Free Series 7 practice test: 125 questions at the real pace

125 questions · 216 minutes · scored the moment you finish · no sign-up

This free Series 7-style practice test has 125 original questions, one for each scored question on the real exam, split exactly as FINRA's content outline splits them: 91 on products and recommendations, 14 on orders and transactions, 11 on opening accounts and 9 on seeking business. It runs on a 216-minute clock, the real exam's pace, and you get your percent right for each job function with every answer explained, including the options, margin and bond math worked step by step.

125
questions, as scored: 216 min
the real pace: 72
FINRA's passing score: Free
no sign-up

Last checked 13 November 2026 · Exam facts from FINRA's Series 7 page and content outline, checked 13 November 2026

125
questions
216 min
time limit
Free
instant score

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

What is on this Series 7 practice test?

One timed mock of 125 four-option questions, weighted like the real exam: the job function that carries 73% of FINRA's scored questions carries 73% of ours.

FINRA's four job functions and their scored questions (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 and their scored questions (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

Most questions are short scenarios of the kind a new representative meets: a customer with a tax bracket and a goal, an options position to evaluate, an order to enter, an account to open. Others check the facts you need to know cold, such as which municipal document comes first or what a planned amortization class protects against.

Options breakevens and maximum gains and losses, bond prices and yields, tax-equivalent yields, sales charges, accrued interest and every margin figure are generated with new numbers in every mock and calculated, so you cannot memorise answers. The scenarios are written for this site, and no two mocks share a question.

What this practice test copies, and what it does not
Questions	125 four-option questions per mock, one for each scored question on the real exam
Weighting	Exactly FINRA's split: 9 Seeks Business, 11 Opens Accounts, 91 Products and Recommendations, 14 Orders and Transactions
Clock	216 minutes: the real exam's 3 hours 45 minutes for 130 questions, scaled to 125
Not simulated	The 5 unscored pretest questions, and FINRA's equated scoring
Your result	Percent right overall and per job function, and a practice band. Not a FINRA score

Can I practise one part of the Series 7 at a time?

Yes. Each job function has a free 12-question drill at the real pace: products and recommendations on its own page, and the three smaller functions on the how-to-pass guide.

Series 7 products and recommendations
Free drill
91 of the 125 scored questions: equities, debt, municipal bonds, funds, annuities, suitability, taxes and economics.
Series 7 options practice questions
Worked examples
Breakevens, maximum gains and losses, spreads and straddles, the calculations that cost the most points.
How to pass the Series 7
3 free drills
Seeks Business, Opens Accounts and Orders and Transactions, with margin worked step by step.

How does the real Series 7 exam work?

It has 125 scored questions and 5 unscored ones in 3 hours 45 minutes, costs $395 in 2026, and you need a 72 to pass. Only a sponsoring member firm can enroll you, and you also need the SIE.

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)

You will not know which 5 questions are unscored, so treat every question as if it counts. Many prep sites still say 135 questions; FINRA cut the unscored pretest questions from 10 to 5 from 27 October 2025, so the exam is now 130 questions in the same time.

The Series 7 exam guide covers enrollment, the SIE, retakes and what the licence lets you do, and Series 7 passing score explains why 72 is not 72%.

What do Series 7 questions look like?

Mostly short scenarios with four options, and about one in five needs a calculation. Try the five below; two are worked step by step and the rest open when you tap.

Series 7-style question 1 · Long put
An investor buys 1 ABC Mar 60 put at 4. What is the breakeven point?
1. A56
2. B60
3. C64
4. D4
Worked answer
A: 56. A put buyer profits when the stock falls, so the breakeven is the strike minus the premium: 60 − 4 = 56.
1. A put is the right to sell at the strike, 60.
2. The buyer paid 4, which must be recovered as the stock falls.
3. Breakeven: 60 − 4 = 56.
The trap: Adding the premium (64). That is the breakeven for a call; puts subtract.
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 · Long margin equity
A customer buys 1,000 shares at $50 in a new margin account and deposits the Regulation T requirement. The stock rises to $60. What is the equity in the account?
1. A$10,000
2. B$25,000
3. C$30,000
4. D$35,000
Worked answer
D: $35,000. The purchase is $50,000 and Regulation T requires 50%, so the customer deposits $25,000 and the debit is $25,000. At $60 the market value is $60,000, and equity is 60,000 − 25,000 = $35,000.
1. Purchase: 1,000 × 50 = $50,000; Reg T deposit 50% = $25,000; debit $25,000.
2. New market value: 1,000 × 60 = $60,000.
3. Equity = market value − debit = $35,000.
The trap: Answering the $10,000 price gain. The equity is the customer's deposit plus the gain.
Series 7-style question 4 · Margin documents
Which part of a margin agreement lets the firm pledge the customer's margin securities as collateral for a bank loan?
1. AThe credit agreement
2. BThe hypothecation agreement
3. CThe loan consent agreement
4. DThe options agreement
Show the worked answer
B: The hypothecation agreement. In the hypothecation agreement the customer pledges the securities to the firm, and allows the firm to rehypothecate them to a bank for the loan that funds the margin debit.
1. The credit agreement sets out the interest and terms of the loan.
2. The hypothecation agreement pledges the securities as collateral.
3. The loan consent, which is optional, lets the firm lend the securities to others.
The trap: Choosing the loan consent agreement. That lets the firm lend the securities to short sellers, not pledge them to a bank.
Series 7-style question 5 · Regulation Best Interest
Under Regulation Best Interest, what must a broker-dealer do when it recommends a security to a retail customer?
1. ARecommend the lowest-cost product available
2. BAct in the customer's best interest at the time of the recommendation, without putting its own interest first
3. CGet the customer's written approval before every recommendation
4. DRegister the representative as an investment adviser
Show the worked answer
B: Act in the customer's best interest at the time of the recommendation, without putting its own interest first. Regulation Best Interest requires a broker-dealer to act in the retail customer's best interest when it makes the recommendation, through its disclosure, care, conflict of interest and compliance obligations. Cost matters, but the rule does not require the cheapest product.
1. Reg BI applies to recommendations to retail customers.
2. The standard is the customer's best interest at the time of the recommendation.
3. Cost is one factor in the care obligation, not the rule.
The trap: Choosing "lowest cost". Cost is a factor the firm must weigh, but a more expensive product can still be in the customer's best interest.

These were written for this page, so none of them is in a mock. More, each with its trap, are on Series 7 sample questions.

After the free Series 7-style mock

One mock shows your weakest job function. Four more mocks of new questions, and four drills for each function, prove it is fixed.

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 do I read my Series 7 practice result?

You get your percent right overall and for each job function, and a practice band: Early practice, Building (60%+), Solid (72%+), Strong (80%+) or Top (90%+). We treat 80% on our questions as the target before you book. None of this is a FINRA score.

FINRA's passing score of 72 is an equated score: a panel sets it and FINRA adjusts for small differences in difficulty between versions of the exam, and it does not publish how many right answers that takes. So no practice test can turn a raw score into a FINRA score honestly. Reaching 80% on questions you have not seen before leaves room for a harder version, for nerves and for the unscored questions.

Read the job functions separately. Function 3 is so large that a weak Function 3 cannot be rescued by the other three, while a weak Function 1 costs at most a handful of questions. Your result page names the weakest function and starts your study plan there.

What does failing the Series 7 cost?

Another $395 exam fee, at least 30 days before you may sit again (15 from 19 January 2027), and often a nervous conversation with the firm that hired you on the condition that you pass.

Most people who take the Series 7 have already been hired. Firms commonly set a deadline for new representatives to get licensed, and until you pass you cannot take orders or be paid for selling securities. Every failed attempt means another fee, another wait and another few weeks before your first commission. A third failure within 24 months means a 180-day wait under the current rule (60 days from 19 January 2027).

The fix is to sit the exam once, prepared. Full Series 7 courses we looked at on 13 November 2026 were listed at $139 to $309 for Kaplan's packages and $199 for a year of Achievable. The LifeScore Series 7 Pass Pack is US$39, one payment, with four more full mocks, 16 drills and a study plan, and it is built to show you, in numbers, when you are ready.

Do Series 7 practice tests help you pass?

Yes, if you use them to find the weak job function and learn the reason behind every miss. Memorising practice answers does not work, because the real questions are different.

The Series 7 covers a great deal, and most people over-study what they already like. A timed mock shows where your points are going, and each explanation says why the right answer is right and why the others are wrong, which is what lets you answer a question you have never seen. The full plan is in how to pass the Series 7.

Timing matters too. At 1 minute 44 seconds a question, an options strategy question that takes four minutes has to be paid for elsewhere. A full mock teaches you where to spend your time and when to flag and move on.

Frequently asked questions

Is this the real Series 7 exam?

No. It is Series 7-style practice with original questions. The real exam is written and delivered by FINRA, and only a sponsoring firm can enroll you.

How many questions are on the Series 7?

130: 125 scored and 5 unscored pretest questions, in 3 hours 45 minutes. Older sources say 135, from before FINRA cut the pretest questions in October 2025.

What score do I need to pass the Series 7?

A 72. It is an equated score, not a percent. See Series 7 passing score.

Does this cover the current exam?

Yes. The questions follow FINRA's content outline dated October 2025, and the rules in force on 13 November 2026, including T+1 settlement and Regulation Best Interest.

Is the practice test free?

Yes, with no sign-up, and every job function has a free drill. The Pass Pack, with four more mocks, 16 drills and a study plan, is US$39, one payment.

Do I need the SIE first?

You need to pass both the SIE and the Series 7 to be registered as a general securities representative. You can take the SIE before you are hired, but the Series 7 needs a sponsoring firm.

Sit the Series 7 once, prepared

Five full Series 7-style mocks, four drills for each job function and every answer explained, for US$39 with no subscription.