Education

What is a Series 7 license for?

By: Hanif MalekiUpdated: March 22, 2021

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The Series 7 exam licenses the holder to sell all types of securities products except commodities and futures. Known formally as the General Securities Representative Qualification Examination, the Series 7 exam and its licensing is administered by the Financial Industry Regulatory Authority (FINRA).

Likewise, people ask, how do I get my Series 7 license?

To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).

Additionally, who needs a Series 7?

Series 7. The Series 7 license is known as the general securities representative (GS) license. It authorizes licensees to sell virtually any type of individual security.

Do you need series 7 for CFA?

Series 7. The primary difference between the Series 7 and the CFA is that one is a license while the other is a certification. As of October 2018, passing the Series 7 exam is not the only requirement for new FINRA licensees. New licensing candidates must also pass the Securities Industry Essentials (SIE) exam.

How long is Series 7 GOOD FOR?

two years

Related

How much does Series 7 cost?

The Series 7 exam has 125 multiple choice questions, lasts 225 minutes, and cost $245. The passing score is 72%. Prior to Oct. 1, 2018, the Series 7 exam contained 250 questions covering five major job functions.

Is Series 7 exam hard?

Series 7 is a somewhat difficult exam with about a 65-70% pass rate, so be sure your Series 7 exam prep is on point and you're ready to put in the effort!

Is there a lot of math on the Series 7?

The exam is approximately 30% math (e.g. options, margin and convertible bonds). Some candidates feel strong in the math and will plan to score well there, allowing for a slightly weaker performance on the regulations.

Can I get my Series 7 without a sponsor?

Yes, you must be sponsored by a FINRA-member firm in order to take the Series 7 exam. You can take the SIE exam without sponsorship at a firm, which means you can take and pass it before applying to jobs to augment your resume. Then, once employed by a FINRA-sponsored firm, you wil

What jobs can I get with a Series 7?

Series 7 license Jobs
  • AMG Funds. Internal Investment Consultant.
  • Winslow Wood & Associates. Financial Planning Assistant.
  • Charles Schwab. Client Relationship Specialist.
  • Bank of America. Financial Solutions Advisor – Brokerage (Series 7 Required)
  • 49 Financial. Financial Professional.
  • Bank of America.
  • Charles Schwab.
  • Bank of America.

Should I get my Series 7?

You should take the Series 7 top-off exam if you want to be licensed to sell a broad range of securities in a brokerage or bank.

How important is the Series 7?

The Series 7 license allows professionals to sell securities in the U.S. To obtain it, they must pass a rigorous exam covering various financial topics. Financial Industry Regulatory Authority (FINRA) administers the test, and most employers in the financial services industry require their employees to pass this exam.

What is the difference between Series 7 and Series 63?

Series 63 is State License
Like the Series 7 exam, the Series 63 exam is administered by the Financial Industry Regulatory Authority. However, the exam itself is managed by the North American Securities Administration Association. The Series 63 exam focuses on ethics and state securities regulations.

How much does it cost to become a broker dealer?

Typically your startup expenses will include FINRA and state registration, the cost of consultants, salaries, and deposits made to clearing firms. The costs can vary though. For example, if the b/d plans to trade for its own accounts, the cost can go up to $100,000 to $150,000.

Can you sell insurance with a Series 7?

The Series 7 license is known as the general securities representative (GS) license. It authorizes licensees to sell virtually any type of individual security. The only major types of securities or investments that Series 7 licensees are not authorized to sell are commodities futures, real estate and life insurance.

Is it difficult to become a financial advisor?

It's easy to become a financial advisor. It's hard to become a highly-qualified, well-educated, and successful financial advisor. The barriers to entry to the profession are much lower than in medicine or law, which means lots of people call themselves “financial advisors” with no real credentials at all.

Do you need a college degree for a Series 7?

There are no education requirements to sit for the Series 7 exam, although most candidates have a college degree in a finance-related field, and many choose to complete a Series 7 exam prep package prior to sitting for the exam.

What does a Series 63 allow you to do?

The Series 63 license is intended to measure an applicant's knowledge and understanding of state law and regulations. It is required for individuals soliciting the purchase or sale of securities products, such as mutual funds, variable annuities, stocks, or bonds within a state.

What education do you need to be a stock broker?

A high school diploma and a bachelor's degree in finance or business administration is required to become a stock broker. On-the-job training programs or internships are often available to aspiring stock brokers, which allow them to gain practical experience and work towards earning the needed professional licenses.

How many people have the Series 7?

There are over 40,000 people every year who take the Financial Industry Regulatory Authority's Series 7 examination, with only two-thirds passing.