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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 as well as any other investments promoted for the general public. Test is run with the Financial Industry Regulatory Authority (FINRA) and covers a diverse array of investments and products. So that you can consider the exam, generally you've got to be sponsored by way of a registered part of FINRA, although occasionally hawaii can become your sponsor if you're a Registered Investment Advisor.
The [http://stmvl.org/user/taurus8drawer/ Series 7] is one of several securities licenses that agents must hold in order to communicate with retail investors; some states require further licenses such as 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 in dealing with people in the finance industry.


The exam itself is made up of 260 questions, that at the very least 72% have to be answered correctly to get a pass mark. Typically, 66% of the sitting quality obtain a pass mark, with the average score of 73%. With the 260 questions, only 250 counts towards one last score, with the other 10 questions considered experimental questions, or practice. The price by sitting the Series 7 license exam is really a non-refundable $265, at the time of November 2010. Check whenever you you could make your exam appointment to ensure the fee.
Typically, to register to the exams you need to finish a U-4 application, which you have to disclose details for example previous work history, criminal convictions and everything else that could affect your ability to function from the finance industry being an advisor. Exams are available daily, and also you should pay your fee and hang up your individual appointment time for you to sit the exam. Exams are sat by 50 percent consecutive 3 hour time slots, with 125 questions each.
The format from the exam is at multiple choice format, each and every question creating a possible four answers, without having penalties for guessing. Some questions require you to make reference to a reference book furnished by the testing centre, that contains resources like clippings in the Wall Street Journal. A non-programmable calculator will probably be given by most centers, but check when you find yourself making your appointment, as some centers may operate differently.
Questions cover many investment areas, including:
Generating start up business for that broker/dealer deals with the ethics linked to contacting potential 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 can help your client achieve their investment goals.
Technical comprehension of 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 be sure customer care.
The series 7 license exam is a required license for any person working in the finance industry and it is built to protect the investing public, as well as improving and enhancing industry standards.