This exam is administered by the Financial Industry Regulatory Authority (FINRA) (previously the National Association of Securities Dealers (NASD)) and provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, excluding commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with FINRA. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA.
Time
Limit:
6
hours. Note that the exam is broken into two parts
and each part has a time limit of 3 hours.
Number
of Questions:
260
questions in total. 125 for each part and 10 pre-test
questions that do not count towards the exam grade
and are not indicated in the exam.
Passing
Score:
70%
Format:
Multiple
Choice
Exam
Enrollment Fee:
$250 US as of July 2007. Note that this includes a $90 NYSE development fee. Please visit the FINRA Registration/Exam Fee Schedule for more information.
Prerequisites:
You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO).
Individuals
in the United Kingdom or Canada, in good standing
with their respective country's regulatory authority,
may be eligible to take an abbreviated form of the
Series 7.
Acceptable abbreviated version include the Series
17, Series 37, or Series 38 exams.
NYSE
Series 7 Outline - A 38 page outline of the
exam, keep in mind it was published in 1995 so some
of the information is outdated.
1. Is
it possible to take the Series 7 exam without being
sponsored? View
Answer
2. How
do I receive sponsorship from a member firm in order
to write a Series 7 exam? View
Answer
3. I
failed the Series 7 exam. How long must I wait before
I can take it again? View
Answer
When a corporation
wishes to open a margin account
with a broker-dealer, which
of the following is required?
I. A corporate resolution from the board of directors
II. A copy of the corporation’s
trust indenture
III. A copy of the corporation’s charter or by-laws
IV. An agreement that the stock of the corporation will not be traded by the
broker-dealer as a market-maker.
a)
I, II
b) I, III
c) II, IV
d) I, II, III, IV Answer
