Series 7 Exam Structure

The Series 7 exam comprises 125 multiple-choice questions that candidates are required to complete
within 3 hours and 45 minutes. It means that the candidate is allowed one minute and 48 seconds per
question. The passing score for the exam is 72%, which candidates must achieve to obtain a practicing
license. The cost of the exam is $245 – a reduction from the previous $305 exam fee.

Before October 1, 2018, candidates were required to complete 250 questions within six hours, with the
exam fee being $305. Candidates were only required to pass the Series 7 exam since there was no SIE
exam. After the new Series 7 exam format was adopted, the test is now shorter and fairly priced. Also,
candidates must pass both SIE and Series 7 exams to become licensed brokers.

Upon completion of the Series 7 exam, FINRA does not award physical certificates to successful
candidates. Instead, potential employers can access the proof of exam completion on FINRA’s Central
Registration Depository (CRD). The Series 7 exam also serves as a prerequisite to other securities exams,
such as Series 24, Series 26, and Series 31.

Attempts Allowed for the Series 7 Exam

If a candidate dos not pass the Series 7 exam on their first attempt, FINRA allows them to re-take the
exam after 30 days. There is no limit on the number of times a candidate can attempt to pass the exam,
but there are time restrictions for candidates who’ve taken the exam several times.

For the first three attempts, a candidate is required to wait at least 30 days before sitting for the exam
again. After three unsuccessful attempts, the candidate is required to wait at least six months to re-take
the exam.

Series 7 Exam Structure

The Series 7 is structured as follows:

Seeks Business for the Broker-Dealer from Customers and Potential Customers: 9 questions

Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives:
11 questions

Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers
Assets, and Maintains Appropriate Records: 91 questions

Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes,
and Confirms Transactions: 14 questions

The Series 7 exam has 125 multiple choice questions, lasts 225 minutes, and cost $300. The passing
score is 72%.

Prior to Oct. 1, 2018, the Series 7 exam contained 250 questions covering five major job functions.
The exam duration was six hours, had no prerequisites, and cost $305. A score of 72% was required to
pass

FINRA does not provide candidates with any physical certificate as proof of exam completion. Current or
potential employers who wish to view proof of completion must access this information through FINRA's
Central Registration Depository (CRD).

Completion of the Series 7 exam is a prerequisite for many other securities licenses, such as the Series
24, which permits the candidate to supervise and manage broker activities.

Exam Structure

The series 7 exam consists of 125 multiple choice questions in 3 hours and 45 minutes. This exam is also
through online mode. But most importantly, the exam comprises four sections with the content and
breakdown of the exam as follows:

Prospecting and Seeking Business for the Broker-Dealer from Customers and Potential Customers 9
questions – 7%

Opening Accounts After Obtaining and Evaluating Customers’ Financial Profiles and Investment Goals 11
questions – 9%

Providing Customers Information about Investments Making Investment Recommendations, Transferring

Assets and Maintaining Appropriate Records 91 questions -73%

Obtaining and Verifying Customer’ Purchase ,Sales Instructions and Agreements, Process completion and
Confirming Transactions 14 questions- 11%

Section 3, which covers 73% of the exam, deals the most with securities. This section tests topics like
portfolio theory

, EBITDA

, profitability ratios

, balance sheets

, inventory valuation

methods, etc.

Candidates also have to score a minimum of 72% marks to be qualified to obtain a series 7 license.

Structure

Series 7 is a three hour and forty five minute exam. [2] It takes place in a four-hour session. There are
125 questions on the test. Candidates must score at least 72% to pass. As above, candidates must also
pass the SIE exam to enroll in Series 7. The SIE exam and the Series 7 exam are required exams. [3]
The Series 7 exam tests candidates on four functions. [2]

Series 7 exam structure

Series 7 is structured as follows:

Finding customers and potential customers for the broker-distributor: 9 questions

Open Accounts After Obtaining and Assessing Clients' Financial Profile and Investment Objectives: 11
Questions

Provides clients with investment information, makes appropriate recommendations, transfers assets and
maintains appropriate records: 91 questions

Obtain and verify purchase and sale instructions and agreements from customers; process, complete and
confirm transactions: 14 questions

The Series 7 exam has 125 multiple-choice questions, takes 225 minutes, and costs $245. The pass mark
is 72%.

Prior to October 1, 2018, the Series 7 exam had 250 questions covering five major job functions. The
exam took six hours, had no prerequisites, and cost $305. A score of 72% was required to pass it.

FINRA does not provide candidates with physical certificates as proof of passing the exam. Current or
prospective employers who wish to view proof of achievement should access this information through
FINRA's Central Registration Depository (CRD).

Passing the Series 7 exam is a prerequisite for many other securities licenses, such as Series 24, which
allows the candidate to supervise and manage broker-dealer activities.

Article

Breakdown of tests by function Number of questions Percentage of test questions

(F1) Sourcing Business for Broker-Dealer through Customers and Prospects 9 7%

(F2) Opens accounts after obtaining and assessing clients' financial profile and investment objectives
11 9%

(F3) Provides clients with investment information, makes appropriate recommendations, transfers assets
and maintains appropriate records 91 73%

(F4) Obtains and verifies purchase and sale instructions and agreements from customers; Processes,
completes and confirms transactions 14 11%

TOTAL 125 100%

To take the exam, a person must be sponsored by a member firm of FINRA or a self-regulatory
organization (SRO). [4]

Registration fees

As of October 1, 2018, the registration fee is $245. [2]

Series 7 exam structure

Series 7 is structured as follows:

Finding customers and potential customers for the broker-distributor: 9 questions

Open Accounts After Obtaining and Assessing Clients' Financial Profile and Investment Objectives: 11
Questions

Provides clients with investment information, makes appropriate recommendations, transfers assets and
maintains appropriate records: 91 questions

Obtain and verify purchase and sale instructions and agreements from customers; process, complete and
confirm transactions: 14 questions

The Series 7 exam has 125 multiple-choice questions, takes 225 minutes, and costs $245. The pass mark
is 72%.

Prior to October 1, 2018, the Series 7 exam had 250 questions covering five major job functions. The
exam took six hours, had no prerequisites, and cost $305. A score of 72% was required to pass it.

FINRA does not provide candidates with physical certificates as proof of passing the exam. Current or
prospective employers who wish to view proof of achievement should access this information through
FINRA's Central Registration Depository (CRD).

Passing the Series 7 exam is a prerequisite for many other securities licenses, such as Series 24, which
allows the candidate to supervise and manage broker-dealer activities.