What is the Series 7 exam?
The Series 7 is FINRA's exam for general securities representatives. A pass qualifies you to sell almost any security, from stocks and bonds to options and funds. The exam has 125 scored questions and costs $395. You can't take it on your own. A FINRA member firm must sponsor you, and you must also pass the SIE.
- Pass the SIEAnyone 18 or older can take it, with or without a firm.
- Your SIE pass stays valid for four years.
- Join a FINRA member firmThe firm sponsors you and enrolls you for the Series 7.
- Then you book a test date with Prometric.
- Pass the Series 7125 scored questions in 3 hours 45 minutes. You need a 72.
- Fail? Wait 30 days to retake it, or 15 from January 19, 2027.
- Pass a state exam, if your state requires oneSuch as the Series 63 or the Series 66.
- Get registeredYour firm registers you after a background check. Then you can sell securities to customers.
The Series 7 has been around since 1974. In 2018, FINRA moved the industry basics into a separate exam, the SIE. The Series 7 now tests only what a general securities rep needs. That's why people call it a top-off exam.
What does the Series 7 license let you do?
Once your firm registers you, you can sell nearly every kind of security. People call it a license. FINRA calls it the General Securities Representative registration. FINRA's list of what it covers includes:
- Stocks and bonds. Corporate securities, whether sold in a public offering or a private placement.
- Funds. Mutual funds, ETFs, unit investment trusts and money market funds.
- Options, government bonds and alternatives. Options and government securities, plus REITs, hedge funds and direct participation programs.
- Municipal bonds, with a limit. You can buy and sell them for customers. To underwrite them, you need another exam, the Series 52.
FINRA's list doesn't include commodity futures. Those have their own exam, the Series 3. State exams such as the Series 66 cover the investment adviser role.
Can you take the Series 7 without a sponsor?
No. You must be associated with and sponsored by a FINRA member firm to take the Series 7. The SIE is different: anyone 18 or older can take it on their own.
- Your firm enrolls you. It requests the exam through FINRA's registration system. You then book a date with Prometric, FINRA's test vendor.
- No firm yet? Pass the SIE first. FINRA says it lets you show employers basic industry knowledge.
Do you need the SIE to take the Series 7?
You need the SIE to register, but you don't have to pass it first. FINRA calls the SIE a corequisite. The order doesn't matter as long as you pass both.
- Same day is fine. Once you're with a firm, you can take both on one day. A test center needs seats for both, and the two appointments can't overlap.
- A fail on one doesn't hold up the other. A waiting period applies only to the exam you failed.
- The SIE has a four-year clock. Register within four years of your SIE pass, or you'll need to pass it again.
Our SIE vs Series 7 guide compares the two exams and which to take first.
Series 7 exam format: questions, time and passing score
The Series 7 test has 130 multiple-choice questions, and 125 of them count toward your score. You get 3 hours 45 minutes and need a 72 to pass.
| Detail | Series 7 |
|---|---|
| Questions | 125 scored, plus 5 unscored |
| Answer choices | Four per question |
| Time | 3 hours 45 minutes |
| Passing score | 72 |
| Guessing penalty | None |
Three things follow from the format:
- Pace yourself. You get about 104 seconds a question, and the exam runs almost four hours.
- Answer every question. There's no penalty for guessing. The five unscored questions are mixed in at random, so treat every question as scored.
- Aim well above 90 correct. Read as a percentage, a 72 is about 90 of the 125. The exact number can move between versions, as our pass rate guide explains.
Some older guides still say 135 questions. FINRA cut the unscored questions from 10 to 5 in October 2025.
What's on the Series 7 exam?
The Series 7 is built around four job functions, and one dominates. Investments and recommendations make up 73% of the exam, or 91 of the 125 scored questions.
- Seeking new business. How you contact customers, and the rules for ads, seminars and other communications.
- Opening accounts. Account types, customer documents and the customer's investment profile.
- Investments and recommendations. Products and their risks, and whether each one suits the customer. It also covers required disclosures and account records.
- Processing transactions. Quotes, orders and trade confirmations, plus margin accounts.
How much does the Series 7 exam cost?
The Series 7 costs $395. FINRA raised the fee from $300 on January 1, 2026.
FINRA bills the Series 7 fee to your sponsoring firm. Ask your firm how it handles the cost. Every retake costs the full $395 again.
| Exam | Fee |
|---|---|
| SIE | $100 |
| Series 7 | $395 |
| Series 63 | $147 |
| Series 66 | $177 |
Where can you take the Series 7?
You take the Series 7 at a Prometric test center. Testing online needs an approved accommodation from FINRA. Only the SIE is open online to everyone.
- Test within your window. Your 120-day window opens the day after FINRA processes your enrollment.
- Online by request. FINRA considers online testing if you live more than 150 miles from a test center or are immunocompromised. Distance requests use its online form.
- Change dates early. Cancel or reschedule at least 10 business days ahead to avoid a fee.
How long is the Series 7 valid?
Your Series 7 stays valid while you're registered. If you leave the industry, it lapses after two years unless you keep it current.
- Changing firms. You don't retake it if a new firm registers you within two years of leaving.
- Up to five years with continuing education. FINRA's program for people who leave can keep your Series 7 for five years. You must have been registered for at least a year, sign up within two years of leaving and finish continuing education every year.
- The SIE lasts longer. Once you've been registered, you have four years after leaving before you'd need it again.
Do you need the Series 63 or 66 after the Series 7?
It depends on your state. Your state may require a state law exam before you can sell securities to customers there. These exams come from the North American Securities Administrators Association (NASAA), and FINRA administers them.
- Series 63. NASAA's state law exam. It has 60 questions and no corequisite.
- Series 66. It qualifies you as a representative of both a broker-dealer and an investment adviser. The Series 7 is a corequisite.
Ask your firm which state exams your role needs. If you're weighing advisory work too, our Series 65 vs 66 guide explains which exam fits.
How many people pass the Series 7?
FINRA's figures suggest about seven in ten people pass the Series 7 on their first try. FINRA's 2024 data shows over 70% of first-timers passing its three most popular exams, the Series 7 among them. Our Series 7 pass rate guide explains where the figures come from and what moves your odds.
What happens if you fail the Series 7?
You wait 30 days to retake the Series 7, or 180 days after three fails in a row within two years. From January 19, 2027, those waits drop to 15 and 60 days. About 85% of people who fail try again, according to FINRA's 2026 filing. If your wait ends after January 19, don't book until FINRA updates your window that day. Already booked? Check for an earlier seat, then cancel before January 19 and rebook. Our Series 7 pass rate guide explains the timing and what a change costs.
How to get started on the Series 7
Find your weak spots first, then book a date you can prepare for. Take these steps in order:
- Test yourself first. Try questions from all four job functions before you open a textbook. Our free Series 7 practice test is a good place to start.
- Spend most of your time on function 3. Investments and recommendations are 73% of the exam.
- Book a date at the end of your study plan. FINRA encourages booking early. Sit the exam once you score 80% or more on fresh, full-length, timed practice. If you're not there 10 business days before, move it for free.
For a structured path, our Series 7 course has short video lessons and three timed mock exams of 125 questions each.
Series 7 exam FAQs
What does Series 7 stand for?
It's just FINRA's number for the exam. The full name is the General Securities Representative Qualification Examination.
How soon do you get your Series 7 result?
On the day. Your pass or fail result appears on screen shortly after you finish.
How many times can you take the Series 7?
As many times as you need. FINRA sets waiting periods between attempts but no limit on the number of attempts.
Related guides
Sources
- FINRA, Series 7 exam page: what a pass qualifies you for, the municipal securities limit, sponsorship (a FINRA member firm or another SRO member firm), the SIE corequisite, length, passing score, fee and the January 2027 retake change
- FINRA, Series 7 Content Outline (2025): 125 scored and 5 unscored questions, four answer choices, time, job-function weights, equating and no guessing penalty
- FINRA, SIE and Exam Restructuring FAQ: exam order, same-day testing if seats allow, firm association and the SIE's four-year validity
- FINRA Rule 1210, Supplementary Material .03 (the SIE and a representative exam), .06 (retake waits) and .08 (lapse of registration and expiration of the SIE)
- FINRA Rule 1220(b)(2): the General Securities Representative registration
- FINRA Rule 1240(c): keeping a qualification for up to five years after leaving, through continuing education
- FINRA, Schedule an Exam: Prometric test centers, two exams on one day without overlapping appointments, online testing by approved accommodation (distance or immunocompromised candidates) and the 120-day window
- FINRA, Reschedule or Cancel Your Appointment: the 10-business-day notice rule
- FINRA, fee adjustment schedule (SR-FINRA-2024-019): Series 7 fee of $300 in 2025 and $395 from 2026
- FINRA, Schedule of Registration and Exam Fees: firms are assessed examination fees
- FINRA, Series 63 exam page: a NASAA exam administered by FINRA, 60 questions, no corequisite, $147
- FINRA, Series 66 exam page: a NASAA exam administered by FINRA that qualifies you as a representative of a broker-dealer and an investment adviser, with the Series 7 as a corequisite, $177
- FINRA, Series 3 exam page: the National Commodities Futures Exam, an NFA exam administered by FINRA
- FINRA Regulatory Notice 26-18 (October 14, 2026): shorter retake waits from January 19, 2027, and what happens to open enrollments and booked appointments
- FINRA, Frequently Asked Questions Regarding Qualification Exam Waiting Periods: canceling and rebooking around January 19, 2027
- SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: 2024 first-attempt pass data and Series 7 retake rates
- FINRA's 2019 Series 7 pass-through rate (71%), presented at its May 2019 annual conference and reported on the Knopman Marks and Kaplan Financial Education websites
- FINRA Regulatory Notice 17-30: the restructuring that created the SIE on October 1, 2018
Every figure on this page is checked against the sources listed above. Spotted something out of date? Tell us through the contact page and we'll fix it.