The test consists of scored questions and 10 unscored questions, making it one of the longest licensing exams offered by FINRA. You do not need to wait to register for the exam to begin studying, but you should have a plan in place to become sponsored and be able to schedule your test. Test preparation courses and study materials are a great way to structure your exam preparation and get access to multiple practice tests and practice questions. FINRA has an exam outline for the Series 7 test that includes a list of regulations and topics that you should know for the exam.
If you have been working in the securities industry, many will be familiar to you. But you should still spend time on focused study for the Series 7 exam and what you will need to know as a financial advisor or insurance agent holding a Series 7 license. An online study course will review the content on the exam outline, as well as go over study questions within topic modules and take structured practice tests. These courses can be available in self-paced modules or in live sessions.
Think about how you study and learn before choosing the best option for you. The Series 7 exam is proctored via computer at an independent testing center.
Once you schedule your test, you should familiarize yourself with the procedures and policies of the testing center. You will not be able to bring any study materials or personal items into the testing room.
You will likely go through a brief search and have to leave sweatshirts and jackets in a provided locker before taking your test. A proctor will be able to go over the procedure for using the restroom and computer malfunctions on the day of your test. The Series 7 test has scored questions and 10 additional unscored questions. You will have 3 hours and 45 minutes to complete the test.
It is delivered via computer but includes time for a how-to tutorial to help you learn to navigate the computer system. Cheating on the exam is taken very seriously. Not only will it invalidate your test, you may be prohibited from taking a test in the future or registering with FINRA. It is best to leave all study materials at home and only bring the essentials needed to verify your identification and get to and from the testing center photo ID, keys, wallet, etc.
The testing center will supply everything you need for the test, including a basic four-function calculator, pencil and paper, and noise-canceling headphones. They will also have personal items like tissues available should you need them and a locker to store items that you cannot bring into the testing room.
Each version of the exam can vary slightly in difficulty, so FINRA adjusts raw scores to a common scale to make sure to account for that, if necessary. If you do not pass, you will receive a more detailed report that shows which areas you need to review before retaking the exam. The waiting period will increase up to days if you fail three or more times. Your SIE exam scores will still be valid, but you will need to request a new scheduling window through your sponsoring firm.
Once FINRA processes your request, you will receive a new day window during which you can schedule your Series 7 exam. With your Series 7 license, you are now fully licensed to work with securities. This tests a plethora of financial topics, including investment products and risks, the structure of the securities market, regulatory agencies and more. The SIE Exam has four sections with a total of 75 questions.
These sections are titled:. This test is quite a bit longer at questions, and test takers have three hours and 45 minutes to complete it. All questions are multiple-choice. Once this exam is passed, the test taker will become a Series 7-certified professional. Beyond extensive industry knowledge, financial professionals with Series 7 certifications must live up to stricter standards than unlicensed ones.
Some states require florists, ball-room dance instructors, hair braiders and interior designers to pass a certification test and periodically pay a fee to a regulatory body to maintain their licenses. It should be no surprise, then, that investment advisers who may handle hundreds of millions of dollars of other people's money should also be required to pass tests to become certified - that is, that they are only at that point legally allowed to give investment advice to others and, in some instances, to execute stock trades on their behalf.
If you're wondering about maintaining your Series 7 and Series 66 licenses after leaving an investment firm otherwise known as a broker-dealer , you already know the details of those licenses. For interested readers who've never had the pleasure of taking the Series 7 exam: it's fairly grueling and, once you've passed it, you can do the kinds of things your broker does - in fact, your broker must have a Series 7 License to handle your account.
FINRA also requires anyone working at a brokerage and handling securities which, if you're a broker representative, is pretty much inevitable to pass the less-rigorous Series 66 exam as well. The Series 66 exam has a similar requirement. A complication of the Series 7 and 66 licenses is that you can only maintain them in good standing for two years once you've left an investment firm.
It would be nice if there were a work-around, but there really isn't. As close as a workaround comes - and it's not exactly illegal, although it's frowned upon - is if you've left a firm in good standing and on good terms.
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