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Series 7 Exam Information
About the Series 7 Exam
The Series 7 exam, officially known as the General Securities Representative Exam, is a FINRA qualification test required for individuals who want to sell a broad range of securities products.
Passing the Series 7 allows you to sell corporate stocks and bonds, options, municipal securities, U.S. government and agency securities, mutual funds, ETFs, unit investment trusts (UITs), direct participation programs (DPPs), and variable contracts.
The exam assesses your knowledge of the job functions, rules, and regulations needed to recommend and trade these products. This includes assessing client needs and suitability, providing investment information and recommendations, opening and maintaining customer accounts, entering and confirming orders, and processing transactions — all in accordance with FINRA rules, federal securities laws such as the Securities Act of 1933 and the Securities Exchange Act of 1934, and, for municipal securities, MSRB rules.
To legally work in this role, you must first pass the Securities Industry Essentials (SIE) Exam. Then, a FINRA-approved firm must sponsor you. Once you have passed both the SIE and Series 7 exams, you can register with FINRA and become a General Securities Representative (Series 7 representative).
Who is the Series 7 Exam for?
The Series 7 exam is for professionals sponsored by a FINRA-member firm who intend to sell a wide variety of securities, including stocks, bonds, and options. It is not intended for individuals who only sell mutual funds (Series 6), provide fee-based investment advice (Series 65/66), or work in investment banking (Series 79).
To take the Series 7 exam, you must first pass the Securities Industry Essentials (SIE) Exam and have sponsorship from a FINRA-member firm.
Do I need to be sponsored to take the Series 7 Exam?
Yes. You must be sponsored by a FINRA-member firm (or another self-regulatory organization) to take the Series 7 exam. Your sponsoring firm will submit a Form U4 (Uniform Application for Securities Industry Registration or Transfer) on your behalf, which opens your testing window and allows you to schedule the exam.
What is covered on the Series 7 Exam?
The Series 7 Exam tests the knowledge and skills required for a General Securities Representative. It primarily focuses on the rules for recommending, selling, and trading a wide variety of investments, including corporate stocks and bonds, municipal bonds, options, U.S. government securities, mutual funds and ETFs, and variable contracts (e.g., annuities). The exam also covers managing customer accounts and ethical business practices.
The Series 7 exam content is divided into 4 main topics. The topics and percentage of exam items from each is as follows:
- Finding new customers for the brokerage firm (7%)
- Setting up new accounts after reviewing customer information (9%)
- Providing investment information, making recommendations, moving assets, and maintaining records: (73%)
- Handling, completing, and confirming customer trades (11%)
You are given 225 minutes (3 hours and 45 minutes) to complete the exam.
Series 7 – General Securities Representative Exam Specifications
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Series 7 Exam Enrollment & Eligibility
1. How old do I have to be to take the Series 7?
You must be at least 18 years old and be sponsored by a FINRA-member firm. While your Form U4 can be filed before passing the Securities Industry Essentials (SIE) Exam, Series 7 registration is not valid until you have passed the SIE.
2. Do I have to be a U.S. citizen to take the Series 7?
No, U.S. citizenship is not required.
3. Do I need to provide a Social Security number to enroll?
Yes. Your sponsoring firm will collect your Social Security number (or equivalent foreign ID) when submitting your Form U4. If you do not have an SSN, your firm must contact FINRA directly for instructions.
4. Do I need to be associated with a broker-dealer to take the Series 7?
Yes. You must be sponsored by a FINRA-approved broker-dealer to be eligible to take the exam.
5. What is the exam fee for the Series 7?
The exam fee is $300.
Series 7 Exam Scoring & Results
1. What is the passing score for the Series 7?
You must get a 72% to pass (this is a scaled score from 0–100).
2. What is the retake policy if I fail the exam?
If you fail the 1st or 2nd time, you must wait 30 days. If you fail a 3rd time (or more), you must wait 180 days.
3. How long is my Series 7 registration valid?
Your Series 7 registration stays active as long as you are working for a FINRA member firm (and remain properly registered).
Series 7 Exam Registration
1. What registration category do I get after passing?
After passing both the Securities Industry Essentials (SIE) Exam and the Series 7 exam, you are registered as a General Securities Representative (Series 7 representative).
2. Will my results appear on BrokerCheck?
Yes. Once your Series 7 registration is approved, your record will appear on FINRA BrokerCheck. This profile includes the exams you have passed, your work history, and any reported incidents or disclosures.