and regulations, with questions organized by functional areas that mirror real-world scenarios financial professionals encounter.
| Function | Description | Percentage of Exam Items | Number of Items |
|---|---|---|---|
|
1 |
Seeks business for the broker-dealer from customers and potential customers |
7% |
9 |
|
2 |
Opens accounts after obtaining and evaluating customers’ financial profile and investment objectives |
9% |
11 |
|
3 |
Provides customers with information about investments, makes recommendations, transfers assets, and maintains appropriate records |
73% |
91 |
|
4 |
Obtains and verifies customers’ purchase and sales instructions and agreements; processes, completes, and confirms transactions |
11% |
14 |
|
TOTAL |
|
100% |
125 |
Getting your Series 7: Step-by-Step
- Pass the SIE (unless you already have it).
- Get hired or sponsored by a FINRA member firm (sponsorship is required for the Series 7).
- Firm submits your Form U4 in CRD, completes fingerprints, and pays fees.
- Enroll and schedule the Series 7 exam; study using Acadio's Series 7 course.
- Pass the Series 7 (125 questions, 72% required, 3 hours 45 minutes).
- Add state registrations as required; most firms require the Series 63 or 66 for blue-sky compliance.
- Stay current with Continuing Education, following your firm’s guidance and FINRA requirements.
Federal vs. State Rules: Who Does What?
Here’s the simple split to remember when you’re getting licensed and serving clients.
National level: Securities and Exchange Commission (SEC) and industry self-regulators (like FINRA)
Think of this as your nationwide license and rulebook. At this level, the rules decide:
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What jobs you can do at a brokerage - Your role and the activities you’re allowed to perform.
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Which exams you must pass - The SIE plus the specific exam for your job (for example, Series 7).
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How you’re supervised and how you must behave - Your firm’s oversight and basic conduct standards.
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The Continuing Education you must complete - Required training to keep your registration active.
- Who investigates and enforces these rules - National regulators handle exams, reviews, and discipline.
State level: state securities regulators and “blue-sky” laws
Think of this as your permission to work in each state where your clients live. At this level, the rules cover:
- Your registration in each state - Being approved as a sales representative or adviser representative.
-
State law exams, when required - For example, the Uniform Securities Agent State Law exam (Series 63) or the combined state/adviser exam (Series 66).
- State fees and filings - Paying state fees and keeping your records (like Form U4 details) up to date so you can legally do business in that state.
The bottom line: To earn and maintain an active Series 7 license, you must first pair the SIE and Series 7 exams with official firm sponsorship and the U4/fingerprint filing. You must then complete any necessary state-level licensing (often the Series 63 or 66) and fulfill annual Continuing Education requirements.
