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Passing the Series 7 License Exam is a requirement before anyone employed in the finance industry sell or buy securities including stocks, bonds, derivatives and then for any other investments promoted for the average person. The exam is run with the Financial Industry Regulatory Authority (FINRA) so they cover a large array of investments and merchandise. In order to consider the exam, generally you need to be sponsored by the registered an affiliate FINRA, although occasionally hawaii can act as your sponsor a high level Registered Investment Advisor.
The [http://www.aboutwallpaper.com/profile/block1father Exam ] is one of several securities licenses that agents must hold so that you can talk to retail investors; some states require further licenses including the Series 63 or Series 66 licenses. Account managers, analysts and advisors utilised by registered Brokers and Dealers hold Series 7 licenses, giving the investing public confidence when controlling members of the finance industry.


Test itself consists of 260 questions, which a minimum of 72% has to be answered correctly to acheive a pass mark. An average of, 66% of the sitting the exam get yourself a pass mark, by having an average score of 73%. Of the 260 questions, only 250 counts towards your final score, together 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 once you help make your exam appointment to ensure the cost.
Typically, to sign up for that exams you will have to develop a U-4 application, on which you should disclose details such as previous work history, criminal convictions and other things which could affect you skill to function in the finance industry being an advisor. Exams are available daily, and also you have to pay your fee as well as set your individual appointment time to sit test. Exams are sat in 2 consecutive 3 hour time slots, with 125 questions each.
The format from the exam is multiple choice format, with each and every question developing a possible four answers, without any penalties for guessing. Some questions require you to make reference to a reference book given by the testing centre, which contains resources for example clippings from your Wall Street Journal. A non-programmable calculator will probably be supplied by most centers, but check when you're making your appointment, as some centers may operate differently.
Questions cover many investment areas, including:
Generating home based business for that broker/dealer relates to the ethics involved in contacting prospects and issues like transparency and disclosure.
Evaluating customer's economic situations and issues including risk profile and just what products or securities might help the customer achieve their investment goals.
Technical understanding opening accounts, investing securities, transferring assets and general best practice record keeping.
Client communications; keeping investors informed about their current investments and making recommendations.
Accurately implementing client's trade orders and following up with the client to make certain customer happiness.
The series 7 license exam can be a required license for everyone employed in the finance industry and is also designed to protect the investing public, along with improving and enhancing industry standards.