What is the Series 7 exam and what are Series 7 exam requirements?
The Series 7 exam is an important step in ensuring that brokers understand and have mastered a body of knowledge about markets, investment instruments, securities law, and ethical behavior. As such, the presence of the Series 7 requirement benefits investors by requiring some level of a uniform knowledge base among brokers.
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The Financial Industry National Regulatory Authority (FINRA (formerly NASD)) Series 7 exam requirements are similar to the usual requirements of generally the licensing test that one must pass in order to become a stockbroker. In order to take the exam, one must first obtain “sponsorship”/employment from a FINRA or exchange member firm. In addition, one must submit a set of fingerprints and undergo a basic background check. Typically to register with a firm and consequently the exam you have to complete a U-4 application. On this application you must disclose such things as prior work history, criminal background (if any), etc. Series 7 Exam Overview Time limit: 6 hours (the exam is broken into two parts, each part has a 3 hour time limit) Exam administration: The Series 7 exam is multiple choice and is given on computer Number of questions: 250 total (125 for each part). Pre-requisites: You have to be sponsored by a broker/dealer to schedule to sit for the Series 7 exam through FINRA
