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PURPOSE OF THE EXAM
The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives. The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative. In order to obtain registration as a General Securities Representative, candidates must pass both the Series 7 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam. For more information about the activities requiring registration as a General Securities Representative, see FINRA Rule 1220(b)(2).
STRUCTURE OF THE EXAM
The exam consists of 125 multiple-choice items, and each item consists of four answer choices. The allocation of exam items for each major function is as follows:
Function
1 Seeks Business for the Broker-Dealer from Customers and Potential Customers 7% 9
2 Opens Accounts After Obtaining and Evaluating
Customers’ Financial Profile and Investment Objectives
9%
11
3 Provides Customers with Information About
Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
73%
91
4 Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions
11%
14
TOTAL 100% 125
ADMINISTRATION OF THE EXAM
The exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam. Each candidate’s exam includes 10 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidate’s exam consists of a total of 135 items (125 scored and 10 unscored). There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam.
All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.
Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.
