Finance & Accounting
FINRA Series 7
FINRA Series 7 (General Securities Representative)
Free Series 7 practice questions 45 questions with full answer explanations. No sign-up. Start practice →Overview
The Series 7 - officially the General Securities Representative Qualification Examination (GS) - is FINRA's flagship registration exam. Passing it (together with the SIE co-requisite) qualifies you as a General Securities Representative, able to sell essentially the full range of securities products: corporate securities, municipal securities, investment company products, variable annuities, direct participation programs, options and government securities. It is the exam behind what is informally called the 'stockbroker license'.
Two mechanics distinguish it from open-enrolment certifications. First, you cannot simply sign up: you must be associated with and sponsored by a FINRA member firm, which files Form U4 through the CRD system to open your 120-day exam window. Second, the Series 7 alone is not enough - the Securities Industry Essentials (SIE) exam is a co-requisite, and the registration takes effect only once you have passed both (in either order).
The exam itself delivers 130 multiple-choice questions (125 scored, 5 unscored pretest) over 225 minutes, with a passing score of 72 on a 0-100 equated scale. The 2025 content outline organises it into four job functions, and one of them - providing information, making recommendations and maintaining records - carries 73% of the scored questions, which makes it the clear centre of gravity for preparation.
✓ Who it is for
- Anyone hired by a broker-dealer into a role that requires the General Securities Representative registration
- Candidates who have passed (or plan to pass) the SIE and have a firm willing to sponsor Form U4
- Professionals who want the broadest FINRA representative-level registration rather than a product-limited one
✕ Who it is not for
- Anyone without a sponsoring FINRA member firm - individuals cannot self-register for the Series 7.
- People who want a portable self-study credential while job-hunting - the SIE fills that role and needs no sponsorship.
- Anyone expecting a short certification sprint - the exam spans the full securities product range and is usually prepared over months.
Exam structure
| Format and scoring | 125 scored multiple-choice questions plus 5 unscored pretest questions (130 delivered), 225 minutes, passing score 72 on a 0-100 scale. Scores are statistically equated and wrong answers carry no penalty. |
|---|---|
| Function 1 - Seeks Business for the Broker-Dealer (7%) | Prospecting and communications with customers and potential customers: contact rules and the standards and approvals for communications. 9 scored questions. |
| Function 2 - Opens Accounts (9%) | Opening accounts after obtaining and evaluating the customer's financial profile and investment objectives: account types, registrations, required information and approvals. 11 scored questions. |
| Function 3 - Provides Information, Makes Recommendations, Transfers Assets and Maintains Records (73%) | The heart of the exam: equities, debt and municipal securities, investment company products, variable annuities, options, direct participation programs, margin and taxation, plus suitability and recordkeeping. 91 scored questions. |
| Function 4 - Obtains and Verifies Instructions; Processes and Confirms Transactions (11%) | Order types and handling, trade confirmations, settlement, account transfers and related processing obligations. 14 scored questions. |
How the exam is weighted
- Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers 7% - 9 questions
- Function 2: Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives 9% - 11 questions
- Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records 73% - 91 questions
- Function 4: Obtains and Verifies Customers' Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions 11% - 14 questions
Realistic study time
- Typical candidates (unofficial estimate) FINRA publishes no official figure; preparation is commonly estimated at 100+ hours over roughly 2-3 months alongside work
Bars show relative effort, not a guarantee. Your time depends on background and study method.
Turn this into a week-by-week schedule with the Study Plan Generator.
What it really costs
Fees change and vary by region. Confirm the current amount on the official site before you register.
Want your full out-of-pocket figure? Try the Cost Calculator.
Salary & career value
Indicative ranges for orientation only - not surveyed data, and not financial or career advice. Sources and date below.
Pass rate: Not published. FINRA does not release official Series 7 pass rates, so treat any percentage you see online as an unofficial estimate.
Jobs that often ask for it:
- Registered Representative
- Financial Advisor (broker-dealer)
- Wealth Management Client Associate
- Private Client Associate
- Institutional Sales Associate
Is it worth it?
If you are joining a broker-dealer, the question answers itself: the Series 7 is the registration your job requires, your firm sponsors it and often pays the fee, and it unlocks the broadest representative-level product range. As a speculative credential it makes little sense - you cannot even sit the exam without firm sponsorship, and the qualification lapses two years after you leave the industry unless you enrol in the MQP. If you are still job-hunting, take the SIE first: it requires no sponsor and signals commitment to hiring firms.
Not sure this is the right exam for you? Compare your options with the Exam Finder.
Compare Series 7 with other exams
Independent, like-for-like comparisons to help you choose the right one.
What to do next
If you are not yet with a firm, start with the SIE - it needs no sponsorship and covers the industry basics the Series 7 assumes. Once a firm files your Form U4, plan the Series 7 inside your 120-day exam window.
On exam day
You test at a Prometric centre (FINRA also operates international test centres); 130 questions are delivered - 125 scored plus 5 unscored pretest questions mixed in unannounced - over 225 minutes. There is no penalty for guessing, so answer everything. Candidates with limited English proficiency can request extra time through their firm (60 extra minutes for exams over two hours, which includes the Series 7). FINRA delivers the SIE online; whether the Series 7 currently has an online option is something to confirm on FINRA's Schedule an Exam page before booking. Your exam window stays open 120 days from enrollment, so book a seat early.
Keeping your certification
No periodic re-examination while you remain registered with a member firm. After your registration terminates, the qualification lapses after two years unless you enrol in the Maintaining Qualifications Program (MQP), which keeps it alive for up to five years through annual continuing education.
FAQ
- What is the Series 7 exam?
- The Series 7 is FINRA's General Securities Representative Qualification Examination (GS). Together with the SIE co-requisite, it qualifies you to register as a General Securities Representative and sell the full range of securities products - corporate and government securities, municipal securities, investment company products, variable annuities, direct participation programs and options. It is the exam behind the informal term 'stockbroker license'.
- Can I take the Series 7 without a sponsoring firm?
- No. You must be associated with and sponsored by a FINRA member firm (or another applicable SRO member firm), and the firm files Form U4 through the CRD system to enrol you. There is no self-registration path for the Series 7. If you want an exam you can take on your own while job-hunting, that is the SIE.
- Do I need to pass the SIE before the Series 7?
- You need both, but the order is up to you. The SIE is a co-requisite, not a prerequisite: the General Securities Representative registration takes effect only once you have passed both exams. Most candidates take the SIE first because it needs no sponsorship and covers the foundations the Series 7 assumes.
- How much does the Series 7 cost?
- The exam fee is 395 US dollars under FINRA's 2026-2029 fee schedule (it was 300 dollars in 2024-2025). The sponsoring firm also pays a 125-dollar Form U4 registration filing fee, and firms commonly cover or reimburse the exam fee. Each retake costs the full exam fee again - there is no discount.
- What score do I need to pass the Series 7?
- 72 on a 0-100 scale. Scores are statistically equated across exam forms, and there is no penalty for wrong answers, so you should answer every question. Note the common mix-up: 72 is the Series 7 passing score; 70 is the SIE's.
- What is the Series 7 pass rate?
- FINRA does not publish an official Series 7 pass rate. Any percentage you find online is an unofficial estimate from prep providers or surveys, not FINRA data, so treat such figures with caution rather than using them to judge your odds.
- How long does the Series 7 registration stay valid?
- It is valid for as long as you remain registered with a member firm. After your registration terminates, the qualification lapses after two years - unless you enrol in the Maintaining Qualifications Program (MQP), which lets you stay qualified for up to five years by completing annual continuing education.
- What happens if I fail the Series 7?
- You wait 30 days after a first or second failed attempt, and 180 days after a third or subsequent failure. Each new attempt costs the full exam fee, and your firm must open a new exam window if the previous one has expired. Exam windows run 120 days from enrollment.
- Is the Series 7 harder than the SIE?
- Yes, in scope and depth. The SIE tests general industry knowledge and is open to anyone; the Series 7 tests whether you can actually work as a general securities representative, with 125 scored questions across the full product range - 73% of them in the recommendations-and-products function - and a passing score of 72 versus the SIE's 70.
Related exams
- FINRA SIE (Securities Industry Essentials) - Financial Industry Regulatory Authority (FINRA)
- CFA Level I (CFA Institute) - CFA Institute
- CFP (CFP Board) - CFP Board
Free study resources
- FINRA - Series 7 content outline (official PDF) ↗
- FINRA - Qualification exams FAQ ↗
- FINRA - Online exam delivery information ↗