Series 7 Exam Guide: Format, Cost, and Prep
The Series 7 is FINRA’s General Securities Representative exam: 125 scored questions in 3 hours 45 minutes, a $395 fee, and a passing score of 72. Passing it, along with the SIE® and sponsorship from a FINRA member firm, registers you to sell the broadest range of securities products of any representative-level exam.
That “along with” matters. The Series 7 is a top-off exam: it assumes the foundational material the SIE covers and tests the deeper, role-specific knowledge on top of it. Under FINRA Rule 1220(b)(2), General Securities Representative registration requires both exams, in either order. If you haven’t cleared the SIE yet, that’s the rung you can climb on your own: try a free SIE practice exam and see where you stand.
Series 7 Facts at a Glance
Every number is verified against FINRA’s current published figures (verified July 2026).
| Question | Answer |
|---|---|
| What is the Series 7? | FINRA’s General Securities Representative exam: the main “top-off” after the SIE. The narrower alternative top-off is the Series 6. |
| How much does it cost, and what’s the format? | $395. 125 scored questions plus 10 unscored, in 225 minutes. |
| What score passes? | 72, scaled and equated across exam forms. |
| Do you need sponsorship? | Yes. A member firm must sponsor you via Form U4: there’s no self-enrollment. |
| Is the SIE required? | Yes, as a co-requisite for registration (why you need both). Either order works. |
| What’s the pass rate? | FINRA doesn’t publish one. Prep-industry estimates run 65–72%: treat those as estimates, not data. |
| How long does a pass last? | While you’re registered, plus 2 years after you leave a firm, extendable to 5 years through FINRA’s Maintaining Qualifications Program (MQP) with annual continuing education. |
| What are the retake waits? | FINRA’s rulebook now shows 15/15/60; the operational notice is pending. See below. |
Current-Fact Watch (checked August 5, 2026): Two Series 7 facts changed or are changing, and most prep content hasn’t caught up. First, the fee: $395 since January 1, 2026 (raised from $300 under SR-FINRA-2024-019, flat through 2029). Many sites still quote $300. Second, retake waits: FINRA’s published Rule 1210.06 text already shows the shorter 15/15/60 waiting periods (down from 30/30/180) under SR-FINRA-2026-014, filed June 29, 2026 and immediately effective. The operational Regulatory Notice explaining scheduling mechanics hadn’t appeared as of this check, so confirm the wait that applies when you actually schedule a retake. This change is FINRA-only; NASAA exams (Series 63, 65, 66) keep their own 30/30/180 schedule.
What’s on the Series 7
The exam follows FINRA’s public Series 7 content outline, organized into the four functions of a general securities representative. The weighting is extreme, and it should drive your entire study plan:
| Function | Weight | Scored questions |
|---|---|---|
| F1: Seeks business for the broker-dealer | 7% | 9 |
| F2: Opens accounts after evaluating customers’ profiles and objectives | 9% | 11 |
| F3: Provides investment information, makes suitable recommendations, maintains records | 73% | 91 |
| F4: Obtains and verifies purchase and sales instructions; processes transactions | 11% | 14 |
Function 3 alone is 91 of the 125 scored questions: products, suitability, options, taxation, and recommendations. The Series 7 study guide breaks down what that means for how you allocate study time.
One stale-content warning: before October 2018, the Series 7 was a 250-question, six-hour exam. Copies of that description still circulate. The current exam is 125 scored questions in 225 minutes. If a source says 250 questions, it predates the SIE restructuring and its other facts deserve the same skepticism.
The Path: SIE, Series 7, Form U4
Registration as a General Securities Representative takes three pieces:
- Pass the SIE: open to anyone 18 or older, no firm required, $100. Most candidates do this first because it’s the only part they can do on their own.
- Pass the Series 7: requires a sponsoring member firm to open your enrollment window. You cannot sign up for this one yourself.
- Associate with a firm: the firm files your Form U4, which makes the registration official.
The exams can be taken in either order, but the sponsorship requirement means the practical order is usually SIE first, Series 7 after a firm hires you. Candidates who arrive with the SIE already passed compress their onboarding, which is why the SIE study guide is the right starting point if you’re not yet at a firm.
How to Prepare
Our approach to the Series 7 is the same as our approach to the SIE: practice on original questions verified against current rules, free. The Series 7 practice exam and Series 7 practice questions by topic pages track what we’re building and what it will include; and the study guide is usable today.
The Series 7 tests current rules, and the rules have been moving: T+1 settlement, the $300 gift limit under FINRA Rule 3220, RMDs at age 73. A stale fact in your prep becomes a wrong answer on your exam, on this exam just as on the SIE. Whatever you study from, check when it last verified its numbers, starting with whether it knows the fee is $395.