Using Series 7 License Exam6879451
Passing the Series 7 License Exam is a requirement before anyone working in the finance industry can market or buy securities including stocks, bonds, derivatives and then for any other investments promoted to the average man or woman. The exam is given with the Financial Industry Regulatory Authority (FINRA) and covers a diverse range of investments and items. So that you can consider the exam, generally you've got to be sponsored by the registered person in FINRA, although now and again hawaii can become your sponsor an advanced Registered Investment Advisor. The Exam is just one of several securities licenses that agents must hold so that you can communicate with retail investors; some states require further licenses for example 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 members of the finance industry.
The test itself contains 260 questions, which no less than 72% have to be answered correctly to acheive a pass mark. An average of, 66% of these sitting the exam have a pass mark, with the average score of 73%. With the 260 questions, only 250 counts towards any score, with all the other 10 questions considered experimental questions, or practice. The fee by sitting the Series 7 license exam can be a non-refundable $265, since November 2010. Check if you you could make your exam appointment to ensure the cost.
Typically, to subscribe to the exams you need to develop a U-4 application, where you have to disclose details for example previous work history, criminal convictions and everything else that could affect your skill to operate in the finance industry as an advisor. Exams are available daily, and also you have to pay your fee as well as set your personal appointment time to sit the exam. Exams are sat by 50 % consecutive 3 hour time slots, with 125 questions each.
The format of the exam is in multiple choice format, with each question developing a possible four answers, without penalties for guessing. Some questions ask you to reference a reference book furnished by the testing centre, which has resources for example clippings through the Wall Street Journal. A non-programmable calculator is going to be given by most centers, but check when you find yourself making your appointment, as some centers may operate differently.
Questions cover an array of investment areas, including:
Generating new business for that broker/dealer handles the ethics associated with contacting clients and issues such as transparency and disclosure.
Evaluating customer's financial situations and issues such as risk profile and just 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 informed about their current investments and making recommendations.
Accurately implementing client's trade orders and following on top of your client to ensure customer happiness.
The series 7 license exam can be a required license for everyone employed in the finance industry and is designed to protect the investing public, and also improving and enhancing industry standards.
