Frequently Asked Questions
Series 7 - FINRA General Securities Representative Exam
About the Series 7
What does the Series 7 qualify me to do?
A Series 7 license qualifies you to solicit, purchase, and/or sell all securities products, including corporate and municipal securities, options, direct participation programs, mutual funds, and variable contracts.
Are there any prerequisites for the Series 7 exam?
You are also required to take the Securities Industry Essentials (SIE) exam, unless you have passed certain other licensing exams prior to October 1st, 2018.
If you need to take the SIE exam, check out Solomon Exam Prep SIE study materials.
Preparing for the Series 7
How long should I prepare for the Series 7 exam?
We recommend studying 60-80 hours over a 4-6 week period.
How should I prepare for the Series 7 exam?
Solomon offers a complete Series 7 study program, which includes digital Study Guide, Exam Simulator, Audiobook, Video Lecture, Flashcards, and Live Web Classes. Visit the Solomon Series 7 page to learn more.
Taking the Series 7
Do I need to be sponsored to take the Series 7 exam?
Yes, to take the Series 7 and any other FINRA exam, you must be sponsored by a FINRA member firm.
How do I register to take the Series 7?
To take the Series 7, a FINRA member firm must file a Form U4 on your behalf through FINRA Gateway (This capability in Classic CRD was retired April 5, 2021). You will have to get fingerprinted and answer a lengthy set of questions about your background.
Upon registering, a candidate will have 120 days to schedule the exam. You can find more details on the FINRA Test Enrollment Services System.
How much does the Series 7 exam cost?
The cost of the exam is $300.
How long is the Series 7 exam?
You have 3 hours and 45 minutes to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down. See the FINRA website for more details on what to expect when taking your exam.
How many questions are on the Series 7 exam?
There are 125 scored and 10 unscored questions, for a total of 135 questions. The 10 unscored questions are randomly distributed, so test takers do not know which questions are not scored. The unscored questions are being tried out by the exam committee.
What score do I need to pass the Series 7 exam?
A score of 72% is required for passing.
Note: Scores are rounded down to the lowest whole number, so a 71.9% would be a final score of 71%—not a passing score for the Series 7 exam.
If I stop working for my firm, how long will my Series 7 license remain active?
You will have two years between jobs before the license expires.
When you cease working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 7 license will remain active.
General exam questions? See our general FAQs.
For information about Solomon Series 7 exam study materials, please click here.