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Passing the Series 7 License Exam is often a requirement before anyone employed in the finance industry can market or buy securities including stocks, bonds, derivatives and any other investments promoted to the general public. The exam is run by the Financial Industry Regulatory Authority (FINRA) so they cover an extensive array of investments and merchandise. So that you can make exam, generally you've got to be sponsored by a registered person in FINRA, although sometimes the state of hawaii can become your sponsor if you are a Registered Investment Advisor.
The [http://www.maxsbar.co.uk/vanilla/profile/comments/42712/yardherwitz series licensing ] is just one of several securities licenses that agents must hold to be able to communicate with retail investors; some states require further licenses including the Series 63 or Series 66 licenses. Account managers, analysts and advisors employed by registered Brokers and Dealers hold Series 7 licenses, giving the investing public confidence in dealing with folks the finance industry.


Test itself is made up of 260 questions, that no less than 72% should be answered correctly to get a pass mark. Normally, 66% of people sitting the test get yourself a pass mark, with the average score of 73%. From the 260 questions, only 250 counts towards your final score, with the other 10 questions considered experimental questions, or practice. The price to sit the Series 7 license exam is often a non-refundable $265, by November 2010. Check when you build your exam appointment to ensure the charge.
Typically, to register for your exams you need to complete a U-4 application, which you have to disclose details like previous work history, criminal convictions and anything else which could affect what you can do to function within the finance industry as an advisor. Exams can be obtained daily, so you must pay your fee and hang your own appointment time for you to sit test. Exams are sat by 50 percent consecutive 3 hour time slots, with 125 questions each.
The format with the exam is multiple choice format, with each and every question having a possible four answers, without any penalties for guessing. Some questions ask you to refer to a reference book supplied by the testing centre, containing resources like clippings from your Wall Street Journal. A non-programmable calculator is going to be supplied by most centers, but check if you are making your appointment, as some centers may operate differently.
Questions cover a wide range of investment areas, including:
Generating home based business for that broker/dealer works with the ethics involved in contacting potential clients and issues including transparency and disclosure.
Evaluating customer's economic situations and issues including risk profile along with what products or securities may help the client achieve their investment goals.
Technical understanding opening accounts, exchanging securities, transferring assets and general best practice documentation.
Client communications; keeping investors accustomed to their current investments and making recommendations.
Accurately implementing client's buy and sell orders and following up with the client to make sure customer happiness.
The series 7 license exam is often a required license for any person working in the finance industry which is designed to protect the investing public, along with improving and enhancing industry standards.