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The Series 7 License Exam in a Nutshell

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series 7It is essential that you pass the Series 7 License Exam before working in the financial sector as a buyer or seller of stocks, bonds and other investments. The exam is set by the Financial Industry Regulatory Authority (FINRA) and deals with a number of publicly traded products. A member of FINRA must sponsor you if you want to take this exam, although the state will sponsor a Registered Investment Advisor in some instances.

If you want to work with retail investors, this is just one license you must hold. Licensing requirements vary from one state to the next, but the Series 7 is one license held by registered brokers and dealers. This is a means of giving the public confidence in your services.

There are 260 questions on the exam. Your mark to pass is 72%, which is achieved by an average of 66% of applicants. Anything below 72% is considered a fail, while the average passing score is 73%. This leaves 10 experimental questions for practice. The current exam cost is $265, which is non-refundable. Confirm this sum when you apply.

Usually, applicants need to complete a U-4 in which they disclose previous work history, any criminal convictions, and other important details which could influence their ability to work as a financial advisor. Exams are held daily, so pay your fee and make an appointment. Sit yours over 6 hours in two time slots set back to back, featuring 125 questions each.

The multiple choice format is easy to use. Select one from a possibility of four answers. This means you can guess and still get the answer right. A reference book will be supplied in some testing centers and this contains things like clippings from financial publications. You can also use a non-programmable calculator which is frequently provided for you.

Questions refer to things like ethical trading, evaluating the profile of a client to assess his risks prior to investing, and the technical aspects of opening accounts, buying, selling and transferring assets. Answer questions pertinent to record keeping, communicating with the client, and advising him. Prove that you understand what it means to stand up to scrutiny by customers, regulatory bodies and the law.

You must know how to follow clients’ directions to buy or sell according to their specifications. With this licensing regulation in place, customers are protected against fraudulent or ignorant behavior in the financial industry.

The Importance Of Series 7 Training Courses For Passing The Series 7 Exam

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The series 7 exam, formally referred to as the General Securities Representative Examination, is a test offered by the Financial Industry Regulatory Authority (FINRA) to professionals in the industry. It gives traders the fundamental credentials to engage in corporate financial instruments trading as brokers or dealers. The six hour test extensively covers security investment tools such as stocks, options, bonds, open-end and closed-end funds, limited partnerships and similar financial instruments; apart from commodities and futures. Once a candidate successfully finished the exam, they are awarded a Series 7 General Securities License. It is highly recommended for prospective candidates to take series 7 training courses, in order to guarantee successful completion of the test.

series 7 training coursesThe series 7 exam measures the degree of competence professionals possess in securities trading. Questions are framed to conform to the expertise of a broad range of financial industry professionals. The test is not a competition among the candidates, but an assessment of each individual’s level of competence in their area. Hence, series 7 training courses are necessary to recall exact information regarding financial instrument trading, as per the knowledge gained erstwhile in school.

series 7 license exam training coursesFINRA requires prospective candidates of the exam to be sponsored by a financial company, duly registered with the authority or a self-regulatory organization. Candidates must pass with an average of 72 percent in order to be considered for licensing. Series 7 sets the benchmark for security traders to communicate authoritatively with retail investors regarding different commodities. Thus, most investment account managers, financial analysts and securities executives are registered dealers possessing series 7 licensing.  Some states also require professionals to have series 66 or series 63 licenses in order to work as financial dealers or brokers. Therefore, the importance of series 7 training courses cannot be disregarded due to the value of credentials at stake.

The main hurdle for prospective candidates seeking series 7 licensing is getting a sponsor. In order to get a good job in financial investments, one requires licensing. Conversely, one requires licensing in order to the job in the first place. This presents a catch-22 situation for prospective candidates who might not have these jobs yet. However, there are ways of getting round this problem, so as to land a plum job in financial security trading. For instance, one may begin as an insurance agent or broker. Insurance companies are always willing to sponsor their agents in taking the series 6 tests, for trading in mutual funds and annuities. This opportunity can allow one to take series 7 training courses on the side, as he/she waits for better opportunities to show up in the financial field.