What is the Series 7 exam?
The Series 7 — formally the General Securities Representative Qualification Examination (GS) — is the FINRA exam that qualifies you to sell almost every kind of security: stocks, bonds, options, municipal securities, mutual funds and other investment company products, variable annuities, and direct participation programs. It is the license most stockbrokers, financial advisors at broker-dealers and many trading-desk staff need.
Since 2018 the Series 7 has been a "top-off" exam: general industry knowledge is tested on the Securities Industry Essentials (SIE) exam, and the Series 7 tests the job-specific knowledge of a registered representative.
Series 7 exam format at a glance
| Item | Series 7 |
|---|---|
| Questions | 125 scored + 5 unscored pretest questions (130 total) |
| Question type | Multiple choice, four answer options |
| Time | 3 hours 45 minutes (225 minutes) |
| Passing score | 72 |
| Fee | $395 (SIE: $100) |
| Corequisite | SIE exam |
| Sponsorship | Required (FINRA or other SRO member firm) |
| Enrollment window | 120 days |
What's on the Series 7: the four job functions
FINRA's content outline divides the exam into four functions. Function 3 alone is nearly three-quarters of the exam, so that is where most of your study time should go.
| Function | What it covers | Questions | Share |
|---|---|---|---|
| F1 | Seeks business for the broker-dealer | 9 | 7% |
| F2 | Opens accounts | 11 | 9% |
| F3 | Provides information and makes recommendations | 91 | 73% |
| F4 | Processes and confirms transactions | 14 | 11% |
Function 3 covers the products and the math: equity and debt securities, municipal bonds, investment companies, variable annuities, DPPs, options, economics, taxation and margin. See how Series 7 Mastery maps every chapter to these functions.
Who can take the Series 7? Requirements
- Sponsorship. You must be associated with and sponsored by a FINRA member firm or another applicable SRO member. Your firm enrolls you by filing Form U4.
- SIE. You must also pass the SIE to hold the registration. The SIE can be taken without a sponsor and remains valid for four years.
- Window. Once enrolled, you have 120 days to schedule and sit for the exam.
- State registration. Most states also require the Series 63 (or the Series 66, with the Series 7) before you can do business with their residents.
How much does the Series 7 cost?
FINRA's fee is $395 per attempt, and the SIE adds $100. Budget separately for study materials. Most broker-dealers pay exam fees for the people they sponsor; ask your firm before you pay anything yourself. Fees change, so confirm them on FINRA's Series 7 page.
What is the Series 7 passing score?
The passing score is 72. FINRA reports a scaled score, so the number of correct answers needed can vary slightly between exam forms. A practical rule: if you consistently score 80% or higher on full-length, timed practice exams, you are ready. You see a preliminary pass/fail result on screen when you finish.
Failed the Series 7? Retake rules
| After | Wait today | Wait from Jan 19, 2027 |
|---|---|---|
| 1st or 2nd failed attempt | 30 days | 15 days |
| 3rd consecutive failed attempt | 180 days | 60 days |
The shorter waits come from FINRA Regulatory Notice 26-18. Each retake requires a new enrollment and fee.
Series 7 vs other FINRA and NASAA exams
- Series 6 — limited to mutual funds, variable annuities and similar packaged products. The Series 7 covers everything the Series 6 does, and more.
- Series 63 — the state-law exam most states require for agents. Usually taken with or after the Series 7.
- Series 65 / 66 — for investment adviser representatives who charge fees for advice. The Series 66 combines the 63 and 65 and requires the Series 7.
- Series 24 / 9 / 10 — principal and supervisor exams taken after the Series 7.
Series 7 exam FAQ
How many questions are on the Series 7 exam?
125 scored multiple-choice questions plus 5 unscored pretest questions, for 130 in all. You cannot tell which questions are unscored.
What is the passing score for the Series 7?
A score of 72. FINRA reports a scaled score, so think of the target as roughly 72% correct — and aim for 80% or more on practice exams to give yourself a margin.
How long is the Series 7 exam?
3 hours and 45 minutes (225 minutes). That is about 1 minute 44 seconds per question.
How much does the Series 7 exam cost?
FINRA's fee is $395 for the Series 7. The SIE, which you must also pass, costs $100. Many sponsoring firms pay these fees for their candidates. Confirm current fees on FINRA's website before you enroll.
Do I need a sponsor to take the Series 7?
Yes. You must be associated with and sponsored by a FINRA member firm (or another applicable SRO member). Your firm files Form U4 to enroll you, which opens a 120-day window to take the exam. The SIE has no sponsorship requirement.
Do I have to pass the SIE before the Series 7?
The SIE is a corequisite: you must pass both to hold the General Securities Representative registration. You may take them in either order, but most candidates take the SIE first because its material is the foundation for the Series 7.
How long do I have to wait to retake the Series 7?
Currently 30 days after a first or second failed attempt and 180 days after a third consecutive failure. From January 19, 2027, those waits shorten to 15 days and 60 days.
How long should I study for the Series 7?
Most candidates need roughly 80 to 120 hours of focused study over six to ten weeks. Candidates with a finance background often need less; those new to options and margin math usually need more.
When do I get my Series 7 results?
You see a preliminary pass or fail result on screen as soon as you finish the exam.
Does the Series 7 expire?
Your registration lapses if you are not registered with a firm for two years. FINRA's Maintaining Qualifications Program lets you extend that window to up to five years by completing annual continuing education.
Sources: FINRA, Series 7 — General Securities Representative Exam; FINRA Regulatory Notice 26-18. Always confirm requirements with FINRA and your sponsoring firm.