Preparing For the Series 7 Securities License Exam

By Scott Winy

Have you ever thought of becoming a stock broker or considered some other type of occupation in the financial industry? Since it is essential for finance to be founded on a base of trust and stability you would expect there to be various types of exams, tests or certifications to help ensure clients and consumers of financial products that their assets are safe and their transactions trustworthy.

Unfortunately as we've seen in recent years the existence of certifications and watch-dog groups does not guarantee financial safety and integrity. In some instances though they can be of benefit, provided they do their job. Once such exam designed to meet the needs of investors and clients mentioned above is the Series 7 Exam. What exactly is this test and how does it affect the industry? Let's look a little closer.

FINRA is focused on overseeing all the security firms that conduct business with the public, giving professional training, facilitating tests, and issuing license to registered individuals, arbitration and mediation. As well as the market regulation by agreement for the NASDAQ, New York Stock Exchange (NYSE), the International Securities Exchange, the American Stock Exchange, and other industry utilities, like the Trade Reporting Facilities, and other OTC operations.

1.Incomplete Sentence - select the proper conclusion to a statement, 2. Closed Stem - choose the correct answer to a question, 3. Except - determine which of the four statements is false, 4. Most/Least/Best - select a response that more appropriate than the others, 5. Roman Numeral - Rank the options in the correct sequence

Now that you are aware of how the questions will be phrased, the next step is to know what material will be covered. The subjects you need to obtain in-depth knowledge of include:

The idea with the exam is to grade applicants on their ability to properly interact with clients and customers, transact in various financial instruments and are knowledgeable about stocks, bonds, notes of various kinds and so on.

Lastly are the logistics. The exam is given at national testing centers and is typically offered Monday through Saturday. A grade of 70% or better is required to pass. Plan on spending an average of six to eight week studying, and consider getting professional assistance. There are many different study guides, classes, and tutoring sessions available to ensure your successful completion of the Series 7 Securities License or any other FINRA Series qualification exam.

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