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Series 7 Guide 2009 2010 2011 | 1 Page Guide

Series 7 Guide

Series 7 Guide 2009 2010 2011


Series 7 Guide 2009 2010 2011The Series 7 Exam is officially known as the General Securities Representative Exam. The series 7 exam is sponsored and held by FINRA (Financial Industry Regulatory Authority). A candidate must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO) in order to register for the series 7 exam. The series 7 exam costs $250 which includes a $90 NYSE development fee. This cost is usually paid for by the FINRA or SRO registered company for the candidate. A candidate may take the series 7 exam on any weekday (excluding holidays) at either a Pearson Professional Center or a Prometric Testing Center. To locate the nearest Pearson Professional Centers or to schedule an appointment go to www.pearsonvue.com/finra for online scheduling. To locate the closest Prometric Testing Center or to schedule an appointment go to www.prometric.com/finra for online information.

Over 60,000 people normally take the series 7 each year. The national pass rate is 67% and the average national score for candidates is 73%. One key website to consult for the Series 7 is www.finra.org. FINRA is the largest independent regulator for all securities firms doing business in the United States. They oversee nearly 5,000 brokerage firms, 172,000 branch offices and 663,000 registered securities representatives and their chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

A candidate must answer 70% of the examination questions correctly in order to pass. Upon passing the test, one is granted a Series 7 / General Securities license. There is no requirement for a sponsor firm to terminate your employment should you fail but every time a candidate retakes the examination, there is a $200 registration fee. After three failed attempts, a candidate must wait six months before they can re-take the exam for the fourth time. This process will then continue indefinitely, as there is no limit as to the number of times you can attempt the series 7 exam.

Series 7 exam questions are partially developed through the input of current brokers. In November of 2008, FINRA conducted a random survey of 10,000 registered representatives to seek input from the industry to ensure that the Series 7 Examination accurately reflects the current roles, responsibilities and job functions of brokers. FINRA believes that the input of registered representatives helps ensure that the content of the Series 7 will accurately reflect today’s broker’s current job functions.

To read more about the Series 7 please see our Series 7 - The Online Guide

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