Are you ready to start your next chapter in life and begin a career in the financial industry? One of the first steps to take to begin this journey is to sign up for and pass the Series 7 exam, also known as the General Securities Representative Qualification Examination – or the GSRE. Taking that leap can be overwhelming and scary, which is why this guide was created: to help you get familiar with what to expect and learn how to pass the exam.
What’s the Series 7 Exam?
This exam is a comprehensive test of your knowledge in general securities and is designed to be taken by entry-level professionals, preparing them for the future by helping them build the critical financial skills that are needed to succeed in their career path. The exam is hosted by the Financial Industry Regulatory Authority, which is often shortened to FINRA.
What Does the Series 7 Teach You?
This licensing exam, the Series 7 or GSRE, is meant to prepare candidates and provide the knowledge needed to solicit, sell, and purchase securities products. Professionals will be able to answer questions, satisfy the needs of their clients, and will build familiarity with different financial terms and regulations regarding securities.
There is a lot covered on the exam, including stocks, government securities, variable annuities, corporate bonds, limited partnerships, CMOs, and more. In many cases, it is best to review materials by taking a Series 7 practice exam before taking the actual test.
Who is the Exam For?
The Series 7 exam is meant to be taken by registered representatives as well as stockbrokers that want to enter the industry of securities. In order for professionals to take additional FINRA exams in more advanced concepts, the Series 7 exam must be taken and passed first and foremost.
If you are a student, you will need to be sponsored by a registered broker or a dealer in order to be able to sit for the GSRE exam. You do not need any other qualifications to take the exam, though it helps if professionals have some type of experience with the financial industry.
Passing the Series 7 Exam
The Series 7 licensing test consists of 250 total questions that you must answer within 6 hours. Test takers will need to get at least 180 questions right to pass the test, which will equal about a 72% or C minus.
Nobody wants to get a failing grade, especially on a certification or licensing exam, so it is imperative that you take all precautions to get a passing score when sitting to take the test. If you want to really make sure you pass the exam, take advantage of Series 7 practice exam questions and answers on verified websites like CertLibrary.
Passing the licensing exam and becoming a certified Series 7 expert can open plenty of doors. Once you’re ready to take the test, make sure you study as much as possible and take the proper steps to make sure that your score is as high as possible.