Using Series 7 License Exam2861391
Passing the Series 7 License Exam is a requirement before anyone doing work in the finance industry can market or buy securities including stocks, bonds, derivatives as well as any other investments promoted to the average person. Test is given through the Financial Industry Regulatory Authority (FINRA) cover up a broad array of investments and items. In order to consider the exam, generally you've got to be sponsored by a registered part of FINRA, although sometimes the state of hawaii can act as your sponsor if you are a Registered Investment Advisor. The Best is one of several securities licenses that agents must hold so that you can speak with retail investors; some states require further licenses like 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 when controling people in the finance industry.
The test itself consists of 260 questions, which no less than 72% must be answered correctly to acquire a pass mark. Typically, 66% of those sitting the exam get yourself a pass mark, with the average score of 73%. Of the 260 questions, only 250 counts towards your final score, with all the other 10 questions considered experimental questions, or practice. The fee to sit the Series 7 license exam is a non-refundable $265, by November 2010. Check when you help make your exam appointment to ensure the cost.
Typically, to subscribe for that exams you will need to finish a U-4 application, which you have to disclose details for example previous work history, criminal convictions and whatever else that will affect you skill to function within the finance industry as a possible advisor. Exams can be found daily, and also you be forced to pay your fee and hang your own personal appointment time for it to sit test. Exams are sat in two consecutive 3 hour time slots, with 125 questions each.
The format with the exam is at multiple choice format, with each question developing a possible four answers, without having penalties for guessing. Some questions have you reference a reference book offered by the testing centre, which contains resources such as clippings from the Wall Street Journal. A non-programmable calculator will likely be given by most centers, but check when you're making your appointment, as some centers may operate differently.
Questions cover a wide range of investment areas, including:
Generating start up business for your broker/dealer handles the ethics linked to contacting clients and issues for example transparency and disclosure.
Evaluating customer's economic situations and issues such as risk profile and what products or securities may help the client achieve their investment goals.
Technical expertise in 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 on top of the customer to be sure customer satisfaction.
The series 7 license exam is often a required license for anyone in the finance industry and it is meant to protect the investing public, along with improving and enhancing industry standards.
