The financial sector National Regulatory Authority (FINRA (formerly NASD)) Series 7 exam requirement corresponds to the normal requirements generally licensing test that one must pass to become a stock broker. To take the exam, you must first obtain "sponsorship" / employment from a FINRA or exchange a company. In addition, you must submit a set of fingerprints and undergo a basic background check. Typically to register a firm and thus exam you must complete a U-4 application. On this application you must disclose such things as previous work history, criminal background (if any), etc.
Series 7 Exam Overview
Timing: 6 h (exa
m is divided into two parts, each part has a three-hour period)
Exam administration: Series 7 exam is multiple choice and provide computer
Number of questions: 250 total (125 for each part).
Prerequisites: You must be sponsored by a broker / dealer to schedule to sit for the Series 7 exam through FINRA
Exam fee: $ 250. Note that this includes a $ 90 NYSE development fee.
Exam dates: Series 7 exam is administered Monday through Friday
Single Series 7 exam candidate questions:
What is the Series 7 exam?
If you have come this far, you must have a pretty good understanding of what you're in for. Series 7 exam is probably the most well known securities exam to the general public. You've probably heard about it before on the silver screen in such films as Wall Street or Boiler Room. There is a good chance Series 7 exam will be the hardest exam you have or ever will take. Series 7 exam is also known as the general securities registered representative examination. A person who holds a Series 7 license is usually referred to as a stockbroker by the general public. Series 7 license is the broadest securities license you can attain and will allow you to sell most all types of securities. Depending on your condition, you also must obtain a Series 63 license, and you can it require that you get a Series 66 license instead of the Series 63 license, depending on the capacity in which you want to work.
What content specifically Series 7 exam cover?
Series 7 exam covers content such as corporate securities (shares and bonds), municipal securities and
What happens if I do not Series 7 exam?
First off you must be positive. If you study correctly, you will pass this exam. But if for some reason you do not get the magic 70% score, and you do your first attempt at the Series 7 exam, your sponsor may submit an amendment to reopen a window where you can take the exam again. This window will not open until 30 days since your last exam attempt has turned out. At this point, your window open for 90 days.
There is no requirement for a sponsor firm to terminate your employment, you must not. However, every time you write the exam, you must pay the required $ 200 registration fee. So your employer can require you to reimburse the fees paid to re-schedule the exam.
After three failed attempts, you must wait six months before you can re-take the exam for the fourth time. The six-month waiting period is appropriate since at this point you would have paid a total of about $ 600, and the total expense for the fourth time would be $ 800. The six-month requirement is to provide a window where an individual can ensure he or she is prepared for the fourth exam attempt. This process will then continue indefinitely, since there is no limit to the number of times you can attempt the series 7 exam.
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