Series 7


Series 7

An exam one must pass to become a registered representative with FINRA, a designation that authorizes one to trade for the brokerage or other firm for which one works. It authorizes one to sell any security except commodity futures contracts. The Series 7 license is a prerequisite for most other FINRA exams.

Series 7

An examination required of potential registered representatives and designed to test the candidates' basic understanding of the securities industry. The multiple-choice test, developed by the New York Stock Exchange, is administered by the National Association of Securities Dealers. Also called General Securities Registered Representative Examination. See also Uniform Securities Agent State Law Examination.Case Study The Series 7 is only the best known of many examinations administered by the National Association of Securities Dealers. Other examinations include:
    Examinations for Registered Principals
  1. Series 4: Registered Options Principal
  2. Series 9 and 10: General Securities Sales Supervisor
  3. Series 24: General Securities Principal
  4. Series 26: Investment Company Products/Variable Contracts Limited Principal
  5. Series 27: Financial and Operations Principal
  6. Series 28: Introducing Broker-Dealer Financial and Operations Principal
  7. Series 39: Direct Participation Programs Limited Principal
  8. Series 53: Municipal Securities Principal
    Examinations for Registered Representatives
  1. Series 6: Investment Company Products/Variable Contracts Limited Representative
  2. Series 11: Assistant Representative—Order Processing
  3. Series 22: Direct Participation Programs Limited Representative
  4. Series 42: Registered Options Representative
  5. Series 52: Municipal Securities Representative
  6. Series 55: Equity Trader Limited Representative
  7. Series 62: Corporate Securities Limited Representative
  8. Series 72: Government Securities Limited Representative
  9. Series 82: Limited Representative—Private Securities Offerings Representative
    Other Examinations
  1. Series 3: National Commodity Futures Examination
  2. Series 5: Interest Rate Options Examination
  3. Series 15: Foreign Currency Options Examination
  4. Series 30: Branch Managers Examination—Futures
  5. Series 31: Futures Managed Funds Examination
  6. Series 32: Limited Futures Exam
  7. Series 33: Financial Instruments Examination
  8. Series 63: Uniform Securities Agent State Law Examination
  9. Series 65: Uniform Investment Adviser Law Examination
  10. Series 66: Uniform Combined State Law Examination

Series 7.

To be licensed to sell securities to individual investors, brokers must pass the Series 7 exam, also called the General Securities Registered Representative Examination.

The six-hour test requires knowledge of specific securities, the concept of suitability, the securities markets, and various aspects of maintaining customer accounts, stocks, bonds, options, mutual funds, direct participation programs, and variable annuities, but not commodities or futures contracts.

Anyone taking the exam must be sponsored by an NASD member firm or an industry self-regulatory organization (SRO).