Series 7, officially known as the General Securities Representative Examination, is a lengthy examination that candidates must pass clearly to become a registered representative (RR) of an investment firm - the federal equivalent of the Series 63 exam.. The test is administered by the Financial Industry Regulatory Authority (FINRA) and graduates are eligible to register with trading self-regulatory organizations (SROs), allowing them to buy and sell securities.
The Series 7 exam aims to test a wide range of market knowledge as well as all the functions and responsibilities of an RR and candidates must score at least 70% to pass. FINRA states on its website that the Series 7 "is intended to safeguard the investing public by helping to ensure that registered representatives are competent to perform their jobs." The actual exam lasts for six hours and contains 260 multiple-choice questions, of which 250 are scored.
Failing the tough exam first time means waiting at least one month to re-take it and paying additional registration fees, so most candidates use study guides and online resources like wiki website SevenHelp.com. SevenHelp, like MarketsWiki, accumulates knowledge from site users - mostly Series 7 exam-takers but also tuition and related services - to educate all its users.
- Content Outline for the General Securities Registered Representative Examination (Test Series 7). FINRA.
- Series 7 Exam For Dummies. Wiley.com.
- Need Free Series 7 Help?. SevenHelp.com.