All About the Series 7 License

by Julie Mendel, SILA-A, CDEI | Sep 15, 2022
All About the Series 7 License

Financial professionals who want to sell securities must pass the Securities Industry Essentials (SIE) and the Series 7 top-off exam. Series 7 is one of many qualifying exams individuals can take to further their career in the securities industry.

What is the Series 7 License?

The Series 7 license, also known as the General Securities Registered Representative license, is the license that allows a holder to sell a broad range of securities.

Series 7 license holders are allowed to sell stocks, bonds, variable annuities, mutual funds, options, packaged securities and more. A Series 7 license may be required if you plan to have a career in certain types of financial services workplaces, such as a stockbroker or investment banker.  While the Series 7 is considered a “general registration” there are limits to the products a licensee may sell.

How Do Candidates Get a Series 7 License?

To obtain the Series 7 license, holders must first be associated with and sponsored by a FINRA (Financial Industry Regulatory Authority) member firm or other applicable self-regulatory organization (SRO).  The member firm must then file a Form U4 (Uniform Application for Securities Industry Registration or Transfer Form) for the candidate before they can register to take the Series 7 exam.

If individuals seeking the Series 7 license do not have a FINRA member firm sponsor, FINRA has a program designed to match individuals to hiring firms.

What is the Series 7 Exam?

The Series 7 exam, or the General Securities Registered Representative Exam (GSRE), tests on knowledge of topics like client communications, regulations, and the risks of each type of security. This exam is administered by FINRA.

The Series 7 exam is a 125-question multiple choice test with a 3 hour and 45 minutes time limit. A passing score is 72%.

How do Candidates Prepare for the Series 7 Exam?

There are no requirements to complete an exam prep course, however, taking a course can provide candidates with an in-depth review of the exam’s general content and format, optional practice exams, and other study tools.

Online exam prep courses and study tools, like WebCE’s Series 7 Complete Exam Prep Package, are available to help candidates enhance their knowledge of the material and practice for exam day.  

  • Read-it-to-me audio for all course content 
  • Flash Tutor online flashcards, mobile-friendly and perfect for reviewing key terms and concepts on the go 
  • Exam Tutor exam simulator, which allows students to take full practice exams or build custom exams to test their knowledge on specific topics 
  • Study Guide Workbook, designed as a companion for the course material to write notes and complete exercises 
  • My Study Planner, which assists with creating a customized learning plan because daily studying is important for mastering the key concepts 

WebCE’s securities exam prep course packages provide convenient, effective study solutions for passing the Series 7 exam. Those looking to get the Series 7 license who have not completed the SIE exam can save even more with the WebCE combination SIE + Series 7 Complete Exam Prep Package. To order the securities exam prep needed to take one step closer to a career in the securities industry, visit our Securities Exam Prep Course Catalog.