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Passing the Series 7 License Exam is really a requirement before anyone employed in the finance industry can sell or buy securities including stocks, bonds, derivatives and any other investments promoted for the general public. Quality is given through the Financial Industry Regulatory Authority (FINRA) so they cover a large variety of investments and merchandise. To be able to go ahead and take exam, generally you must be sponsored with a registered person in FINRA, although now and again the state can become your sponsor if you are a Registered Investment Advisor.
The [http://blackcountrynews.com/classifieds/user/profile/3836 Exam ] is among several securities licenses that agents must hold to be able 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 working with people in the finance industry.


Quality itself includes 260 questions, of which at the very least 72% have to be answered correctly to acheive a pass mark. Typically, 66% of people sitting quality obtain a pass mark, by having an average score of 73%. Of the 260 questions, only 250 counts towards one further score, with all the other 10 questions considered experimental questions, or practice. The charge by sitting the Series 7 license exam is really a non-refundable $265, at the time of November 2010. Check when you help make your exam appointment to ensure the price.
Typically, to register for the exams you will need to develop a U-4 application, on what you should disclose details such as previous work history, criminal convictions and other things that could affect you skill to work within the finance industry as an advisor. Exams can be found daily, and you also should pay your fee and hang your personal appointment time for it to sit test. Exams are sat in two consecutive 3 hour time slots, with 125 questions each.
The format in the exam is within multiple choice format, with each question having a possible four answers, without penalties for guessing. Some questions have you make reference to a reference book given by the testing centre, which has resources including clippings from the Wall Street Journal. A non-programmable calculator will probably be given by most centers, but check when you are making your appointment, as some centers may operate differently.
Questions cover many investment areas, including:
Generating new company for your broker/dealer works with the ethics associated with contacting prospective clients and issues for example 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 knowledge of opening accounts, exchanging securities, transferring assets and general best practice documentation.
Client communications; keeping investors informed about their current investments and making recommendations.
Accurately implementing client's exchange orders and following track of the client to ensure customer satisfaction.
The series 7 license exam can be a required license for any person employed in the finance industry and it is designed to protect the investing public, and also improving and enhancing industry standards.