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Passing the Series 7 License Exam is a requirement before anyone employed in the finance industry can market or buy securities including stocks, bonds, derivatives and any other investments promoted for the general public. The test is given from the Financial Industry Regulatory Authority (FINRA) and covers a broad range of investments and merchandise. So that you can go ahead and take exam, generally you must be sponsored by a registered member of FINRA, although now and again the state of hawaii can become your sponsor a high level Registered Investment Advisor.
The [http://megatronprint.com/user/kayak0scarf/ Series 7 Exam] is one of several securities licenses that agents must hold in order to contact retail investors; some states require further licenses like the Series 63 or Series 66 licenses. Account managers, analysts and advisors utilized by registered Brokers and Dealers hold Series 7 licenses, giving the investing public confidence when controlling individuals the finance industry.


The exam itself is made up of 260 questions, which at least 72% should be answered correctly in order to get a pass mark. Normally, 66% of these sitting quality obtain a pass mark, having an average score of 73%. Of the 260 questions, only 250 counts towards one further score, with all the other 10 questions considered experimental questions, or practice. The price to take a seat the Series 7 license exam is a non-refundable $265, since November 2010. Check once you make your exam appointment to verify the fee.
Typically, to register for the exams you will need to finish a U-4 application, on which you must disclose details including previous work history, criminal convictions and whatever else that may affect what you can do to be effective within the finance industry as an advisor. Exams are offered daily, and you should pay your fee as well as set your own appointment time and energy to sit quality. Exams are sat in two consecutive 3 hour time slots, with 125 questions each.
The format in the exam is in multiple choice format, each and every question having a possible four answers, with no penalties for guessing. Some questions have you make reference to a reference book given by the testing centre, containing resources including clippings through the 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 an array of investment areas, including:
Generating home based business for your broker/dealer works with the ethics involved with contacting prospective clients and issues for example transparency and disclosure.
Evaluating customer's economic situations and issues such as risk profile and just what products or securities can help your client achieve their investment goals.
Technical expertise in opening accounts, investing securities, transferring assets and general best practice documentation.
Client communications; keeping investors accustomed to their current investments and making recommendations.
Accurately implementing client's purchase and sell orders and following track of the customer to make certain client satisfaction.
The series 7 license exam is a required license for anybody doing work in the finance industry and is made to protect the investing public, as well as improving and enhancing industry standards.