The Series 7 licensure exam is a test that is administered by the Financial Industry Regulatory Authority (FINRA) in order to qualify individuals to work as registered representatives. The test covers a variety of topics related to the securities industry, including investment products, securities markets, and regulatory requirements. To pass the Series 7 exam, applicants must correctly answer at least 70% of the multiple-choice questions on the exam.
So how to take Series 7 exam? If you’re interested to know more, we suggest you continue reading as we’re going to tackle the steps in taking this important test in today’s article.
Steps In Taking The Series 7 Exam
Here are the steps involved in taking the Series 7 licensure exam:
Step 1: Preparation – To prepare for the Series 7 exam, you should first understand the content and scope of the test. And you can prepare by watching this Series 7 exam video course or going through some review materials that you can find.
The Securities and Exchange Commission (SEC) provides a wealth of information on their website about the test. You can also find a variety of study aids to help you prepare, including books and practice tests.
Step 2: Minimum Age Requirement – The minimum age required to take the Series 7 exam is 18. This is because the exam tests a candidate’s ability to understand and trade securities, and to provide financial advice. The Securities and Exchange Commission (SEC) has determined that 18 is the minimum age at which someone is legally allowed to engage in these activities.
Step 3: Sponsorship – To take the Series 7 exam, you must be sponsored by a FINRA member firm. This is because the Series 7 exam is a securities licensing exam, and FINRA is the regulatory body that governs the securities industry. Only FINRA member firms are authorized to sponsor employees to take the Series 7.
You can begin the process of becoming sponsored by a FINRA member firm by finding employment with a broker-dealer. Once you have obtained a job offer, your new employer will sponsor you to take the Series 7 exam.
Alternatively, if you are already employed by a FINRA member firm, you can ask your employer to sponsor you to take the Series 7 exam.
Once you have been sponsored by a FINRA member firm, you can then register for the Series 7 exam with FINRA. The process of registering for the exam will vary depending on which FINRA registered testing center you plan on taking the exam at.
Step 4: Enrolling For A Series 7 Exam At FINRA – After being eligible and gaining sponsorship from a member firm, you will receive an email from FINRA containing instructions about your enrollment. Once enrolled, you will be given 120 days to schedule for an exam at an accredited Prometric test center. You can check out the FINRA website for more information about your Series 7 exam enrollment.
Step 5: Setting A Schedule For The Exam – After enrolling in the Series 7 exam, the next step is to schedule the test date. You can find a list of available test dates and locations on the FINRA website. You will want to select a date and location that is convenient for you. It is important to note that the test dates fill up quickly, so you will want to schedule your test date as soon as possible.
Once you have scheduled your test date, you will need to start studying for the exam. There are a variety of study materials available to help you prepare for the exam. FINRA offers a free Study Guide that outlines the topics covered on the exam. You can also purchase practice exams to help you get a feel for the types of questions that will be on the test. There are also a number of online resources that offer tips and advice for studying for the Series 7 exam.
When you are ready to take the exam, you will need to arrive at the testing center early, at least 30 minutes before the exam. You will need to bring two forms of identification, one of which must be a photo ID. You will also need to bring a pencil and eraser, as well as a calculator if you plan on using one.
Step 6: Passing The Exam And Securing Your License – Lastly, you must pass the Series 7 exam and the SIE (Securities Industry Essentials) exam in order to secure a license as a General Securities Representative.
