How do I register to take the Series 7?
To take the Series 7, a FINRA member firm must file a Form U4 application on your behalf through FINRA’s Central Registration Depository (CRD). There are no prerequisites to take the Series 7; however, you will have to get fingerprinted and answer a lengthy set of questions about your background.
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.
How long should I prepare for this exam?
We recommend studying 100 hours over a four- to eight-week period.
What score do I need to pass the 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.
How many questions are on the exam?
There are 250 scored and 10 unscored 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.
How long is the exam?
Six hours broken into two three-hour sessions. There is a mandatory minimum half-hour, maximum one-hour break between testing sessions.
Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 7?
How much does the exam cost?
The cost of the exam is $305 at this writing.
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.
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I passed my Series 24 today with an 80% thanks to Solomon Test Prep! I found the most benefit from using the practice exams as a learning tool, reading each answer explanation as I went along, regardless of a(n) correct/incorrect response. I found that for this exam, understanding the concepts is equally as important as memorization! Good luck!