General Securities Representative Exam (FINRA Series 7)
The Series 7 exam — the General Securities Representative Qualification Examination (GS) — assesses the competency of an entry-level registered representative to perform their job as a general securities representative.
- Time3 hours and 45 minutes
- Format125 multiple choice
- Passing score72% (90/125)
- Exam fee$245
- DetailsFINRA
Overview
Also referred to as the Series 7 "Top-Off" Exam. This exam must be passed in conjunction with the Securities Industry Essentials (SIE) Exam in order for the candidate to receive a full General Securities license from FINRA. You must be sponsored by a FINRA member firm in order to take the Series 7.
FINRA's exam summary
Seeks Business for the Broker-Dealer from Customers and Potential Customers
The basics of customer-facing sales activities related to a general securities representative role. What you need to know and do when describing investment products and services to customers with the intent of obtaining their business.
9 questions, 7%
Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
The rules and processes you must follow when opening a customer account and informing them of their options. Also includes the requirements to make reasonable efforts to obtain customer profile information and report anything suspicious.
11 questions, 9%
Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
The heart of the exam. Covers how you must provide customers with information about their investment options, especially the suitability of investments for them given their profile and goals. This requires being fluent in the risks, benefits, and typical investors of major financial products.
91 questions, 73%
Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions
The logistics portion, covering how to obtain quotes, execute orders, and how to enlist your supervisor to assist in the resolution of discrepancies, disputes, and errors.
14 questions, 11%
Achievable's content outline
Eligibility and sponsorship
Candidates cannot take the FINRA Series 7 Exam or other representative-level qualification exams unless they are associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm. For more information on registration requirements, refer to FINRA Rule 1210.
The FINRA SIE Exam is a corequisite to the Series 7 exam. Candidates must pass both the Series 7 exam and the SIE exam to obtain the FINRA General Securities registration. Achievable offers a FINRA SIE Exam course - learn more here.
For more information on the registration process, see FINRA’s Register a New Candidate help page.
Administration of the exam
The Series 7 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.
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.
Scoring of the 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.
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