How do I get my Series 7 license?

To earn a series 7 license, follow these steps:
  1. Get a college degree. Stockbrokers and other financial advisors need a minimum of a four-year formal education to work in the financial field. …
  2. Take the Securities Industry Essentials (SIE) exam. …
  3. Find a job or internship. …
  4. Study. …
  5. Pass the exam.

Can you get Series 7 on your own?

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).

How hard is it to get a Series 7 license?

Is the Series 7 Certification Exam Hard? Though it may seem a bit daunting, especially if you have no industry experience, the Series 7 is, in fact, a medium difficulty exam. With enough study time and the right guidance, anyone can get their Series 7 license, regardless of previous experience.

How much does it cost to take the Series 7?

$245
How Much Does It Cost to Take the Series 7 Exam? The exam fee for the Series 7 is $245.

How do I get a Series 7 license without a sponsor?

You must be with a firm that has a regulatory requirement for you to have the Series 7 license. FINRA member firms will submit a U-4 form for you and then request an open window for you to take the exam via web CRD. A non-FINRA firm will submit a U-10 form and you will get an email for your exam window.

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.

What does Series 7 allow you to 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.

How long does it take to study for Series 7?

80-100 hours
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.

Does a CFP need a Series 7?

To take this exam, the person must be sponsored by a broker-dealer, and continue working for a broker-dealer to maintain the license. There’s a conflict of interest for a CFP® who holds an active Series 7 because they’re sales representatives of the brokerage firms they work for.

How many times can I take the Series 7?

A candidate can take the Series 7 exam as many times as they like; however, for the first three times, the candidate has to wait 30 days before trying again; after the first three attempts, the candidate has to wait six months.

WHO Issues Series 7 license?

The Financial Industry Regulatory Authority (FINRA)
The Financial Industry Regulatory Authority (FINRA) administers this test, and most employers in the financial services industry require their employees obtain the Series 7 license. If you want a find a financial advisor who has a Series 7 certification, check out our free financial advisor matching tool.

How much does it cost to sponsor a Series 7?

FINRA Representative-level Exams
DurationCost
Series 6 – Investment Company and Variable Contracts Products Representative Exam1 hour and 30 minutes$75
Series 7 – General Securities Representative Exam3 hours and 45 minutes$300
Series 22 – Direct Participation Programs Limited Representative Exam1 hour and 30 minutes$60

How long is Series 7 GOOD FOR?

two years
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.

How much can a Series 7 make?

General Securities Representative – (FINRA Series 7) Jobs by Salary
Job TitleRangeAverage
Registered Client AssociateRange:$43k – $71kAverage:$53,706
Certified Financial Planner (CFP)Range:$49k – $122kAverage:$70,048
Financial PlannerRange:$42k – $100kAverage:$63,691
Compliance OfficerRange:$52k – $105kAverage:$75,784

Is the Series 7 exam multiple choice?

Revised Series 7 Exam Breakdown

Number of Questions—The exam consists of 125 multiple-choice questions (down from 250), and each question consists of four answer choices.

How do I keep my Series 7 active?

As such, a financal advisor’s Series 7 license will remain active for 24 months after the advisor leaves his or her current broker dealer firm. If the advisor wishes to rejoin a broker dealer after the 24 months have passed, the advisor will need to retake the Series 7 examination.

What is the Series 7 top off exam?

The FINRA® Series revised 7, General Securities Representative Qualification “Top-off” Exam, is required of individuals soliciting the purchase or sale of corporate, municipal and U.S. government securities, options, direct participation programs, investment company products, and variable contracts.

What is the difference between the SIE and Series 7?

The Series 7 exam is essentially a much more difficult SIE exam. It has 125 questions (plus 10 extra that don’t count toward your score) vs 75 for the SIE exam. A key difference in the SIE vs Series 7 is that the content goes much deeper for the Series 7.

Can an RIA sponsor Series 7?

An RIA is bound by law to put the client’s needs first. The Series 7, however, authorizes the holder to work on behalf of a broker-dealer, not necessarily on behalf of the client.

Do you need a Series 7 for investment banking?

While the Series 7 is required by all securities representatives at the entry-level, the Series 79 exam is a requirement for anyone who wants to work as an entry-level investment banker.

How often do you have to do CE for Series 7?

every three years
As a registered representative you are required to complete the Regulatory Element CE Program two years from your base date and every three years thereafter for as long as you remain registered in the industry.

Is a Series 7 a fiduciary?

A Series 7 legally makes someone a sales rep for a broker-dealer, not a fiduciary advisor! That’s why you have to be sponsored by a broker-dealer to take the exam, because you can’t, working directly as an independent advisor with a client, sit for the Series 7 exam.