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FINRA Series7 Exam Overview:
| Certification Vendor: | FINRA |
| Exam Name: | General Securities Representative Examination (GS) |
| Exam Number: | Series 7 |
| Exam Duration: | 225 minutes |
| Available Languages: | English |
| Related Certifications: | Securities Industry Essentials (SIE) Series 6 Series 63 Series 65 Series 66 |
| Certificate Validity Period: | Valid while registered and completing continuing education; expires 2 years after leaving a sponsoring firm |
| Passing Score: | 72% |
| Exam Price: | $395 USD |
| Exam Format: | Computer-based, Multiple-choice, 4 answer options per question |
| Real Exam Qty: | 125 scored + 5–10 unscored pretest |
| Recommended Training: | FINRA Content Outline PDF |
| Exam Registration: | FINRA Series 7 Registration Page FINRA Central Registration Depository (CRD) |
| Sample Questions: | FINRA Series7 Sample Questions |
| Exam Way: | Computer-based testing at authorized Pearson VUE or Prometric test centers |
| Pre Condition: | Must pass SIE exam; must be sponsored by a FINRA/SRO member firm |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/series7 |
FINRA Series7 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records | 73% | - Direct participation programs - Debt securities and government obligations - Options and derivative products - Margin accounts and taxation - Municipal securities - Equity securities - Recordkeeping and regulatory reporting - Investment companies, ETFs, and variable annuities |
| Seeks Business for the Broker-Dealer from Customers and Potential Customers | 7% | - Product-specific disclosures and regulatory requirements - Customer communication and solicitation rules - Standards for advertising and public communications |
| Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions | 11% | - Trade settlement and confirmation rules - Order types and execution procedures - Regulatory requirements for transaction processing |
| Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 9% | - Account types and documentation requirements - Suitability rules and regulatory compliance - Financial profile, risk tolerance, and investment objectives |
FINRA General Securities Representative Examination (GS) Sample Questions:
1. Bubba sells 100 shares of XYZ short at $58 and buys 1 XYZ Mar 60 Call at $3. What is the customer's
maximum loss?
A) unlimited
B) $500
C) $5,500
D) $100
2. Bubba has a short margin account with a short market value of $22,000, a credit balance of $42,000, and
SMA of $500. What is the NYSE minimum equity maintenance for this account?
A) $6,000
B) $5,500
C) $6,600
D) $12,600
3. In considering the fairness of a firm's markup, the FINRA considers:
A) amount of the transaction
B) dealer cost for the security
C) profitability of the member firm
D) financial condition of the client
4. Which of the following is considered an intangible asset?
A) marketable securities
B) trademarks
C) accounts receivable
D) furniture
5. The general purpose of the Securities Act of 1933 is to:
A) provide for disclosure of the financial condition of underwriters
B) provide for disclosure of information about new securities offerings
C) regulate the activities of investment advisers
D) regulate the sale of securities on national exchanges
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: B |
By Chapman
