The Series 7 test, also known as the General Securities Representative Examination, is a challenging and comprehensive assessment for men and women looking to enter this rewarding and fast-paced field of finance. This exam consists of 250 multiple-choice questions and is administered in two sections of 125 questions each; each section takes three hours to complete.
The content of the Series 7 test is divided along the seven most important critical functions of a general securities representative:
- According to the Financial Industry Regulatory Authority, the first task of a general securities representative is to seek business for the broker-dealer through customers and potential customers. (This task relates to 9 questions on the test.)
- A general securities representative should also evaluate customers in terms of financial need, current holdings, and available investment capital and help these clients identify their investment objectives (4 questions).
- (S)he should provide customers and prospective customers with information on investments and make suitable recommendations (123 questions).
- The Series 7 test also includes 27 questions regarding opening, transferring, and closing customer accounts and maintaining appropriate account records.
- A general securities representative should be able to explain the organization, participants, and functions of various securities markets and the principal factors that affect them (53 questions).
- (S)he should be able to obtain and verify the customer’s purchase and sale instructions, enter orders, and follow up on the completion of transactions (13 questions).
And finally, the Series 7 test includes 21 questions assessing the ability to monitor a customer’s portfolio and make recommendations consistent with changes in economic and financial conditions as well as the customer’s needs and objectives.
Series 7 Study Guide
Start learning how to be successful on your Series 7 exam. Our Series 7 study guide is guaranteed to help you get the results you deserve on your Series 7 test. Some test takers prefer to study using flashcards and so we have created the best Series 7 flashcards that cover everything you need to know for the Series 7 exam. Note that using multiple study aids will help you maximize the benefit from your study time.