If you are looking to become a licensed Stockbroker, you need to know about the Series 7.
The Series 7 is a 250 question exam that when passed, licenses you to act as a Registered Representative. Persons who receive this license are allowed to sell most securities. These securities would include: Stock, Bonds, Options, Mutual Funds and Annuities. The license itself is active while you are practicing it. Practicing with a Series 7 means that you are either employed or affiliated with a member firm. If you leave the business, your license will still remain active for 2 years after your last day with the firm. If you do not re-enter the business within 2 years, your license will expire. You would then have to re-take the exam again.
The Series 6 license exam is given in a testing center by an independent testing service. The environment is highly secure, requiring a picture ID for entrance and only supplied paper and pencil in the testing area. The test is taken on a computer, unless you have presented a valid medical request to take the exam in another medium. Exceptions can be made to take the exam orally or in written form for those with a verified handicap.
The SERIES 7 is a multiple choice test graded on 250 questions administered on computer by an NASD testing vendor (Prometric Technology Center). 70% is needed to pass the SERIES 7 Exam. You will be given 6 hours to complete the exam in two 3 hour parts. Each question is worth .4 of a point. 175 questions correct will equal a passing grade. The score is not curved or rounded up so yes, if you get 174 questions right, you will get a 69.6% and you will fail. Each part also includes 5 experimental questions, which do not count on your total score. You will not know which ones are the experimental questions. Each exam is different, meaning if you take your test next to someone else, your test will not be the same. The percentages will be the same but the questions that each individual is tested on will be random. This applies to all Licensing exams but the difference between tests is less with smaller content exams like the Series 63.
FINRA uses the Internet and other media and public forums to educate investors about its rules and regulations in order to protect their rights. It also helps them to understand the markets and basic principles of saving and investing better. In fact, the FINRA Investor Education Foundation is the largest organization in the United States that is dedicated to investor education. It is believed that FINRA is a trusted advocate for investors.
Don't Cheat: Today, the testing centers require fingerprint verification when you take your test. A student was caught a few years ago on camera cheating in the testing room. This person had a tiny video camera device on his tie and a listening transmitter in his ear. He was actually filming his screen while someone else at another location was feeding him the answers. I didn't believe this one at first but several people told it to me. Pretty amazing. Needless to say, he was nabbed and busted. Just study and you will pass....and maybe learn something too!
The Series 7 is a 250 question exam that when passed, licenses you to act as a Registered Representative. Persons who receive this license are allowed to sell most securities. These securities would include: Stock, Bonds, Options, Mutual Funds and Annuities. The license itself is active while you are practicing it. Practicing with a Series 7 means that you are either employed or affiliated with a member firm. If you leave the business, your license will still remain active for 2 years after your last day with the firm. If you do not re-enter the business within 2 years, your license will expire. You would then have to re-take the exam again.
The Series 6 license exam is given in a testing center by an independent testing service. The environment is highly secure, requiring a picture ID for entrance and only supplied paper and pencil in the testing area. The test is taken on a computer, unless you have presented a valid medical request to take the exam in another medium. Exceptions can be made to take the exam orally or in written form for those with a verified handicap.
The SERIES 7 is a multiple choice test graded on 250 questions administered on computer by an NASD testing vendor (Prometric Technology Center). 70% is needed to pass the SERIES 7 Exam. You will be given 6 hours to complete the exam in two 3 hour parts. Each question is worth .4 of a point. 175 questions correct will equal a passing grade. The score is not curved or rounded up so yes, if you get 174 questions right, you will get a 69.6% and you will fail. Each part also includes 5 experimental questions, which do not count on your total score. You will not know which ones are the experimental questions. Each exam is different, meaning if you take your test next to someone else, your test will not be the same. The percentages will be the same but the questions that each individual is tested on will be random. This applies to all Licensing exams but the difference between tests is less with smaller content exams like the Series 63.
FINRA uses the Internet and other media and public forums to educate investors about its rules and regulations in order to protect their rights. It also helps them to understand the markets and basic principles of saving and investing better. In fact, the FINRA Investor Education Foundation is the largest organization in the United States that is dedicated to investor education. It is believed that FINRA is a trusted advocate for investors.
Don't Cheat: Today, the testing centers require fingerprint verification when you take your test. A student was caught a few years ago on camera cheating in the testing room. This person had a tiny video camera device on his tie and a listening transmitter in his ear. He was actually filming his screen while someone else at another location was feeding him the answers. I didn't believe this one at first but several people told it to me. Pretty amazing. Needless to say, he was nabbed and busted. Just study and you will pass....and maybe learn something too!
