What is the point of the Series 7?
What is the point of the Series 7?
The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives. The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative.
What topics are on the Series 7?
Key Takeaways
- The Series 7 is an exam and license that entitles the holder to sell all types of securities products except commodities and futures.
- The Series 7 exam covers topics on investment risk, taxation, equity and debt instruments, packaged securities, options, and retirement plans.
Why is Series 7 so hard?
As challenging as the Series 7 exam is, it requires a substantial commitment of time and effort to prepare with materials and tools that meet a student’s particular learning style and study preferences. Between the cost of sitting for the exam and the cost of study materials, students often invest hundreds of dollars.
Who needs Series 7?
A candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.
How long is my Series 7 GOOD FOR?
two years
The Series 7 license is good for the entire period that you work for a FINRA-member firm or self-regulatory organization (SRO). It only expires if you are terminated or leave a firm and do not find employment within two years at another FINRA-member firm or SRO.
How do you take the series 7?
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). There is also an exam fee that is commonly covered by the sponsoring firm.
How difficult is the series 7 exam?
How difficult is the Series 7 exam? Like all exams, the test becomes easier the more you do to prepare for it. The general consensus is that the Series 7 is less comprehensive, and therefore slightly easier to pass, than the CFA exams, but only 65% successfully make it through the Series 7 on their first time, so the pressure is on.
What is the series 7 top off exam?
The Series 7 top-off exam has a heavy emphasis on suitability and scenario-based questions, as well as on advanced concepts, such as complex options positions, tax rules, and margin accounting.
How difficult is series 7?
The Series 7 takes only a fraction of the time to prepare for compared to the CFA exams. The material in the Series 7 is not nearly as difficult or extensive. The Series 7 can be achieved after passing two relatively short tests while the CFA requires three long tests.