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Passing the Series 7 License Exam can be a requirement before anyone doing work in the finance industry can sell or buy securities including stocks, bonds, derivatives and any other investments promoted on the average person. The test is administered with the Financial Industry Regulatory Authority (FINRA) so they cover an extensive variety of investments and products. To be able to take the exam, generally you must be sponsored by the registered part of FINRA, although now and again hawaii can act as your sponsor a high level Registered Investment Advisor.
The [http://forum.hootsuite.com/profile/yardherwitz series exam prep] is among several securities licenses that agents must hold as a way to contact retail investors; some states require further licenses like 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 in dealing with individuals the finance industry.


The test itself is made up of 260 questions, ones at the very least 72% should be answered correctly to acheive a pass mark. Normally, 66% of these sitting test have a pass mark, having an average score of 73%. From the 260 questions, only 250 counts towards one last score, using the other 10 questions considered experimental questions, or practice. The fee to sit down the Series 7 license exam can be a non-refundable $265, as of November 2010. Check if you build your exam appointment to confirm the charge.
Typically, to subscribe to the exams you need to finish a U-4 application, which you need to disclose details like previous work history, criminal convictions and everything else that could affect your ability to function from the finance industry just as one advisor. Exams can be obtained daily, and you should pay your fee as well as set your personal appointment time to sit the exam. Exams are sat in 2 consecutive 3 hour time slots, with 125 questions each.
The format in the exam is multiple choice format, with each and every question creating a possible four answers, without any penalties for guessing. Some questions require you to make reference to a reference book offered by the testing centre, which contains resources such as clippings in the Wall Street Journal. A non-programmable calculator is going to be furnished 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 business for your broker/dealer handles the ethics linked to contacting prospects and issues for example transparency and disclosure.
Evaluating customer's financial situations and issues for example risk profile and just what products or securities may help your client achieve their investment goals.
Technical understanding opening accounts, buying and selling 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 purchase and sell orders and following track of the client to make sure customer care.
The series 7 license exam is often a required license for any person in the finance industry and is meant to protect the investing public, along with improving and enhancing industry standards.