FINRA Series-7 Practice Exam
Serie-7: General Securities Representative Exam tests an entry-level individual’s knowledge and understanding of working as a general securities representative. The series 7 exam filters the suitable candidates by testing their possessive knowledge and skills required to perform as a critical figure of the general securities representatives that include sales of corporate, municipal, investment company, and government securities and variable annuities. Hopeful candidates must pass two Series 7 license exams to achieve the Series 7 Certification which are the Securities Industry Essentials (SIE) and FINRA Series 7.
About the Series 7 Exam
The FINRA Series 7 exam has a total of 125 questions to answer having a multiple-choice format. The time duration for this exam is 3 hours and 45 minutes. The passing score is 72 percent and before attempting the Series-7 exam, a candidate must pass the Securities Industry Essentials (SIE) exam. A candidate must also be a member of a Self-Regulatory Organization (SRO) or of FINRA to take this exam. The Series 7 exam cost is $300 (USD) per attempt. The exam outline is mentioned below with the number of items mentioned to appear in the final exam:
- Seeks Business for the Broker-dealer from Customers and Potential Customers – 7%
- Opens Account After Obtaining and Evaluating Customers’ Financial Profiles and Investment Objectives – 9%
- Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets, and Maintains Appropriate Records – 73%
- Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions – 11%
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