What Is Required To Take The Series 7 Exam

requirement finra series 7 exam

The Series 7 exam, formally known as the General Securities Representative Exam, is a challenging six-hour test administered by the Financial Industry Regulatory Authority (FINRA). This exam is required for individuals seeking to become registered representatives who transact business in corporate securities and other financial products. The Series 7 exam covers a broad range of topics from regulatory principles to able transactions, customer accounts and taxation.

So what is required to take the Series 7 exam? Read more as we’ll get into the details of this matter in today’s post.


Basic Requirements

To take the Series 7 exam you must meet certain requirements. First, you must be sponsored by a FINRA member firm. This means that the firm must have already submitted an application for your registration with FINRA. Then, you must be at least 18 years old, have a valid Social Security number and be a U.S. citizen or permanent resident alien.

In order to prepare for the Series 7 exam, you should familiarize yourself with the topics covered by the test and acquire study materials such as books and software that can help you review all of the material. You may also choose to enroll in a course offered by an accredited institution to help you prepare for the exam. Additionally, many firms offer their own review courses and study materials to help employees pass the Series 7 exam.

Each applicant will also need to submit fingerprints, pass a background check, pay the fee for taking the exam, complete the application process with FINRA, and receive a U-4 form.

To be specific, the Financial Industry Regulatory Authority (FINRA) requires all candidates for the Series 7 exam to submit fingerprints before taking the exam. This is a security measure to ensure that only qualified individuals are able to take the test. FINRA also uses fingerprint data to conduct criminal background checks on test takers.

Aside from that, another requirement to take the Series 7 exam is that you must pass a background check. This is to ensure that all test takers are honest and have no criminal record. The Financial Industry Regulatory Authority (FINRA) is responsible for administering the Series 7 exam and they believe that it’s important to screen potential test takers in order to protect investors.

Likewise, you’ll need to be aware of the fee associated with signing up. The cost of the Series 7 exam is set by the Financial Industry Regulatory Authority (FINRA). The exam fee is currently $245, which does not include any applicable state fees.

A candidate must also complete the application process with FINRA, the Financial Industry Regulatory Authority. This is a comprehensive procedure and involves completing an application form and submitting it to FINRA for review. As part of this process, the applicant will need to provide proof of identity, evidence of any professional qualifications or financial industry experience, and other background information.

Moreover, test takers must receive a U-4 form. The U-4 form is issued by the Financial Industry Regulatory Authority (FINRA) and contains pertinent information about an individual’s background and qualifications required to become a registered representative of a brokerage firm.

The U-4 form must be completed and submitted by the individual seeking to take the Series 7 exam along with any applicable fees. Once FINRA has approved a U-4 form, an individual may register for the exam.

In terms of educational requirements, FINRA requires all applicants to have a high school diploma or equivalent as well as certain financial coursework. It is possible for candidates to obtain the necessary courses through an accredited college or university, or from self-study programs approved by FINRA. You can watch the Series 7 video course from Professional Exam Tutoring to get started.

Applicants must also meet experience requirements, which typically include a minimum of four months of work experience in the securities industry. This can include jobs such as financial analyst, broker-dealer, investment banker or financial advisor. If you do not have relevant experience, you must complete a training program approved by FINRA in order to take the Series 7 exam.


Other Prerequisites For Taking The Series 7 Exam

In addition to the educational and experience requirements, test-takers must also possess certain knowledge and skills in order to pass the test. The Series 7 is a difficult exam. And the test covers topics such as investment products, taxation, retirement plans, customer accounts, margin accounts, regulations and more. Therefore, it is important for all applicants to have a strong understanding of these topics before attempting the exam.


Final Thoughts

Ultimately, passing the Series 7 exam requires a combination of dedication and preparation. By fully understanding what is required to take the Series 7 exam, test-takers can ensure that they are prepared to pass the test and obtain their FINRA registration.

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