Using Series 7 License Exam4805802
Passing the Series 7 License Exam is a requirement before anyone doing work in the finance industry are available or buy securities including stocks, bonds, derivatives and then any other investments promoted for the average person. Quality is given from the Financial Industry Regulatory Authority (FINRA) so they cover a large selection of investments and merchandise. In order to take the exam, generally you need to be sponsored by the registered person in FINRA, although occasionally hawaii can act as your sponsor a high level Registered Investment Advisor. The Series 7 is one of several securities licenses that agents must hold to be able to speak with retail investors; some states require further licenses including 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 in working with individuals the finance industry.
Test itself includes 260 questions, of which no less than 72% must be answered correctly in order to get a pass mark. Normally, 66% of the sitting quality obtain a pass mark, with an 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 charge to sit the Series 7 license exam is really a non-refundable $265, by November 2010. Check when you build your exam appointment to verify the fee.
Typically, to join up for that exams you will have to accomplish a U-4 application, which you must disclose details for example previous work history, criminal convictions and everything else that may affect your ability to work from the finance industry being an advisor. Exams are offered daily, and also you should pay your fee and set your individual appointment time for you to sit quality. Exams are sat by 50 percent consecutive 3 hour time slots, with 125 questions each.
The format with the exam is within multiple choice format, each and every question creating a possible four answers, without any penalties for guessing. Some questions request you to make reference to a reference book given by the testing centre, containing resources for example clippings from your Wall Street Journal. A non-programmable calculator is going to 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 business for the broker/dealer relates to the ethics involved with contacting prospects and issues such as transparency and disclosure.
Evaluating customer's financial situations and issues like risk profile as well as what products or securities can help the client achieve their investment goals.
Technical understanding opening accounts, investing securities, transferring assets and general best practice documentation.
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 customer to be sure customer happiness.
The series 7 license exam is a required license for everyone working in the finance industry and is meant to protect the investing public, and also improving and enhancing industry standards.
