How Much Does It Cost To Take Series 7?

Who needs a Series 7?

The Series 7 license allows professionals to sell securities in the U.S.

To obtain it, they must pass a rigorous exam covering various financial topics.

Financial Industry Regulatory Authority (FINRA) administers the test, and most employers in the financial services industry require their employees to pass this exam..

Is there a lot of math on the Series 7?

The exam is approximately 30% math (e.g. options, margin and convertible bonds). Some candidates feel strong in the math and will plan to score well there, allowing for a slightly weaker performance on the regulations. Other candidates “fear” the math – that’s okay too.

How can I pass the Series 7 in a week?

Tips to help you pass the Series 7Put the time in. My recommended prep time for the Series 7 exam is 80-100 hours. … Think concepts, not questions. … Don’t waste time on the technical subjects. … Know the bell curve rule. … Train for what you’re getting yourself into. … Make sure your study material is up-to-date. … Go above and beyond.

What is the hardest series exam?

The Series 7 exam is by far the longest and most difficult of all the securities exams. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading; put and call options; spreads and straddles; ethics; margin, and other account holder requirements; and other pertinent regulations.

What are the Series 7 and 63 licenses?

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.

Is Series 66 harder than Series 7?

The Series 66 license is only valid with a Series 7 designation. … The Series 66 exam contains topics covered in the Series 63 and Series 65 exams without duplication of the Series 7. Generally, for those persons with the Series 7 license, the Series 66 exam is easier to pass than the Series 65.

What is the difference between Series 7 and Series 7 top off?

Although these exams have many topics in common, one of the major differences between them is that the Series 7 Top-Off delves deeper into each content area. … Additionally, some subjects are tested on the Series 7 Top-Off Exam, but not on the SIE. These include taxation, rules of good delivery, and short sale rules.

Do you need both Series 6 and 7?

It depends on the license. You might not need the Series 6 if you have a Series 7 license and you don’t plan to sell life insurance. If you have a Series 3 license and decide to stop selling commodity futures in favor of mutual funds, you’ll need to earn the Series 6.

How much does a Series 7 license cost?

FINRA Representative-level ExamsDurationCostSeries 6 – Investment Company and Variable Contracts Products Representative Exam1 hour and 30 minutes$40Series 7 – General Securities Representative Exam3 hours and 45 minutes$245Series 22 – Direct Participation Programs Limited Representative Exam1 hour and 30 minutes$405 more rows

What does a Series 63 allow you to do?

How to Get Your Series 63 License. The Series 63 exam, known as the Uniform Agent State Law Examination, qualifies individuals as securities agents. … It is required for individuals soliciting the purchase or sale of securities products, such as mutual funds, variable annuities, stocks, or bonds within a state.

Can I take Series 7 on my own?

In order to qualify to take the Series 7 exam, you need to be sponsored by a member firm, a self-regulatory organization (SRO), or an exchange associated with FINRA. This means that until you are employed in a position that would require the Series 7 exam for daily tasks, you cannot even sit for the Series 7 test.

How many hours should you study for the Series 7?

100 hoursMost Series 7 exam preparation courses suggest 80 to 100 hours of study time, including live practice exams and at least 1,000 practice questions.

Do you need a Series 7 to be a financial advisor?

Series 7 License The Series 7 is the gold standard of financial advisor licenses. Also administered by FINRA, this license enables an advisor to sell nearly every type of investment product. … Candidates will be required to pass both the Series 7 and the SIE exam to obtain their general securities registration.

Is Series 7 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. … 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.

What is the best Series 7 exam preparation?

#1 – Securities Institute of America Prep Course.#2 – Securities Training Corporation Series 7 Courses.#3 – Achievable Test Prep Series 7 Courses.#4 – ExamFX Review Course.#5 – Kaplan Financial Education.#6 – Knopman Marks Series 7 Review.#7 – NRS Prep Classes.#8 – Pass Perfect Series 7 Course.More items…