The Series 7 qualifies registered representatives to sell most types of securities, including stocks, bonds, options, municipal securities and packaged products.
Exam format at a glance
| Format | 125 multiple-choice questions in 3 hours 45 minutes. Requires the SIE and firm sponsorship. |
| Cost | FINRA lists the fee on its Series 7 page — check FINRA for current pricing. |
| Scoring | Passing score is 72. Practice scores here use the same 72 line. |
| Validity | Your firm registers you through CRD after you pass both the SIE and Series 7. |
Who this exam is for
- New representatives at FINRA member broker-dealers
- SIE holders moving to full general securities registration
- Professionals adding options, municipal and equity sales to their license
How to actually study for it
- Function 3 is nearly three-quarters of the exam — know products, suitability and recommendations cold.
- Drill options math: breakevens, maximum gain and loss for calls, puts, spreads and straddles.
- Practice margin calculations: Reg T, equity, SMA and maintenance requirements.
- Learn municipal securities basics and MSRB rules, plus FINRA communications rules.
Where to go next
Start with the free 10-question diagnostic to see where you actually stand, or go straight to the one-page Series 7 cheat sheet. The full Series 7 practice exam covers every domain at the real exam's weighting, with every answer explained.