How Much Does Series 7 Exam Cost?
The Series 7 Examination, or the General Securities Representative Exam, is taken by people who would like to become registered representatives of a broker dealer in the United States. This exam is administered by the Financial Industry Regulatory Authority, or FINRA. The Series 7 exam is a six hour, 260 question test on which the test takers need to get around 73% or higher to pass. The examination is divided into seven different categories, which is why the test is known as the Series 7 exam. The price for registration should be the same across the board since it is administered by only one organization.
How much is it?
- There are several examinations offered by FINRA and each exam costs differently from the other. While the price of the exam is the same no matter where you take it, each organization that offers the exam will charge differetly for the registration fees.
- FINRA is the sole administrator of the examination and according to FINRA’s official website, the cost of the Series 7 examination was $250; however, the price went up to $265 effective on 11/7/2011. Passing the Series 7 examination is a pre-requisite to other examinations and certifications administered by FINRA.
What is going to be included?
- The Series 7 examination is a six hour, 260 question test that would include 10 pre-test questions. These 10 pre-test questions do not count towards the examination grade and will not be indicated in the examination.
- The organization providing the exam will provide the room and accomodations necessary to take to exam, as well as an admintrator to answer any questions.
What are the extra costs?
- There are several fees that need to be taken care of in order to get the Series 7 examination. One such fee is the general registration fee, which is broken down into 6 different categories. Some of these fees can include the registration fee, which is priced at $85; another is the annual processing fee that costs $30. Other fees include the disclosure processing fee, also listed at $95, while late and termination fees can cost anywhere from $10 to $300.
- Another set of fees is the membership fee which consists of self-clearing brokers and others. This fee can cost anywhere from $3,000 to $5,000 according to the official site of FINRA.
- Fingerprint processing fees are also listed as additional cost. There are three levels of submission for the fingerprint, and it can cost anywhere from $13 to $31 per card.
- If you choose to purchase materials or take classes in order to prepare for the exam, these will cost extra.
Tips to know:
- The Series 7 Examination is composed mostly of a broad range of investment related questions such as stocks, bonds, options, and limited partnership.
- There are other requirements that need to be accomplished by Series 7 license holders such as the Series 63 or Series 66 license to satisfy the securities dealing requirements of some states.
How can I save money?
- The fee for the examination is not that expensive; however, you may want to take review classes in order to increase your chances of passing the examination. Not only will this save you money, but it will also help you save time as well since you will not have to wait to retake the examination.
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