In the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, the Series 7 exam, also known as the General Securities Representative Exam (GSRE), is a test for entry-level
registered representatives, to buy or sell security products such as
corporate securities,
municipal securities
A municipality is usually a single administrative division having corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it is subordinate.
The term ''municipality'' may also mean the g ...
, options, direct participation programs, investment company products and variable contracts. The Series 7 is administered by
Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associat ...
(FINRA), an industry regulatory agency.
The corequisite is the
Securities Industry Essentials
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any f ...
(SIE) exam, a change FINRA enacted in 2018.
In October 2018, the 250-question Series 7 exam was replaced by the current top-off exam that is now taken in conjunction with the SIE exam. (A correlative change was made to the Series 6 exam.)
Structure
The Series 7 is a three hour and forty five minute exam.
It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72 percent to pass. The SIE Exam and the Series 7 Exam are co-requisite exams.
The Series 7 exam tests candidates on four functions.
In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a
self-regulatory organization
A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation, or applied in addition to governmen ...
(SRO).
Registration costs
As of December 15, 2022, the registration cost is $300.
See also
*
List of securities examinations
The following is a list of securities examinations and the organizations that offer them.
Africa
*The Securities Industry Training Institute East Africa (SITI) was conceptualized in 2008 to standardize and administer market education for the E ...
*
(Series 6)
*
Uniform Securities Agent State Law Examination
The Uniform Securities Agent State Law Examination, commonly referred to as the Series 63, is developed by North American Securities Administrators Association (NASAA) and is administered by the Financial Industry Regulatory Authority (FINRA). The ...
(Series 63)
*
General Securities Principal Exam
The general securities principal exam, commonly referred to as the Series 24 exam, is administered by the U.S. Financial Industry Regulatory Authority (FINRA) which qualifies a registered individual to supervise or manage branch activities such as ...
(Series 24)
*
U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
Securities Industry Essentials Exam
References
External links
{{wikibooks
Financial Industry Regulatory AuthorityFINRA Registration and Examination Requirements
Professional certification in finance
Standardized tests in the United States
United States securities law