How To Get a Series 7 License

How to Get Your Series 7 License
  1. Step 1: Take and Pass the SIE Exam. The SIE exam tests common topics such as fundamentals, regulatory agencies and their functions, product knowledge, and acceptable and unacceptable practices. …
  2. Step 2: Secure a Sponsorship. …
  3. Step 3: Study for the Series 7 Exam. …
  4. Step 4: Pass the Series 7 Exam.

How to Get Your Series 7 License

What is a series 7 exam?

Before selling any kind of securities, professionals must pass a test administered by the Financial Industry Regulatory Authority (FINRA), called the series 7. The General Securities Representative Examination (GSRE) is its official name. The test ensures that financial professionals are knowledgeable about the financial market and capable of advising others to make decisions that won’t harm the nation’s economy. Of all the securities exams, the series 7 exam is by far the longest and most difficult. Candidates have three hours and 45 minutes to respond to inquiries that test their knowledge of a wide range of securities and regulations.

What is a series 7?

Some financial industry professionals pursue a series 7 license. Professionals with a series 7 license may purchase, sell, and trade assets (also known as securities) on the financial market. Entry-level finance professionals must obtain this license before performing any of the key duties of a financial advisor, according to the Securities and Exchange Commission. This is why all finance professionals interested in positions at higher levels must obtain a series 7 license.

Who should take the series 7?

Any professional wishing to work in the financial services sector must pass this exam in order to do so. This includes stockbrokers, many insurance agents, financial planners and advisors. A Series 7 license formally validates the professional’s expertise and competence. Any security product, such as corporate securities, mutual funds, venture capital, and hedge funds, may be purchased, traded, or sold by those who pass the exam. Because these duties are common in financial positions, finance professionals frequently study for the Series 7 exam early in their careers.

How to get a series 7 license

A series 7 license allows professionals to advance in their careers and potentially earn more money. To earn a series 7 license, follow these steps:

1. Get a college degree

To work in the financial industry, stockbrokers and other financial advisors must have completed at least four years of formal education. A bachelor’s degree, specifically one in business, statistics, economics, or finance, is required for most finance professionals. Some stockbrokers and other business professionals obtain master’s degrees, though it is not necessary to do so; doing so may improve their employment and income prospects.

2. Take the Securities Industry Essentials (SIE) exam

Future financial industry professionals can test their fundamental knowledge with the Securities Industry Essentials (SIE) exam. The SIE and series 7 exam are corequisites, according to FINRA, meaning you must pass both to obtain a license, though you can take them in any order. Because it necessitates fewer qualifications, the SIE exam is typically taken first by professionals.

Additionally, you can take the SIE exam before receiving sponsorship, so you could do so while pursuing a bachelor’s degree. Consider taking the SIE during your third or fourth year of your bachelor’s program since the results are valid for four years. Another choice is to postpone taking the SIE until after you graduate from college. In this way, every subject on the exam has been covered in your courses.

Heres a list of the topics the SIE covers:

Passing the SIE can give you an advantage when applying for internships and jobs as well as prepare you for the Series 7 exam.

3. Find a job or internship

You require sponsorship from a Financial Industry Regulatory Authority (FINRA) member organization or a self-regulatory organization (SRO) in order to be qualified to take the Series 7 exam. Find a job or an internship at a financial institution, such as a brokerage company or bank, to receive this sponsorship.

Think about looking for an assistant position in a midsized company. These companies frequently have the resources to sponsor you, and entry-level candidates may find it easier to get hired in these positions. Look for any mention of series 7 sponsorships on the company website during your job search. The company typically promotes sponsorship opportunities because it is aware that entry-level professionals are required to take this exam.

As soon as you land a job, inquire with your employer about sponsorship for the Series 7 exam. The business usually submits your application and frequently pays the exam entrance fee.

4. Study

Taking the Series 7 exam can be difficult if you are unprepared. It consists of 135 questions, 125 of which are scored. The series 7 exam includes questions on subjects related to a stockbroker’s primary duties. These functions include:

Think about starting a study group or designating a specific study period. This may help you develop productive study habits. Exam preparation and review courses may be an excellent resource. You can feel more confident that you can pass the exam by effectively preparing for a series 7.

5. Pass the exam

You need a minimum score of 72% on the Series 7 exam to pass. Your employment options may occasionally be influenced by the grade you receive. If nothing else, passing the test enables you to start working in the financial sector at a higher level of career development. But professionals with higher series 7 exam scores might benefit in the job market.


Is a Series 7 hard to get?

The Series 7 exam, the longest of all the securities licensing exams with 125 questions to be answered in three hours and 45 minutes, is regarded as the most challenging. 72 is the minimum required score, which might not seem too challenging.

How much does it cost to get a Series 7?

The exam fee for the Series 7 is $245. Check with your sponsoring FINRA member firm to see if the fee is often waived.

Can anyone take a Series 7 test?

You need to be sponsored by a FINRA member company in order to take the Series 7 test. College students typically take the SIE exam prior to the Series 7 exam because they do not require sponsorship from FINRA to do so. In contrast, anyone can take the SIE exam without FINRA support.

How long does it take to get Series 7?

If you have a background in finance, you will need to devote 80–100 hours to studying, and if not, 150 hours. Setting up a study schedule that ensures you put in those hours should be your first step.

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