Finance & Insurance / Series 7 Exam
- FINRA
- Securities exam
- Computer-based
- Updated Oct 2026
Series 7 Exam: Cost, Format, Passing Score and How to Register
The Series 7 is FINRA’s General Securities Representative qualification exam. It is for people who are sponsored by a FINRA member firm and want to sell a wide range of securities products.
Last updated October 28, 2026 from FINRA requirements
Exam fee
$395
Paid when you enroll
Exam length
3 hr 45 min
Break time is not paused
Questions
125
Scored, plus 5 unscored pretest items
Passing score
72
Scale not stated by FINRA
Overview
What is the Series 7 Exam?
The Series 7 is a computer-based exam of 125 scored multiple-choice questions. It tests whether entry-level General Securities Representatives have the knowledge and skills for the job. It costs $395, you have 3 hours and 45 minutes, and you need a 72 to pass. To be registered as a General Securities Representative you must pass both the Series 7 and the Securities Industry Essentials (SIE) exam.
Who takes it
- People who are associated with and sponsored by a FINRA member firm and will act as General Securities Representatives
- Candidates who sell corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities
- Anyone who has passed (or will pass) the SIE and now needs the representative-level exam to complete the General Securities registration
Who doesn’t need it
- FINRA’s waiver page covers waivers for representative-level exams, requested by the sponsoring firm and reviewed case by case. It does not list the Series 7 by name
- FINRA’s exemption list covers the SIE, Series 16 Part II and Series 86 only. It lists no Series 7 exemption
The Series 7 alone does not register you
You must pass both the Series 7 and the SIE to get the General Securities registration. The order doesn’t matter. You also need a FINRA member firm to sponsor you before you can take the Series 7.
Before you sit
The Series 7 Exam, one page
- Get sponsored by a FINRA member firm and enroll ($395)
- Take the exam within your 120-day window
- Pass the SIE too, in either order
- Book a Prometric test center early
- Bring valid government-issued photo ID that matches your exam name exactly
- Aim for 72 and answer every question, since guessing isn’t penalized
Eligibility
Who can take the Series 7 Exam?
You can’t sign up on your own. FINRA requires you to be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization (SRO) member firm.
| Requirement | Detail |
|---|---|
| Sponsorship | Required. You must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm. |
| Prerequisite exams | The SIE is a corequisite. You must pass both the Series 7 and the SIE to get the General Securities registration, in either order. |
| Same-day testing | People associated with a broker-dealer may take the SIE and the Series 7 on the same day, in separate sessions, if Prometric has seats for both. |
| Age | Not stated on FINRA’s Series 7 page. |
| Education and experience | Not stated. |
| Enrollment | After enrollment, FINRA posts a 120-day window in which the exam must be taken. |
| ID and name match | The name on your government-issued photo ID must exactly match the name on your scheduled exam. |
| Waivers | A firm (never the individual) can request a waiver through FINRA Gateway. FINRA reviews each request on its merits and decisions typically take about 21 calendar days. |
Format
What’s on the Series 7 Exam?
The Series 7 has 125 scored multiple-choice questions with four answer choices each. Your exam also includes 5 unscored, unidentified pretest items, so you’ll see 130 items in all. FINRA’s content outline (© 2025) groups the scored questions into four job functions.
Format
Computer-based, at a Prometric test center
Questions
125 scored, plus 5 unscored
Passing score
72
Exam owner
FINRA, delivered by Prometric
| Content area | Questions or weight | Notes |
|---|---|---|
| Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 9 questions (7%) | Contacting customers, public communications, and describing products and services |
| Function 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 11 questions (9%) | Opening accounts and evaluating customers’ financial profiles and objectives |
| Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 91 questions (73%) | The largest section by far: product knowledge, recommendations, asset transfers and recordkeeping |
| Function 4: Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions | 14 questions (11%) | Order instructions, processing, completing and confirming transactions |
Scoring & content
- 125 scored multiple-choice items, 4 answer choices each
- 5 unscored pretest items are mixed in and are not identified
- Passing score is 72. FINRA’s Series 7 page doesn’t state the scale
- There is no penalty for guessing, so answer every question
- Scores are equated so every candidate meets the same passing standard
Retake policy
- Right now, you wait 30 calendar days after the first and second failed attempts
- Right now, you wait 180 calendar days after the third and later failed attempts within a two-year period
- Change effective January 19, 2027: 15 days after the first and second failed attempts, and 60 days after the third and later ones
- The waiting period applies only to the exam you failed, and failed attempts more than two years old are not counted
- Requests submitted before January 19, 2027 will not be processed under the new periods
Steps
How to register and sit for the exam, step by step
- Get a sponsoring firmBefore you apply
You must be associated with and sponsored by a FINRA member firm or another applicable SRO member firm. If you need testing accommodations, get FINRA approval before you schedule, because they can’t be added after you book. - Enroll for the exam$395 fee
Complete enrollment through FINRA’s Enroll for an Exam process. FINRA’s cancellation policy shows that firms can enroll candidates and are billed for firm enrollments. - Note your 120-day windowAfter you enroll
FINRA posts a 120-day window in which the exam must be taken. Book early to get the date you want. - Pass the SIE tooAny time, in either order
The SIE is a corequisite. You need both exams for the General Securities registration. You can take them on the same day in separate sessions if seats are available. - Schedule with PrometricAt least 10 business days ahead if you may change
Book online with Prometric or call (800) 578-6273. Have your name, FINRA ID (CRD number or assigned T or U ID), a phone number and the exam name ready. Cancelling or rescheduling 10 or more business days ahead is free. - Take the examExam day
Arrive 30 minutes early with valid government-issued photo ID that has your signature. A tutorial comes first, then you have 3 hours and 45 minutes.
Scoring
Series 7 passing score and pass rates
The passing score is 72. FINRA’s Series 7 page doesn’t say what scale that score is on. FINRA places all scores on a common scale using a statistical process called equating, which adjusts for small differences in difficulty between sets of questions so every candidate meets the same passing standard. Our sources do not say how quickly results are shown.
| Group or period | Pass rate | Source |
|---|---|---|
| First attempts in 2024, SIE, Series 7 and Series 24 combined | Over 70% | FINRA rule filing SR-FINRA-2026-014 |
FINRA doesn’t publish a pass rate for the Series 7 on its own. The only figure we found is the combined first-attempt rate above, which covers three exams. The same filing says 85 percent of people who fail the Series 7 take it again.
Exam day
What to expect on exam day
Plan to arrive at the Prometric test center 30 minutes before your appointment. The exam is closed book and your session is video and audio monitored. The 3 hour 45 minute timer does not pause for breaks. A short tutorial comes before the timed exam. Online testing for exams other than the SIE requires an approved accommodation, for candidates who are immunocompromised or who live more than 150 miles from a test center.
What to bring
- One valid, government-issued photo ID with your signature and picture, such as an unexpired driver’s license, passport or military ID
- The name on the ID must exactly match the name on your exam appointment
- Photocopies, faxes, electronic IDs and expired IDs are not accepted
- Nothing else. Phones, watches, bags, wallets and jewelry go in a locker, and study materials are not allowed
- Remember the email address you used to schedule, in case staff ask for it
Testing rules
- Arrive 30 minutes early. If you’re more than 30 minutes late and no seat fits your full testing time, you can’t test and a new enrollment is needed
- A four-function calculator, erasable note boards and dry-erase markers are provided and must be returned
- Breaks are for the restroom only, you can’t leave the center, and the exam clock keeps running
- You show your pockets are empty and pull up pant legs and sleeves before entry
- Cheating can lead to forfeited results or a bar on retaking exams or registering with a member firm
- Accommodations must be approved by FINRA before you schedule, and most are available only at test centers
Costs
How much does the exam cost?
| Item | Type | Estimate |
|---|---|---|
| Series 7 exam fee | Fixed | $395 |
| SIE exam fee (corequisite, if you haven’t passed it) | Fixed | $100 |
| Reschedule or cancel 3 to 10 business days before | Variable | Roughly half the exam cost (FINRA’s wording) |
| Reschedule or cancel within 2 business days, or no-show | Fixed | Full exam cost ($395) |
| Retake (new enrollment) | Variable | Not stated |
| Minimum cost | Series 7 fee only, with no reschedule or retake. Add $100 if you still need the SIE | $395 |
Fees come from FINRA’s qualification exams page and cancellation policy, checked October 2026. Cancelling or rescheduling at least 10 business days ahead is free.
Prep
Best exam prep, compared
We haven’t compared prep courses for this exam yet. When we do, we’ll test each course with real exam candidates and report what they found.
After you pass
What happens after you pass?
Passing the Series 7 completes the exam half of the General Securities Representative registration. You also need a passing SIE result, and your sponsoring firm handles the registration itself.
Pass the SIE if you haven’t
The SIE is a corequisite and the order doesn’t matter. You must pass both to obtain the General Securities registration.
Get registered through your firm
The Series 7 is valid for two years from the exam date, and you must obtain an approved registration such as General Securities Representative in that time or the exam expires.
Check state requirements
FINRA lists NASAA state exams such as the Series 63 ($147) and Series 66 ($177) separately and points to NASAA for state exam information. Its qualification exams page does not say which states require them.
Keep up continuing education
FINRA’s continuing education page says the Regulatory Element is completed annually by December 31 for each registration held.
If your registration ends
A full or partial Form U5 restarts the Series 7 validity period at two years from the termination date. While you hold a qualifying registration, validity has no expiration date.
Maintain
Keeping your result or credential current
The Series 7 is not renewed like a certificate. Instead, your exam result stays valid while you hold a qualifying registration, and for a limited time after it ends.
Renewal cycle
No renewal. A pass is valid for 2 years until you hold a registration, then has no expiration while registered
CE or credits
Regulatory Element completed annually by December 31 for each registration held
Renewal fee
Not stated
Lapse rule
If you terminate, validity restarts at 2 years from the termination date. FINRA’s Maintaining Qualifications Program ($100 a year, annual CE) can extend this to up to 5 years if you qualify
Governance
Who runs the Series 7 Exam?
Exam owner
FINRA (Financial Industry Regulatory Authority)
Website: finra.org Series 7 page
FINRA Support Center: (240) 386-4040
General inquiries: 301-590-6500
Test delivery vendor: Prometric, (800) 578-6273
What they handle
- Writes the Series 7 content outline and the exam questions
- Sets the passing score, fees and retake rules
- Reviews waiver requests and approves testing accommodations
- Works with Prometric, which delivers the exam at test centers
FAQ
Frequently asked questions
How many questions are on the Series 7 exam?
There are 125 scored multiple-choice questions. Your exam also has 5 unscored pretest items that aren’t identified, so you answer 130 in all.
What is the passing score for the Series 7?
The passing score is 72. FINRA’s Series 7 page doesn’t state the scale, and scores are equated so every candidate meets the same standard.
How much does the Series 7 cost?
The Series 7 costs $395. Cancelling or rescheduling at least 10 business days ahead is free, and later changes cost roughly half the exam cost (3 to 10 business days ahead) or the full $395 (within 2 business days or a no-show).
How long is the Series 7 exam?
You have 3 hours and 45 minutes. The clock keeps running during restroom breaks.
Is there a penalty for guessing on the Series 7?
No. There is no penalty for guessing, so answer every question.
Do I need a sponsor to take the Series 7?
Yes. You must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm.
Do I need the SIE too?
Yes. The SIE is a corequisite, and you must pass both exams to get the General Securities registration. The order doesn’t matter.
Can I take the Series 7 online?
Generally no. Online testing for exams other than the SIE needs an approved accommodation, for candidates who are immunocompromised or live more than 150 miles from a test center.
How long is a Series 7 pass valid?
It is valid for two years from the exam date, and you must obtain an approved registration in that time. While you hold a qualifying registration it has no expiration date.
How soon can I retake the Series 7 if I fail?
Today you wait 30 days after the first and second failed attempts and 180 days after the third and later ones. From January 19, 2027, those waits drop to 15 and 60 days.
Sources
Official sources
- FINRA: Series 7 General Securities Representative Exam
- FINRA: Series 7 Content Outline (2025)
- FINRA: SIE Exam and Exam Restructuring FAQ
- FINRA: Schedule an Exam
- FINRA: Reschedule or Cancel Your Appointment
- FINRA: Prepare for Your Test Center Appointment
- FINRA: Regulatory Notice 26-18
- FINRA: Exam Waivers and Exemptions
- FINRA: Exam Credit and Exam Validity
- FINRA: Rule filing SR-FINRA-2026-014
Last updated October 28, 2026. Spot something out of date? Tell us.
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