Last updated: April 23, 2020

 

FINRA Representative-level Exams

 

 DurationQuestionsCost
Series 7 – General Securities Representative Exam3 hours and 45 minutes125$245
Series 79 – Investment Banking Representative Exam2 hours and 30 minutes75$245
Series 82 – Private Securities Offerings Representative Exam1 hour and 30 minutes50$40
Securities Industry Essentials (SIE)1 hour and 45 minutes75$60

 

SERIES 7 – GENERAL SECURITIES REPRESENTATIVE EXAM

 

The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities.

 

Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 7 exam to obtain the General Securities Representative registration.

 

Permitted Activities: a candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.

 

Covered activities and products include:

  • Public offerings and/or private placements of corporate securities (stocks and bonds)
  • Rights
  • Warrants
  • Mutual funds
  • Money market funds
  • Unit investment trusts (UITs)
  • Exchange-traded funds (ETFs)
  • Real estate investment trusts (REITs)
  • Options on mortgage-backed securities
  • Government securities
  • Repos and certificates of accrual on government securities
  • Direct participation programs
  • Venture capital
  • Sale of municipal securities
  • Hedge funds

 

SERIES 79- INVESTMENT BANKING REPRESENTATIVE EXAM

 

The Series 79 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment banking representative, including advising on or facilitating debt or equity securities offerings through a private placement or a public offering and mergers and acquisitions.

Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 79 exam to obtain the Investment Banking Representative registration.

Permitted Activities

Covered activities include advising on and/or facilitating the following:

  • Debt and equity offerings (private placement or public offering)
  • Mergers and acquisitions
  • Tender offers
  • Financial restructurings
  • Asset sales
  • Divestitures or other corporate reorganizations
  • Business combination transactions

Key Questions

 

1. I engage in investment banking work that is limited to structuring private securities offerings at my firm. What registration(s) will I need to engage in this activity?

 

You may register by passing the SIE and passing either the Series 79 exam or the Series 82 exam. To register, you will have to pass the SIE and either the Series 79 exam or the Series 82 exam.

 

2. I am registered as an Investment Banking Representative (Series 79) under FINRA Rule 1220(b)(5) Limited Representative-Investment Banking. The rule states that persons whose activities involve “advising on or facilitating debt or equity securities offerings though a private placement or a public offering, including … marketing ….” must register as an Investment Banking Representative. Does this mean that I can engage in road show activities and direct selling efforts related to a debt or equities securities offering without obtaining any additional registrations?

 

The Investment Banking Representative registration category is meant to include investment bankers who, as part of their job activities, advise on or facilitate the marketing of an offering. This would include activities such as preparing a marketing plan, advising on a marketing plan prepared by a sales team, or developing and/or contributing information for marketing materials. However, it would not include persons who actively market the offering and interact with investors or potential investors, such as a person who is engaging in road show activities. Such a person would also need to be registered as a General Securities Representative (SIE Series 7 exam) or Private Securities Offerings Representative (SIE Series 82 exam) depending on the type of offering being made.

 

3. I am registered as a General Securities Representative (Series 7) and engage in both the sales and marketing of private placements and public offerings. Do I need any additional registrations?

 

If you are only engaged in selling the offering or actively marketing the offering to investors or potential investors, the General Securities Representative (Series 7) registration is sufficient. However, if you want to engage in activities such as preparing a marketing plan or advising on a marketing plan prepared by a sales team or developing and/or contributing information for marketing materials, you would also need to be registered as an Investment Banking Representative by passing the Series 79 exam.

 

SERIES 82 – PRIVATE SECURITIES OFFERINGS REPRESENTATIVE EXAM

 

The Series 82 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a private securities offerings representative, including solicitation and sale of private placement securities products as part of a primary offering.

 

Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 82 exam to obtain the Private Securities Offerings Representative registration.

 

Permitted Activities: a candidate who passes the Series 82 exam is qualified for the solicitation and sale of private placement securities products as part of a primary offering.

 

Source:  https://www.finra.org/registration-exams-ce/qualification-exams

 

ActivitySeries 7Series 79Series 82Finalis  unable to accommodate
Advise on and facilitate the structuring of public equity or debt offering?X
Advise on or structure a transaction involving a public company (i.e., buyer/seller/investor)?X
Raise capital for a public offering?X  X
Advise on and facilitate the structuring of primary private equity or debt offering?XXX
Advise on or structure a transaction involving all private companies?XXX
Raise capital for a private company?XX

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