The Series 7 exam (General Securities Representative Qualification Examination) is the FINRA license that lets you sell most types of securities: stocks, bonds, options, mutual funds, variable annuities and more. You take it after (or alongside) the SIE exam, and you need a sponsoring FINRA member firm.
This guide covers the format, what’s tested and how to prepare. Then practice with our free Series 7 practice test, including options and bond-math questions.
Key takeaways
- 125 scored questions (plus 5 unscored) in 3 hours 45 minutes.
- Passing score: 72.
- Requires the SIE and sponsorship by a FINRA member firm.
- About 73% of the exam covers products, recommendations and records (Function 3).
USA Series 7 Exam: Quick Facts
- Administered by
- FINRA (Prometric)
- Questions
- 125 scored + 5 pretest
- Time
- 3 hours 45 minutes
- Passing score
- 72
- Fee (2026)
- About $395 (check FINRA)
- Prerequisite
- SIE + firm sponsorship
What Is the Series 7 Exam?
The Series 7 qualifies you as a general securities registered representative. Most full-service stockbrokers and financial advisors at broker-dealers hold it, often together with the Series 63 or 66 state law exams.
More on What Is the Series 7 Exam →Series 7 Exam Format and Content Outline
| Job function | Scored questions |
|---|---|
| 1. Seeks business for the broker-dealer | 9 |
| 2. Opens accounts after obtaining and evaluating customers’ financial profile | 11 |
| 3. Provides information about investments, makes suitable recommendations, transfers assets and maintains records | 91 |
| 4. Obtains and verifies customers’ instructions; processes, completes and confirms transactions | 14 |
Function 3 dominates: options strategies, municipal and corporate bonds, packaged products, suitability and taxation. Learn these thoroughly.
More on Series 7 Exam Format and Content Outline →Key Series 7 Topics
- Options: covered calls, protective puts, straddles and spreads, with max gain, max loss and breakeven.
- Debt: yields (nominal, current, YTM), Treasury and agency securities, CMOs.
- Municipal securities: GO vs. revenue bonds, tax-equivalent yield, official statements.
- Packaged products: mutual fund breakpoints, 12b-1 fees, variable annuities, DPPs.
- Margin: Reg T 50%, maintenance requirements.
- Rules: communications, cold calling, Reg S-P, Rule 144, new-issue restrictions.
How to Pass the Series 7 Exam
- Plan 80–120 hours over 4–8 weeks.
- Master options early. They’re the most feared topic, and they’re mostly formulas.
- Drill bond math: current yield, tax-equivalent yield, discount/premium yield relationships.
- Use practice tests daily. Our Series 7 practice test lets you focus on options, debt, packaged products, accounts or rules.
- Aim for 80%+ on full practice exams before test day.
Haven’t taken the SIE yet? Start with the SIE exam guide.
More on How to Pass the Series 7 Exam →Free practice test
Ready to test yourself?
Choose your test length, practice with instant feedback or take it exam-style, and get your score with an explanation for every answer.
Go to the USA Series 7 Exam practice test →USA Series 7 Exam FAQs
How many questions are on the Series 7 exam?
125 scored multiple-choice questions plus 5 unscored pretest questions, with 3 hours 45 minutes to finish.
Full answer →How much does the Series 7 cost?
The FINRA fee is about $395 in 2026, usually paid by the sponsoring firm. Check FINRA’s current fee schedule.
Full answer →Can I take the Series 7 without a sponsor?
No. Unlike the SIE, the Series 7 requires sponsorship by a FINRA member firm.
Full answer →Is the Series 7 harder than the SIE?
Yes. It’s longer and goes deeper, especially on options, municipal bonds and suitability.
Full answer →Official sources
Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.