How Much Does the Series 7 Exam Cost?
The Series 7 exam, also referred to as the General Securities Representative Qualification Examination, will assess the competency of an entry-level representative to perform his or her job as a general securities representative and is administered by the Financial Industry Regulatory Authority. This exam will measure a candidate’s knowledge needed to perform critical functions, including the sales of corporate, municipal, investment company and variable securities.
How much is it?
- According to the FINRA, the cost to take this exam is $305 as of 20177.
What is going to be included?
- The exam has 250 multiple choice questions and an additional 10 pretest questions that won’t be scored. Candidates are given six hours to take the test, with two separate three-hour sessions with 130 questions each. Candidates must score a 72 percent or better.
- A range of topics will be covered on the exam, including major job functions such as seeking new business, evaluating customer’s other security holdings, opening accounts, providing information and entering orders.
- Those who pass will then be qualified to solicit and purchase securities, including corporate, municipal funds, investment companies, and variable. Also, this exam must be passed in order to take the other principal exams offered by the FINRA.
What are the extra costs?
- Additional study materials are highly recommended by those who have passed the test in the past. Depending on the packet you choose, the costs can vary. Refer to the table below to see the most popular Series 7 exam study guides online. Depending on which method will work best for your study habit, study guides can cost about $10 to $35, while classes could cost a few hundred. Some live classes and online courses we found online would cost $400 to $650. The Kaplan series 7 practice tests, for example, can cost $299 for the self-study and $449 for the live class version.
- If you stop working for your firm, the license will expire after two years.
Tips to know:
- To find an accepted testing center in your area, refer to this official search engine offered by the FINRA. The test, according to our research, is available weekdays, Monday through Friday at Prometric or Pearson Testing Centers.
- According to Investopedia, you must be sponsored by a financial company who is a member of the FINRA to qualify.
- Only the provided calculators can be used during the proctored exam. Candidates will not be able to bring in any outside material, including reference materials and/or calculators. Any candidate, according to the FINRA, found to be violating this policy will receive severe penalties.
- This WealthManagement.com thread claims you should be prepared to invest at least 100 hours when studying for the exam. According to one member, there are more than 17,000 questions inside the testing database and 250 of them will be chosen at random. Andrew Hallam says you should be prepared to spend anywhere from six to eight weeks, about one to two hours per day.
- What is the Series 7 pass rate? According to some experts online, about 65 percent of those who take it for the first time pass.
How can I save money?
- Some employers may cover the cost of this exam. If you’re working for a company that requires you receive this certification, see if any discounts or reimbursement applies.
- Instead of spending hundreds on live classes or study guides, consider looking for free “Series 7 PDFs” or flashcards online. Oftentimes, these study guides can be just as extensive and help those who are able to learn on their own succeed.
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