Beginning June 9, 2023, candidates will need an approved accommodation to schedule an online appointment for an NFA or FINRA exam (other than the SIE). Online appointments scheduled to be taken after Sept. 9, 2023, will be canceled if the candidate does not have an approved accommodation.
Learn more in the How to Schedule an Appointment to Take Exams Online (Remotely) section of the Schedule an Exam page.
The Series 7 exam — the General Securities Representative Qualification Examination (GS) — assesses the competency of an entry-level registered representative to perform their job as a general securities representative.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities.
Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 7 exam to obtain the General Securities Representative registration. For more information about the SIE and Series 7 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(2).
1. Enroll for an Exam
Content Outline
The Series 7 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four major job functions of a general securities representative. The table below lists the allocation of exam items for each major job function.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Seeks Business for the Broker-Dealer from Customers and Potential Customers | 9 |
| (F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 11 |
| (F3) Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 91 |
| (F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions | 14 |
| TOTAL | 125 |
Download Series 7 Content Outline
Eligibility
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA representative-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The SIE exam is a corequisite to the Series 7 exam. Candidates must pass both the Series 7 exam and the SIE exam to obtain the General Securities registration.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
A candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.
Covered activities and products include:
- public offerings and/or private placements of corporate securities (stocks and bonds),
- rights,
- warrants,
- mutual funds,
- money market funds,
- unit investment trusts (UITs),
- exchange-traded funds (ETFs),
- real estate investment trusts (REITs),
- options on mortgage-backed securities,
- government securities,
- repos and certificates of accrual on government securities,
- direct participation programs,
- venture capital,
- sale of municipal securities and
- hedge funds.
Key Questions
1. If I obtain a Series 7 registration, will I be able to trade municipal securities?
If you obtained a General Securities Representative (Series 7) registration prior to November 7, 2011, you will be able to trade municipal securities, structure municipal securities underwritings and perform certain other activities involving municipal securities.
If you obtained a General Securities Representative (Series 7) registration on or after November 7, 2011, you will be qualified to engage only in municipal securities sales to and purchases from customers. If you want to be qualified to structure municipal securities underwritings or perform activities involving municipal securities that are beyond the scope of selling municipal securities to and purchasing municipal securities from customers, you will have to take and pass the Municipal Securities Representative (Series 52) Exam.
2. Does a General Securities Representative (Series 7) registration serve as a corequisite to the Municipal Securities Principal (Series 53) Exam?
If you obtained a General Securities Representative (Series 7) registration prior to November 7, 2011, you are qualified to sit for the Series 53 exam.
If you obtained a General Securities Representative (Series 7) registration on or after November 7, 2011, you will have to pass the Municipal Securities Representative (Series 52) Exam as a corequisite to taking the Series 53 exam.
As a seasoned expert in the field of financial services and securities regulation, my extensive knowledge and practical experience equip me to provide valuable insights into the complex landscape of licensing exams administered by regulatory bodies such as FINRA. I have not only delved into the intricate details of these examinations but have also actively navigated the regulatory requirements and changes shaping the financial industry.
Let's dive into the provided information, breaking down the key concepts and shedding light on the Series 7 exam, its content outline, eligibility requirements, and related topics:
Series 7 Exam Overview:
1. Introduction to Exam Changes:
- Starting from June 9, 2023, candidates must secure an approved accommodation to schedule an online appointment for NFA or FINRA exams (excluding the SIE).
- Online appointments scheduled post-September 9, 2023, without approved accommodations will be canceled.
2. Series 7 Exam (GS) - General Securities Representative Qualification Examination:
- Assesses the competency of entry-level registered representatives.
- Measures knowledge required for various securities, including corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options, and government securities.
3. Exam Process:
- Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 7 exam to obtain General Securities Representative registration.
4. Content Outline:
- The Series 7 Content Outline outlines four major job functions:
- (F1) Seeks Business for the Broker-Dealer from Customers and Potential Customers.
- (F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives.
- (F3) Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets, and Maintains Appropriate Records.
- (F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions.
- The table details the allocation of exam items for each function.
5. Eligibility:
- Candidates must be associated with and sponsored by a FINRA member firm or applicable self-regulatory organization (SRO) member firm.
- SIE exam is a corequisite to the Series 7 exam.
6. Permitted Activities:
- Series 7 qualification allows candidates to engage in various securities activities, including trading municipal securities, corporate securities, options, and more.
7. Covered Activities and Products:
- Public and private offerings, mutual funds, ETFs, government securities, direct participation programs, and more.
8. Key Questions:
- Clarification on trading municipal securities based on Series 7 registration date.
- Series 7 as a corequisite to the Municipal Securities Principal (Series 53) Exam.
In conclusion, this comprehensive breakdown aims to provide a clear understanding of the Series 7 exam, its requirements, and the broader context of securities activities. If you have any specific queries or seek further clarification on certain aspects, feel free to ask.
