The Series 7 exam: what it is and how it works

The Series 7 is FINRA's General Securities Representative Qualification Examination, the exam that lets a broker-dealer register you to sell most kinds of securities. It has 125 scored multiple-choice questions plus 5 unscored ones in 3 hours 45 minutes, you need a 72 to pass, and it costs $395 in 2026. You can only sit it if a FINRA member firm sponsors you, and you must also pass the SIE.

125
scored questions (+5 unscored): 3 h 45
to answer them: 72
to pass: $395
fee in 2026

Last checked 13 November 2026 · Facts from FINRA's Series 7 page, content outline, fee schedule and Rule 1210, checked 13 November 2026

By the LifeScore Editorial Team · Updated 13 November 2026 · How we check facts · How this is scored

What is the Series 7 exam?

It is the "top-off" qualification exam for general securities representatives. Together with the SIE, it qualifies you to sell corporate stocks and bonds, options, municipal securities, investment company products, variable contracts and direct participation programs.

Since 2018, FINRA has split its representative exams in two. The Securities Industry Essentials (SIE) exam tests the basic knowledge every representative needs, and anyone may take it. The Series 7 then tests the job of a general securities representative in depth, and only a sponsored candidate may take it. You need both before a firm can register you as a general securities representative.

Many states also require a state law exam, usually the Series 63 or the Series 66, before you may do business with their residents. Those are separate exams administered by FINRA for NASAA, and they are not covered here.

The real exam, with where each fact comes from
Who sets it	FINRA, the Financial Industry Regulatory Authority, which writes and delivers the examPublished by the ownerFINRA, "Series 7 – General Securities Representative Exam"
Questions and time	125 scored multiple-choice questions plus 5 unscored pretest questions (130 in all), in 3 hours 45 minutesPublished by the ownerFINRA, "Series 7 – General Securities Representative Exam"
Passing score	72, an equated score set by FINRA, not 72% of questions rightPublished by the ownerFINRA, "Series 7 – General Securities Representative Exam"
Fee	$395 in 2026 (it was $300 in 2025)Published by the ownerFINRA, SR-FINRA-2024-019 fee adjustment schedule (Series 7 fee by year)
Who may sit it	Only someone sponsored by a FINRA member firm or another self-regulatory organization member firm. The SIE is a co-requisitePublished by the ownerFINRA, "Series 7 – General Securities Representative Exam"
Retakes	30 days after a first or second failure, 180 days after a third within 24 months. From 19 January 2027: 15 and 60 daysPublished by the ownerFINRA Rule 1210, Registration Requirements (retake waiting periods, lapse of qualification)
How long a pass counts	Two years: if you are not registered within two years of passing, you must qualify againPublished by the ownerFINRA Rule 1210, Registration Requirements (retake waiting periods, lapse of qualification)

What is on the Series 7?

Four major job functions. Products and recommendations is by far the largest, with 91 of the 125 scored questions; orders and transactions has 14, opening accounts 11 and seeking business 9.

FINRA's four job functions (Series 7 content outline, October 2025)

Function 1

Our section: Seeks Business
Scored questions: 9
Share: 7%
What it covers: Communications with the public, prospecting and telemarketing rules, seminars and social media, and registration before soliciting

Function 2

Our section: Opens Accounts
Scored questions: 11
Share: 9%
What it covers: Customer identification, account types and registrations, margin and options documents, trusted contacts, IRAs and employer plans

Function 3

Our section: Products and Recommendations
Scored questions: 91
Share: 73%
What it covers: Equities, options, municipal and corporate debt, government and agency securities, funds, annuities, DPPs, suitability and Regulation Best Interest, taxes, economics and analysis

Function 4

Our section: Orders and Transactions
Scored questions: 14
Share: 11%
What it covers: Order types, trading and settlement, confirmations, margin calculations, and errors and complaints

FINRA's four job functions (Series 7 content outline, October 2025)
Function	Our section	Scored questions	Share	What it covers
Function 1	Seeks Business	9	7%	Communications with the public, prospecting and telemarketing rules, seminars and social media, and registration before soliciting
Function 2	Opens Accounts	11	9%	Customer identification, account types and registrations, margin and options documents, trusted contacts, IRAs and employer plans
Function 3	Products and Recommendations	91	73%	Equities, options, municipal and corporate debt, government and agency securities, funds, annuities, DPPs, suitability and Regulation Best Interest, taxes, economics and analysis
Function 4	Orders and Transactions	14	11%	Order types, trading and settlement, confirmations, margin calculations, and errors and complaints

FINRA writes each function as a list of tasks and the knowledge behind them. Margin appears twice: opening a margin account and its documents belong with opening accounts, and the calculations (the Regulation T deposit, equity, maintenance calls, buying power) with processing transactions. That is our reading of the outline, and it is how our sections split them.

Function 3 is where the exam is won or lost. It covers every product a general securities representative sells, the rules for recommending them, and the economics, analysis and taxes behind them. The products and recommendations page has a free drill and the topics to learn, and options, the hardest part of it for most people, have their own page.

Who can take the Series 7?

Only someone associated with, and sponsored by, a FINRA member firm or another self-regulatory organization member firm. The firm enrolls you, and you then book a date.

In practice that means most candidates are new hires at broker-dealers, banks' brokerage arms and insurance-affiliated broker-dealers. The firm files a request to enroll you, which opens a window during which you must take the exam, and pays or reimburses the fee according to its own policy. If you have not been hired yet, you can still take the SIE on your own, which many applicants do to show employers they are serious.

You take the exam at a test center or, for many candidates, online with a remote proctor; FINRA's qualification exams pages describe both. Check the identification and room rules well before your date, especially for an online exam.

What do Series 7 questions look like?

Four-option multiple choice, mostly short scenarios. Here are three, from options, municipal bond taxation and margin.

Series 7-style question 1 · Covered call
An investor buys 100 shares of XYZ at 52 and sells 1 XYZ Jun 55 call at 3. What is the maximum potential gain?
1. A$300
2. B$600
3. C$900
4. DUnlimited
Worked answer
B: $600. If the stock rises above 55 the shares are called away at 55. The gain is the rise to the strike plus the premium: (55 − 52 + 3) × 100 = $600.
1. Above 55 the call is exercised and the shares are sold at 55.
2. Stock gain: 55 − 52 = 3 points. Premium kept: 3 points.
3. 6 points × 100 shares = $600.
The trap: Answering "Unlimited" because the investor owns stock. Selling the call caps the upside at the strike.
Series 7-style question 2 · Tax-equivalent yield
A customer in the 35% federal bracket is offered a municipal bond yielding 3.9%. What taxable yield would match it after federal tax?
1. A2.54%
2. B3.90%
3. C5.27%
4. D6.00%
Show the worked answer
D: 6.00%. Tax-equivalent yield is the municipal yield divided by one minus the tax rate: 3.9% ÷ 0.65 = 6.00%.
1. One minus the tax rate: 1 − 0.35 = 0.65.
2. Divide the tax-free yield by it: 3.9 ÷ 0.65.
3. = 6.00%.
The trap: Multiplying by 1.35 (5.27%). Gross up by dividing by 0.65, not by adding 35%.
Series 7-style question 3 · Maintenance call
A long margin account has a debit balance of $30,000. Under FINRA's 25% minimum maintenance requirement, at what market value would the account first get a maintenance call?
1. A$37,500
2. B$40,000
3. C$45,000
4. D$60,000
Show the worked answer
B: $40,000. Equity must be at least 25% of the market value, so the debit can be at most 75% of it. The call point is the debit divided by 0.75: 30,000 ÷ 0.75 = $40,000.
1. At 25% maintenance, the debit is at most 75% of the market value.
2. Market value at the call: 30,000 ÷ 0.75.
3. = $40,000. Below that, equity is under 25%.
The trap: Adding 25% to the debit ($37,500). Divide by 0.75 instead.

The free Series 7 practice test runs 125 questions at the real pace, weighted by job function.

Prepare for the real thing

Five full Series 7-style mocks of 125 questions and four drills for each job function, every answer explained.

The Series 7 Pass Pack gives you 5 full mocks on the real clock, 16 drills of 12 questions for the sections that cost you points, and a predictor that turns your mocks into the odds of reaching your target. One payment, no subscription, and your free score stays free.

Prep courses for these tests usually cost $19 to $129. The Series 7 Pass Pack is US$39 (£29), once.

See the Series 7 Pass Pack How our questions are built and checked

5
timed mocks: 16
topic drills: 1
score predictor

How is the Series 7 scored?

You need a 72. It is an equated score set by FINRA, not 72% of questions right, and you see your result on screen when you finish.

FINRA uses several versions of the exam and equates them so that a 72 means the same standard on each. It does not publish a raw-score conversion. If you pass, your result says pass; if you do not, it shows your score and how you did in each job function, which tells you where to start again.

The full explanation, and how we set our own practice target, is on Series 7 passing score.

What happens if I fail the Series 7?

You wait 30 days after a first or second failure, and 180 days after a third or later failure within 24 months, then pay the fee again. From 19 January 2027 the waits shorten to 15 and 60 days.

Waiting periods before a retake (FINRA Rule 1210, and Regulatory Notice 26-18 for 2027)
After	Until 18 January 2027	From 19 January 2027
A first failure	30 days	15 days
A second failure	30 days	15 days
A third or later failure within 24 months	180 days	60 days

The wait applies only to the exam you failed: failing the SIE does not stop you sitting the Series 7, and the reverse. Your firm may also have its own rules about how many attempts it will support, so ask before you book.

How long does a Series 7 pass last?

Two years if you are not registered. Once a firm registers you, the qualification stays current while you remain registered, and you complete FINRA's continuing education.

If you leave the industry, a passed exam lapses after two years without registration, though FINRA's Maintaining Qualifications Program can extend that for people who keep up continuing education. Your SIE pass, by contrast, is valid for four years whether or not you are registered.

The step-by-step study plan is in how to pass the Series 7.

Frequently asked questions

Is the Series 7 hard?

It is long and broad: 125 scored questions over products, rules and calculations. FINRA does not publish pass rates on its exam pages, so be wary of any figure you see quoted.

How long should I study for the Series 7?

Many candidates plan on several weeks of steady study after the SIE. The right length is when you score 80% or more on mocks you have not seen.

Can I take the Series 7 without a sponsor?

No. Unlike the SIE, the Series 7 needs a sponsoring FINRA or SRO member firm.

How much does the Series 7 cost?

$395 in 2026, up from $300 in 2025, under FINRA's published fee schedule. Your firm may pay it.

Does the Series 7 have a calculator?

Yes, an on-screen or provided calculator is available, along with scratch paper or a whiteboard at a test center. Check FINRA's current rules for your delivery method.

Start with a full practice test

The free mock scores you by job function at the real pace. The Pass Pack adds four more mocks, 16 drills and a plan.