Using Series 7 License Exam7614938
Passing the Series 7 License Exam is a requirement before anyone working in the finance industry can sell or buy securities including stocks, bonds, derivatives and then for any other investments promoted towards the public. Quality is given by the Financial Industry Regulatory Authority (FINRA) so they cover an extensive range of investments and merchandise. As a way to take the exam, generally you have to be sponsored by the registered member of FINRA, although occasionally hawaii can act as your sponsor if you're a Registered Investment Advisor. The Study Guide is just one of several securities licenses that agents must hold so that you can talk to 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 when controlling members of the finance industry.
The test itself contains 260 questions, ones no less than 72% must be answered correctly in order to get a pass mark. Typically, 66% of those sitting quality get a pass mark, with the average score of 73%. Of the 260 questions, only 250 counts towards any score, with the other 10 questions considered experimental questions, or practice. The charge by sitting the Series 7 license exam is a non-refundable $265, as of November 2010. Check once you you could make your exam appointment to confirm the price.
Typically, to join up for your exams you need to complete a U-4 application, on what you have to disclose details including previous work history, criminal convictions and anything else which could affect your ability to work within the finance industry as a possible advisor. Exams are available daily, and you also be forced to pay your fee and set your personal appointment time for you to sit quality. Exams are sat by 50 percent consecutive 3 hour time slots, with 125 questions each.
The format in the exam is in multiple choice format, with each question using a possible four answers, with no penalties for guessing. Some questions have you talk about a reference book supplied by the testing centre, which contains resources such as clippings from the Wall Street Journal. A non-programmable calculator will likely be supplied by most centers, but check when you are making your appointment, as some centers may operate differently.
Questions cover a wide range of investment areas, including:
Generating home based business to the broker/dealer deals with the ethics linked to contacting prospective clients and issues like transparency and disclosure.
Evaluating customer's financial situations and issues like risk profile and what products or securities will 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 purchase and sell orders and following track of the client to make certain customer happiness.
The series 7 license exam can be a required license for everyone in the finance industry which is built to protect the investing public, and also improving and enhancing industry standards.
