What Is Series 7?

Key Points

Series 7 exam, managed by FINRA, evaluates competency in financial services for new hires.
Passing the Series 7 is crucial, requiring at least a 72% score within employer deadlines.
Preparation for the exam typically lasts 4-6 weeks through employer-supported programs.

The Series 7 exam is one of the basic licensing tests required to begin work in the securities industry. Passing the exam allows a registered representative to sell financial securities other than commodities and futures (which requires a separate exam). The Series 7 exam is administered by FINRA, the Financial Industry Regulatory Authority.

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A broker working on stock research. — Image source: Getty Images

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Formally called the General Securities Representative Qualification Examination, the Series 7 exam is typically the first exam you’ll take if hired to work for a bank or brokerage that sells financial products to customers. As such, it covers basic knowledge core to providing financial services, and it’s important to pass the test within a few months of being hired for an entry-level position.

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To learn more, visit the FINRA website to read about the exams in more detail. Plenty of material covering financial markets and financial education also can be found anywhere on the Fool.com website.

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