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Passing the Series 7 License Exam is really a requirement before anyone in the finance industry sell or buy securities including stocks, bonds, derivatives and any other investments promoted on the public. Test is given through the Financial Industry Regulatory Authority (FINRA) and covers a large variety of investments and products. To be able to go ahead and take exam, generally you've got to be sponsored by a registered member of FINRA, although occasionally hawaii can become your sponsor an advanced Registered Investment Advisor.
The [http://www.bccs1.com/article.php?id=8374 Best ] is one kind of several securities licenses that agents must hold in order to speak with retail investors; some states require further licenses like the Series 63 or Series 66 licenses. Account managers, analysts and advisors used by registered Brokers and Dealers hold Series 7 licenses, giving the investing public confidence when controling individuals the finance industry.


The exam itself includes 260 questions, which at least 72% have to be answered correctly in order to get a pass mark. An average of, 66% of these sitting the exam obtain a pass mark, with an average score of 73%. In the 260 questions, only 250 counts towards one last score, with the other 10 questions considered experimental questions, or practice. The fee to sit the Series 7 license exam can be a non-refundable $265, at the time of November 2010. Check when you build your exam appointment to confirm the cost.
Typically, to register for the exams you simply must develop a U-4 application, on what you have to disclose details including previous work history, criminal convictions and whatever else that may affect your ability to function inside the finance industry as a possible advisor. Exams can be found daily, so you be forced to pay your fee and hang up your personal appointment time to sit the test. Exams are sat in 2 consecutive 3 hour time slots, with 125 questions each.
The format with the exam is at multiple choice format, each and every question developing a possible four answers, without any penalties for guessing. Some questions ask you to refer to a reference book supplied by the testing centre, that contains resources including clippings through the Wall Street Journal. A non-programmable calculator is going to be provided by most centers, but check when you are making your appointment, as some centers may operate differently.
Questions cover an array of investment areas, including:
Generating new business for your broker/dealer deals with the ethics associated with contacting clients and issues including transparency and disclosure.
Evaluating customer's financial situations and issues such as risk profile as well as what products or securities might help the customer achieve their investment goals.
Technical knowledge of opening accounts, exchanging 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 exchange orders and following on top of your client to make certain customer happiness.
The series 7 license exam is really a required license for anyone doing work in the finance industry and is also made to protect the investing public, along with improving and enhancing industry standards.