Last Updated on Sep 29, 2021 by James W

The demand for the Series 7 license has increased too many folds in the recent years; this may be due to the high employment rates and rising economy in the nation. In order to become a successful stock broker, you need to pass this exam because it is the most popular securities designation which allows you to sell almost every type of individual security like bonds, call options, common stocks and preferred stocks.


The exam is managed by Financial Industry Regulatory Authority, while in order to take the test you must be sponsored by one of the members of FINRA or the state may act as your sponsor if you are a registered investment advisor.

The exam consists of 260 questions, while in order to clear the exam almost 72% of the questions should be answered correctly. The exam is divided into two parts of 125 questions each in order to make it easier to attempt. With an average score of 73%, almost 66% of the students manage to pass the exam. Out of 260 questions, only 250 are counted towards your final score, while the rest of them are considered as practice questions. The examination fee for the FINRA License Exam is non refundable $250.


The format of the paper is based on multiple choice questions, with each question having four possible choices and no negative marking for the wrong answer. There are some questions which ask you to refer to the book provided by the examination centre which may contain stuff from the Wall street journal etc.

The usage of a non-programmable calculator is facilitated but it may vary at every examination centre, so in order to be on the safer side, it must be inquired in advance while setting up your appointment for the exam as the students are not allowed to bring their own. Even the scrap papers are given by the examination centers; you are allowed to write anything on them once the time starts. If any answer is required to be changed, the computer allows the students to do so at the end of the first and second part of the test.

Also there are some institutions, which prepare the candidate for FINRA series7 before hand by providing online training (which is usually preferred by the students as it provides them with the liberty of study wherever & whenever they wish to), printed books, practice exams, live classes and bundles.


The online course also has variations to it. One of the forms is that the students are being sent the study material, which they may make use of at their own pace and in their free time. Other ways include CDs and well designed presentations. The audio version of the study material appears to be the most favorable one as it comes with the feasibility of pausing and taking down the notes, listening to a concept over and over again by rewinding as the need be. The series & course gives a deep understanding of taxation, corporate securities, equity securities, depth securities, securities markets & regulations, municipal securities, retirement plans and many more; these topics may not be ignored in order to pass the test.


  • The candidate is required to be associated with a FINRA member firm; in case the association does not exist then the individual may not be able to take the exam.
  • Finger prints are required in order to carry out some background checks to make sure that the individual has not been involved in any criminal activities nor has any other red flags attached to his profile; even then, he may not be allowed to take the test.
  • To register for the exam, the individual has to fill a U 4 application, on which they have to disclose details like: previous work history, any criminal allegations or any other aspects that might turn out to be hindrance in their ability to work as an advisor in the fiancé industry.
  • It may not be a mandatory eligibility factor but it is highly favorable that the candidate may acquire employment with FINRA before applying for FINRA series 7 securities license exam.


In case of failure to pass the exam, the candidates do not need to panic. Unsuccessful attempts and failure to pass are a part of every exam one takes. There are re-takes available. The elongated duration and the complexity of the test does leave the students a little anxious and nervous, hence leading to a failure. But they can take the test up to two more times. If they fail three times consecutively, then they have to wait for a period of six months before they can make another attempt.

After a successful attempt of series 7 licensing exam, the candidate becomes a full time series 7 licensee, which is a tremendous and a substantial achievement for anyone who wishes to work in the finance field. Having a series 7 certification on your profile will make you a highly sought after professional and will have a huge fragment that will help you pave your way towards success.

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