If you want to be a securities trader, then you need to pass the Series 7 exam. The Series 7 is administered by the Financial Industry Regulatory Authority (FINRA), and is a national qualification exam that testifies that an individual has the basic knowledge required to work in the securities industry. It is a difficult test, but with enough preparation, you can pass it.
So what you need to qualify for Series 7 exam? If you’re looking for more information on this matter, you’ve come to the right place. Read more as we’ll talk about the eligibility requirements and other related details about taking the Series 7 in this post.
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Basic Eligibility Requirements
In order to qualify for the Series 7 exam, you must be sponsored by a FINRA member firm. In addition, you must pass a FINRA administered qualification examination. The qualification examination assesses your understanding of the basic securities industry knowledge that is necessary for the general public.
Another thing to remember is that the Series 7 exam is that you must be at least 18 years old. There is no exception to this rule, so if you are not yet 18, you will have to wait until you are legally allowed to take the exam.
In addition to being at least 18 years old, you must also have a high school diploma or equivalent. If you do not have a high school diploma or equivalent, you will not be able to take the Series 7 exam.
You must also have completed a FINRA-approved training program. The training program must consist of at least 240 hours of classroom instruction. The instruction must cover a wide range of topics related to the securities industry, including but not limited to:
- The structure of the securities industry
- Federal securities laws
- Communications with the public
- Customer accounts
- Orders and transactions
- The marketing of securities products
If you have not completed a FINRA-approved training program, you will not be eligible to take the Series 7 exam.
Application And Exam Proper Specifics
To apply for the Series 7 exam, you will need to meet certain qualifications. You must be a United States citizen or resident alien, and you must have at least two years of experience in the securities industry.
Once you have met the qualifications, you can apply for the exam by submitting an application through FINRA’s Web site. The application will require you to provide your personal information, education and work history, and other relevant information.
After submitting the application, you will need to wait until FINRA emails you an Authorization to Test (ATT) letter. The ATT letter will contain information about scheduling your exam and where to go to take it.
When you receive the ATT letter, you will need to schedule an appointment to take the Series 7 exam. The exam is offered at Prometric testing centers throughout the United States. To find a testing center near you, visit Prometric’s Web site.
On the day of the exam, you will need to bring your ATT letter and a form of identification, such as a driver’s license or passport. You will also need to bring two sharpened No. 2 pencils and an eraser.
The Series 7 exam is divided into two parts, the General Securities Representative Qualification Examination and the Uniform Combined State Law Examination. The first part of the exam covers topics such as investment securities, regulations, and ethical practices. The second part of the exam covers state-specific laws and regulations.
You will have four hours to complete the Series 7 exam. The exam is given in a computer-based format, and you will receive your score immediately after completing the exam.
If you pass the Series 7 exam, you will be registered as a General Securities Representative and will be able to begin working in the securities industry. If you do not pass the exam, you can retake it after 30 days.
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The Difficulty Level Of The Series 7 Exam How Many Times Are You Allowed To Re-Take In Case You Failed
The Series 7 exam is not something that you can just walk in and pass. In fact, most people who take the Series 7 exam will fail on their first try. However, this does not mean that you cannot pass the Series 7 exam. You can take the Series 7 exam as many times as you need to in order to pass it. Some people may have to take the Series 7 exam multiple times in order to pass it, but that is okay. You will eventually pass if you keep trying.
What Effective Study Materials To Use To Increase Your Chance Of Passing
One of the best ways to prepare for the test is by using a Series 7 video course available here. This online resource will help you learn the material and provide practice questions so you can familiarize yourself with the exam format. You should also try to find a Series 7 study group or forum to discuss the material with other students. The more you practice, the better prepared you will be for the exam.
You can also check out this post to learn more about the difficulty of the Series 7 exam.