Series 7

Series 7: Overview, Requirements, and Exam Structure

The Series 7, formally the General Securities Representative Qualification Exam, is administered by FINRA and qualifies individuals to sell a broad range of securities products (for example, stocks and bonds). It does not qualify holders to sell commodities, futures, real estate, or insurance products. Passing the Series 7 is a core requirement for many U.S. broker-dealer roles.

Key takeaways

• Licenses representatives to sell most securities, excluding commodities and futures.
• Administered by FINRA; candidates must be sponsored by a FINRA- or applicable SRO-member firm.
• Requires passing the Securities Industry Essentials (SIE) exam first.
• Exam format: 125 multiple-choice questions, 225 minutes, $300 fee, 72% passing score.
• Proof of qualification is available via FINRA’s Central Registration Depository (CRD).
• Passing Series 7 is often a prerequisite for higher-level licenses (e.g., Series 24).

Who needs the Series 7?

Professionals who will sell or recommend securities products on behalf of broker-dealers—commonly stockbrokers and general securities representatives—must obtain Series 7 registration. The license allows the sale of equity and debt instruments, options, retirement product recommendations, and other regulated securities within its scope.

Prerequisites and registration

• SIE exam: Candidates must first pass the Securities Industry Essentials (SIE) exam, which covers basic industry concepts, product types and risks, market structure, and regulatory roles.
• Sponsorship: A candidate must be sponsored by a FINRA member firm or an applicable self-regulatory organization (SRO) member firm. The sponsoring firm files Form U4 (Uniform Application for Securities Industry Registration or Transfer) to register the candidate for the exam. Non-FINRA members use the Test Enrollment Services System (TESS) to register.
• Regulation: FINRA oversees qualification and registration to ensure that individuals selling securities meet competency and regulatory standards.

Exam content and format

The Series 7 test focuses on job functions and practical tasks a general securities representative performs. The current exam structure includes 125 multiple-choice questions and is timed at 225 minutes. The breakdown of content areas is approximately:
* Seeking business for the broker-dealer from customers and potential customers: 9 questions
Opening accounts after evaluating customers’ financial profiles and investment objectives: 11 questions
Providing customers information about investments, making suitable recommendations, transferring assets, and maintaining records: 91 questions
* Obtaining and verifying customers’ purchase/sale instructions and agreements; processing and confirming transactions: 14 questions

Passing score: 72%. Exam fee: $300.

After the exam

FINRA does not issue a physical certificate. Current or prospective employers can verify registration and exam results through FINRA’s Central Registration Depository (CRD). Series 7 qualification often serves as a foundation for additional licenses (for example, the Series 24 for supervisory roles).

Bottom line

The Series 7 is the principal qualification for professionals who sell a broad set of securities in the U.S. Candidates must pass the SIE, obtain firm sponsorship, and pass the 125-question Series 7 exam with at least a 72% score. The license enables representatives to transact in many types of securities, subject to regulatory oversight by FINRA.