Is the Series 7 State specific?
The Series 7 and Series 63 licenses are the basic broker licenses, although the Series 63 license is state-specific. The person you may work with for investing purposes may not prove to be a broker per se, but is a registered representative employed by a licensed broker or dealer.
How long does it take to obtain a Series 7?
You need to spend 80-100 hours studying for the FINRA Series 7 exam if you have a finance background and about 150 if you don’t. The first thing you should do is lay out a study plan that ensures you put those hours in. Give yourself enough time to take breaks from study to let concepts percolate.
How much does it cost to get a Series 7?
How Much Does It Cost to Take the Series 7 Exam? The exam fee for the Series 7 is $245.
What does Series 7 let you do?
What Is a Series 7 Securities License? The Series 7 license or general securities representative (GS) license allows the holder to sell almost all individual securities, including common and preferred stocks, call and put options, bonds, and other fixed income.
Should I get Series 7 or 63?
Series 63: Most states require this license for anyone who wants to sell securities within the state. To sell securities anywhere in the US, you must also pass the Series 6 or Series 7. A passing grade of 70% or better on the Series 63 exam, administered through Prometric Testing Centers.
Can I get my Series 7 without a sponsor?
To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).
Is a Series 7 license worth it?
Typically, the Series 7 is the better choice if you’re interested in selling individual securities either now or in the future. Plus, once the Series 7 is completed, no additional exam is required.
Can you get a Series 7 without a sponsor?
Does Series 7 expire?
The Series 7 license is good for the entire period that you work for a FINRA-member firm or self-regulatory organization (SRO). It only expires if you are terminated or leave a firm and do not find employment within two years at another FINRA-member firm or SRO.
Is Series 7 exam hard?
Is the Series 7 Exam Difficult? Clocking in at 125 questions to be answered in three hours and 45 minutes, the Series 7 exam is considered the most difficult of all the securities licensing exams. The minimum passing score is 72, which may not seem that difficult.
Can you take Series 7 without a degree?
To take the Series 7 exam, you need a FINRA-member firm or SRO to sponsor you. There are no education requirements to sit for the Series 7 exam, although most candidates have a college degree in a finance-related field, and many choose to complete a Series 7 exam prep package prior to sitting for the exam.
How many pass the Series 7 on the first try?
On average, the pass rate for the Series 7 exam is around 65%. Comparatively, about 86% of candidates pass the Series 63 on their first attempt.