Series 7 pass rate: what FINRA's numbers really show

FINRA's figures point to about seven in ten first-timers passing the Series 7. FINRA's 71% figure is from 2019 and counts only people who had passed the SIE on their first try. Its newer data suggests little has changed.

Updated October 28, 20266 min readChecked against FINRA and SEC sources

What is the Series 7 pass rate?

FINRA's figures point to about seven in ten people passing the Series 7 on their first try. FINRA's last Series 7 figure is 71%, for the six months to March 2019. It counts only people who had already passed the SIE on their first try. FINRA's 2024 data suggests the rate is still about 70%. That puts the first-try failure rate at about 30%.

71 passed on their first attempt 29 did not pass first time
Out of every 100 people who passed the SIE on their first try and then took the Series 7, 71 passed it first time. Source: FINRA figures presented at its May 2019 annual conference, covering October 1, 2018 to March 31, 2019, when 10,542 Series 7 exams were taken. An earlier snapshot, to January 31, 2019, also showed 71%.

FINRA calls this a pass-through rate. It's the last Series 7 figure we can trace to FINRA.

Is the Series 7 pass rate still about 70%?

Probably. FINRA's 2024 data shows over 70% of first-timers pass its three most popular exams, the Series 7 among them. The figure comes from a 2026 FINRA rule filing and also covers the SIE and the Series 24.

2019, Series 771%First six months, first-try SIE passers2024, three examsover 70%One figure for the SIE, Series 7 and Series 24
FINRA's last Series 7 figure next to the only first-try figure it has shared since. Source: FINRA, May 2019; SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026.

The 2024 figure isn't for the Series 7 alone, but it's close to 2019's 71%. So plan on a first-try pass rate of about 70%.

Is the Series 7 hard?

Yes. The Series 7 is harder than the SIE. Three things make it hard:

  • Depth. It goes much further into products than the SIE. Expect detailed questions on everything from options to municipal bonds.
  • Math. Options profit and break-even, bond yields and margin all need calculations. You do them against the clock.
  • Application. FINRA builds the exam around a broker's real tasks, like checking a customer's profile before a recommendation. Expect to apply the rules to a customer's situation.

How the Series 7 compares with the SIE

The Series 7 is the longer exam. It has 125 scored questions to the SIE's 75, and more than twice the testing time. You need to pass both to register. Our SIE vs Series 7 guide compares the two side by side, and our Series 7 exam guide explains the sponsor rule.

Why prep company pass rates look higher

Prep company pass rates can't be compared with FINRA's. They count only their own students, and some include passes after a retake. Two examples:

  • Achievable: 97%. It counts students who finished its course and reached exam day. The figure comes from students' own reports and results from corporate clients.
  • Kaplan: 84%. It comes from a survey of Kaplan students. It can include passes that took more than one attempt.

We don't publish a pass rate. A rate based only on students who finish a course would flatter us and tell you little.

Series 7 passing score: how many questions can you miss?

Read as a percentage, a 72 lets you miss about 35 of the 125 scored questions. That's about 90 correct answers. Aim higher than that, for two reasons:

  • The exact number moves. FINRA adjusts scores between versions of the exam so that harder versions aren't penalized. This is called equating.
  • Five questions don't count, and you can't tell which. The exam has 130 questions, including five unscored test questions mixed in at random.
125 scored decide your result 5 unscored are hidden among them
Every Series 7 has 130 questions. Five don't count, and they're mixed in at random. Source: FINRA Series 7 Content Outline (2025).

Answer every question. There's no penalty for guessing, so a guess always beats a blank.

Why people fail the Series 7

Most fails come from how people prepare. Four mistakes are the usual ones:

  • Under-preparing for investments and recommendations. This one area is 73% of the exam, or 91 of the 125 scored questions.
  • Reading the math instead of doing it. Work options, bond and margin problems by hand until the steps feel automatic.
  • Practicing on easy questions. Questions easier than the real exam give you a high score that means little, so you feel ready too early.
  • Skipping full-length, timed practice. Sitting 130 questions in one go takes stamina.
1. Seeking new business7%, 9 questions2. Opening accounts9%, 11 questions3. Investments and recommendations73%, 91 questions4. Processing transactions11%, 14 questions
How the 125 scored questions split across FINRA's four job functions. Function 3 alone is almost three quarters of the exam. Source: FINRA Series 7 Content Outline (2025).

Series 7 retake policy and waiting periods

If you fail, you must wait 30 days to retake the Series 7, or 180 days after three fails in a row within two years. Each attempt costs $395. From January 19, 2027, the waits drop to 15 days and 60 days.

  1. First attempt$395 exam fee
  2. Fail? Wait 30 days, or 15 from January 19, 2027.
  3. Second attempt$395 again
  4. Fail again? Wait another 30 days, or 15 from January 19, 2027.
  5. Third attempt$395 again
  6. Three fails within two years? Wait 180 days, or 60 from January 19, 2027.
  7. Fourth attempt$395 again. Any further fail means the long wait.
Waiting periods after a failed Series 7, now and from January 19, 2027. Fails more than two years old don't count toward the long wait. Source: FINRA Rule 1210.06 and FINRA Regulatory Notice 26-18.

What this means for you:

  • Avoid a third fail. The 180-day wait can hold up your registration by six months.
  • Not booked yet? If your wait ends after January 19, 2027, don't book until FINRA updates your window that day. It applies the shorter wait automatically.
  • Already booked? To test sooner, first check for an open seat on an earlier date. FINRA can't promise one. Then cancel before January 19 and rebook once your window updates. Cancel at least 10 business days before your appointment to avoid a fee.

Most people try again. About 85% of people who fail the Series 7 retake it, according to FINRA's 2026 filing. That's more than the 65% who retake the SIE. Our SIE retake guide covers booking and the full rules. It's written for the SIE, but the waits come from the same FINRA rule.

What the Series 7 score report shows

Your result appears on screen shortly after you finish. A pass shows only that you passed. A fail also shows your overall score and how you did on each section. Use it to plan what to study before your retake.

How to know you're ready to pass the Series 7

You're ready when you score 80% or more on full-length, timed practice exams made of questions you haven't seen before. Each part matters:

  • 80%, not 72%. Practice scores can run higher than real exam scores, so you need a buffer.
  • Full length and timed. The real exam gives you 225 minutes for 130 questions, about 104 seconds each. Your focus has to last almost four hours.
  • Fresh questions. Questions you've seen before mostly test your memory.

Our Series 7 course includes three timed mock exams of 125 questions each. None of their questions appear in the lesson quizzes, so your mock scores reflect what you actually know.

Series 7 pass rate FAQs

If I fail the SIE, can I still take the Series 7?

Yes. A waiting period only applies to the exam you failed. You still need to pass both to register.

How much does it cost to retake the Series 7?

The full $395, every time. FINRA raised it from $300 on January 1, 2026.

Is the Series 7 curved?

No. FINRA holds everyone to the same passing standard of 72, whichever version of the exam they get.

What is the Series 7 failure rate?

About 3 in 10 fail on their first try. In FINRA's 2019 data, 29% of people who had passed the SIE on their first try failed their first Series 7.

Sources

  1. FINRA, Series 7 exam page: passing score, fee, SIE corequisite, firm sponsorship and the January 2027 retake change
  2. FINRA, Series 7 Content Outline (2025): 125 scored and 5 unscored questions, time, job-function weights, equating and the no-guessing-penalty rule
  3. SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: 2024 first-attempt pass and retake data
  4. FINRA Regulatory Notice 26-18 (October 14, 2026): shorter retake waiting periods
  5. FINRA Rule 1210, Supplementary Material .06: waiting periods for retaking a failed exam
  6. FINRA, SIE Exam and Exam Restructuring FAQ: the SIE and Series 7 can be passed in either order
  7. FINRA, Prepare for Your Test Center Appointment: what pass and fail results show
  8. FINRA, fee adjustment schedule (SR-FINRA-2024-019): Series 7 fee of $300 in 2025 and $395 from 2026
  9. FINRA, Securities Industry Essentials (SIE) Exam page: SIE format, passing score and fee
  10. FINRA's 2019 Series 7 pass-through rates, presented at industry conferences in March and May 2019 and reported on the Knopman Marks and Kaplan Financial Education websites
  11. Achievable and Kaplan pass-rate claims and methods, from each company's own Series 7 and pass-rate pages, October 2026
  12. Kaplan Financial Education also reports an 84% SIE and Series 7 rate to August 2019, with no source or definition, so we don't use it

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.

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