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Passing the Series 7 License Exam is often a requirement before anyone working in the finance industry can sell or buy securities including stocks, bonds, derivatives and then for any other investments promoted for the average man or woman. Test is run by the Financial Industry Regulatory Authority (FINRA) so they cover a broad selection of investments and products. To be able to consider the exam, generally you need to be sponsored by a registered person in FINRA, although now and again hawaii can act as your sponsor an advanced Registered Investment Advisor.
The [http://www.interseccaopsicanalitica.com.br/wp-content/plugins/zingiri-forum/mybb/member.php?action=profile&uid=327744 Series 7] is among several securities licenses that agents must hold in order to speak with retail investors; some states require further licenses for example 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 when controlling people in the finance industry.


The exam itself includes 260 questions, ones at the very least 72% should be answered correctly in order to get a pass mark. On average, 66% of those sitting test get yourself a pass mark, with the average score of 73%. Of the 260 questions, only 250 counts towards any score, with the other 10 questions considered experimental questions, or practice. The cost to take a seat the Series 7 license exam is often a non-refundable $265, as of November 2010. Check once you make your exam appointment to substantiate the fee.
Typically, to join up for your exams you will have to complete a U-4 application, on which you have to disclose details for example previous work history, criminal convictions and anything else that could affect what you can do to operate in the finance industry as an advisor. Exams are offered daily, and you also be forced to pay your fee and set your individual appointment time to sit test. Exams are sat by 50 percent consecutive 3 hour time slots, with 125 questions each.
The format from the exam is within multiple choice format, with each and every question using a possible four answers, without having penalties for guessing. Some questions ask you to reference a reference book offered by the testing centre, which has resources for example clippings through the Wall Street Journal. A non-programmable calculator is going to be supplied by most centers, but check when you are making your appointment, as some centers may operate differently.
Questions cover a wide range of investment areas, including:
Generating new company for that broker/dealer works with the ethics associated with contacting clients and issues such as transparency and disclosure.
Evaluating customer's economic situations and issues including risk profile as well as what products or securities may help the client achieve their investment goals.
Technical expertise in opening accounts, buying and selling securities, transferring assets and general best practice documentation.
Client communications; keeping investors accustomed to their current investments and making recommendations.
Accurately implementing client's exchange orders and following up with your client to ensure customer satisfaction.
The series 7 license exam is a required license for everyone doing work in the finance industry and it is designed to protect the investing public, and also improving and enhancing industry standards.