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Applicants wishing to take the Series 7 exam must be sponsored by a FINRA member company and FINRA has other Series 7 eligibility requirements. The company must submit a U4 form (uniform registration application in the field of qualifications) to register the candidate for the license exam. FINRA regulates the activities of brokerage firms and registered brokers, ensuring that anyone who sells securities products is qualified and tested.
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The Series 7 exam is officially known as the general exam of securities representatives. It is a highly regulated exam that must be taken in an official test center. The cost to take the test is at least $ 265, with some areas in charge a little more.
Reference: https://www.finra.org/registration-exams-ce/qualification-exams/series7
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| Section | Objectives |
|---|---|
| Seeks Business for the Broker-Dealer | - Prospecting clients and marketing products - Understanding regulatory constraints on communications |
| Makes Recommendations and Transfers Assets | - Suitability and recommendation rules - Account transfers and asset movement procedures |
| Evaluates Customers' Financial Profile | - Financial status and suitability assessment - Customer investment objectives and risk tolerance |
| Provides Information About Investments | - Taxation and risk characteristics - Equities, fixed income, and packaged products |
| Processes Customer Orders | - Order entry, execution, and settlement basics - Trade reporting and confirmation procedures |
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