How many questions are on the Series 7 exam?

The exam contains a total of 130 multiple-choice questions. Of these, 125 are scored items and 5 are unscored pretest questions distributed randomly throughout the test.

What is the time limit for the Series 7?

Candidates are given exactly 3 hours and 45 minutes to complete the exam. Time management is crucial given the complexity of the math and regulatory questions.

What score do I need to pass?

You must achieve a score of 72% to pass. The passing score is set by the provider and is the same for every candidate. Test scores are mathematically equated to adjust for minor variations in difficulty across different test forms.

How many hours should I study for the Series 7?

Most candidates require between 120 and 160 hours of dedicated study time. Because Function 3 (investments and recommendations) makes up 73% of the test, mastering those topics alone requires significant practice.

Are personal calculators allowed during the exam?

No. Personal calculators are strictly prohibited at the testing center. You must use the onscreen calculator provided within the Pearson VUE or Prometric testing software.

Do I need to pass any other test to get my Series 7 license?

Yes. The Securities Industry Essentials (SIE) exam is a required co-requisite. You must pass both the SIE and the Series 7 to become a registered General Securities Representative.

← Securities Licensing

Series 7 · Syllabus & Exam Outline 2026

FINRA Series 7

Study broker-dealer business, account opening, recommendations, investment products, and trade processing in focused 15-minute topics mapped to FINRA's Series 7 content outline.

Start studying free see the outline ↓

Questions: 130 items (125 scored and 5 unscored)
Time limit: 3 hours and 45 minutes
Passing score: 72%
Cost: $300
Format: multiple-choice
Delivery: Computer-based (in-person at a testing center or online)
Calculator: An onscreen calculator is provided within the testing software. Personal calculators are strictly prohibited.
Prep time: ~160 hours

Exam overview

The FINRA Series 7, also known as the General Securities Representative Qualification Examination, is the premier credential for financial professionals seeking to trade and sell corporate, municipal, and government securities, options, direct participation programs, and investment company products. Passing this rigorous exam, in conjunction with the Securities Industry Essentials (SIE) co-requisite, officially registers candidates to perform the critical duties of a broker-dealer representative. This extensive assessment spans 130 multiple-choice questions over nearly four hours. The overwhelming majority of the test zeroes in on evaluating customer financial profiles, providing accurate investment information, making suitable recommendations, and actively managing customer portfolios. Mastering the intricate rules of the SEC, FINRA, and MSRB alongside complex product features, taxation, and options strategies is essential for achieving a passing score. Preparing for such a comprehensive and legally nuanced exam requires structured, continuous effort. Only Ever maps every domain to 15-minute study topics, making it easy to digest complex financial regulations, taxation rules, and mathematical equations in bite-sized sessions. Utilizing this syllabus alongside targeted practice will help you build the deep competence required to excel on test day.

Exam domains & weighting

Each domain's share of the exam — study deepest where the weight is highest. Open one for how to study it and its objectives.

How to study this domain

Focus on the strict regulations governing how broker-dealers communicate with the public. Memorize the distinct rules for retail communications versus institutional communications and grasp the regulatory frameworks for IPOs, private placements (Regulation D), and other exempt offerings.

Key objectives

Public Communications and Approvals
Product-Specific Advertisements
Bringing New Issues to Market
Exemptions and Regulations

Study this domain

Readiness self-check

Tick off everything you can confidently explain. Anything left unchecked is your study list — tap “Review” to jump straight into that domain.

Readiness

0 / 9

Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers

Review

Can I distinguish between the approval and filing requirements for retail versus institutional communications?
Do I know the specific exemptions provided by SEC Regulation D and Regulation A?

Function 2: Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives

Review

What legal documents are necessary to open a margin account or grant discretionary trading authority?
Can I outline the differences between traditional IRAs, Roth IRAs, and employer-sponsored ERISA plans?

Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records

Review

Am I able to calculate the break-even point, maximum gain, and maximum loss for an options straddle or spread?
Do I understand how interest rate movements inversely affect the pricing of different types of debt securities?
Can I identify the specific tax advantages and features of various municipal bonds?

Function 4: Obtains and Verifies Customers' Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions

Review

How do I calculate the initial margin requirement for purchasing securities under Regulation T?
What are the mandated timeframes for regular-way settlement across equities, options, and treasuries?

Quick reference

Essential Investment Acronyms

Common industry acronyms frequently tested on the Series 7.

ETF: Exchange-Traded FundTrades on an exchange like a stock; prices fluctuate throughout the day.
REIT: Real Estate Investment TrustInvests in real estate and mortgages; avoids corporate taxation if it distributes at least 90% of income.
DPP: Direct Participation ProgramFlow-through tax structures (like limited partnerships) allowing investors to participate in cash flows and tax benefits.
LEAPS: Long-term Equity AnticiPation SecuritiesOptions contracts with expiration dates extending beyond one year.
SMA: Special Memorandum AccountA line of credit created when equity in a margin account exceeds the Regulation T requirement.
CMO: Collateralized Mortgage ObligationAn asset-backed security partitioned into tranches to manage prepayment and extension risk.

Key Regulatory Rules & Terms

Critical regulations and concepts necessary for passing.

Regulation T

Federal Reserve Board rule that governs the extension of credit to customers by broker-dealers for the purchase of securities (currently 50% initial margin for equities).

Regulation D

An SEC rule that permits private placements, allowing companies to raise capital without registering the securities, typically restricting sales to accredited investors.

Wash Sale

Selling a security at a loss and repurchasing a substantially identical security within 30 days before or after the sale, disallowing the tax loss.

Best Execution

A FINRA rule obligating broker-dealers to exercise reasonable diligence to buy or sell securities at the most favorable prices for their customers under prevailing market conditions.

Frequently asked questions

Good to know

The exam features 5 unidentified pretest questions mixed into the test that do not affect your final score.
There is no penalty for guessing, so you should ensure every question on the test is answered.
All testing sessions are strictly monitored, and candidates cannot bring any outside reference materials or scratch paper into the testing room.
FINRA uses statistical equating so that all candidates are held to the same standard regardless of slight variations in test form difficulty.

Reading isn’t remembering.

Series 7 prep is broad and detail-heavy because candidates must connect suitability, product risks, account rules, customer communications, and transaction processing across a large representative role.

Only Ever turns FINRA's Series 7 content outline into a structured sequence of 15-minute study sessions so candidates can build exam-ready judgment across customer needs, products, recommendations, and regulatory duties.

Get the app Join the study group