In the world of finance, achieving professional qualifications is a significant step toward advancing your career. One such milestone is the Series 7 exam—a vital credential for aspiring General Securities Representatives. Whether you're new to the securities industry or looking to expand your expertise, understanding the Series 7 is crucial.
What Is the Series 7 Exam?
The Series 7, officially known as the General Securities Representative Qualification Examination (GS), is administered by the Financial Industry Regulatory Authority (FINRA). The exam assesses whether an entry-level registered representative has the knowledge and competency required to perform the critical functions of a General Securities Representative.
A Series 7–registered representative is qualified to engage in securities transactions involving a broad range of products, subject to firm approval and supervision, including:
- Corporate equity and debt securities
- Municipal securities
- Government securities
- Investment company products, such as mutual funds and ETFs
- Variable annuities
- Options
- Direct participation programs
- Private placements and other securities transactions, as permitted by the representative’s firm
To earn the General Securities Representative registration, candidates must pass both the Series 7 and the Securities Industry Essentials (SIE) Exam.
Series 7 Exam Format and Content
The Series 7 is a comprehensive and rigorous examination designed to evaluate real-world job responsibilities.
Exam structure:
- Number of questions: 125 scored multiple-choice questions
- Time limit: 3 hours and 45 minutes
- All 125 questions are scored. The Series 7 does not include unscored or experimental questions.
Major Job Functions Tested on the Series 7 Exam
FINRA organizes the Series 7 content into four Major Job Functions, each with a defined number of exam questions:
- (F1) Seeks Business for the Broker-Dealer from Customers and Potential Customers – 9 questions
- (F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives – 11 questions
- (F3) Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets, and Maintains Appropriate Records – 91 questions
- (F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions – 14 questions
Total: 125 questions
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This structure and weighting are defined in FINRA’s official Series 7 Content Outline, which should be treated as the authoritative source for exam preparation.
Eligibility and Requirements
To sit for the Series 7 exam, candidates must meet FINRA’s registration requirements:
- Firm sponsorship required: Candidates must be associated with and sponsored by a FINRA member broker-dealer or an applicable self-regulatory organization at the time of Series 7 registration.
- SIE exam requirement: The Securities Industry Essentials (SIE) Exam must be passed before the Series 7. The SIE may be taken without sponsorship, but the Series 7 may not.
- FINRA rules: Registration is governed by FINRA Rule 1210 (Registration Requirements) and FINRA Rule 1220(b)(2) (Qualification Examinations).
What Does the Series 7 Qualify You to Do?
Passing the Series 7 allows a registered representative to participate in securities activities as permitted by their firm and subject to supervision, including:
- Public offerings and private placements of securities
- Transactions involving equities, debt, options, and packaged products
- Securities-related activities involving REITs, ETFs, and unit investment trusts (UITs)
- Municipal securities transactions
- Customer account servicing and transaction execution
The Series 7 does not, by itself, authorize all activities at all firms. Product access and transactional authority depend on firm approvals, internal policies, and supervisory structures.
Why Choose Finalis for Exam Sponsorship?
At Finalis, we support professionals pursuing FINRA registration by acting as a FINRA-member broker-dealer sponsor, helping candidates navigate the licensing process within a compliant framework.
Through sponsorship with Finalis:
- Exam registration support: Required information is submitted through FINRA’s Central Registration Depository (CRD), enabling candidates to register for their qualification exams.
- Exam window: Once registered, candidates generally have a 120-day window to schedule and take their exam(s), consistent with FINRA rules.
- Post-licensing supervision: Upon successful registration, Finalis provides ongoing supervision and compliance infrastructure aligned with FINRA requirements.
Sponsorship and registration are subject to Finalis’ review, approval, and ongoing supervisory obligations.
It can be challenging to determine which exams are appropriate for your specific line of business. To help, we've provided a list of the most common FINRA qualification exams for those looking to establish and grow a career in M&A, investment banking, or becoming a placement agent.
Ready to Take the Next Step?
Whether you’re uncertain about which FINRA exams to pursue or feel ready to start, Finalis is here to guide you. Contact us today to schedule a consultation. Let’s chart your path to becoming a securities professional.
Achieving the Series 7 is more than passing an exam—it's about unlocking opportunities in a dynamic and rewarding industry. Let Finalis be your partner in this journey, ensuring every step aligns with your career aspirations.
