What It Is:
Series 7 securities is a license that is required before an individual may sell investments. Those who pass the exam for any Series Seven license qualify to become a registered representative of broker-dealers in the United States.
How It Works/Example:
To obtain a Series Seven license, you must pass the Series 7 examination (also called the General Securities Representative Examination). This test mainly covers the seven crucial functions performed by registered reps: seeking business for the broker/dealer, analyzing customer requirements and goals, advising clients, managing customer accounts as well as account records, explaining the securities marketplaces and the factors that affect all of them, executing orders for clients, and monitoring client portfolios. The Financial Industry Regulatory Authority(FINRA) supervises the test.
The finra series 7 examination is six hours lengthy and contains Two hundred and fifty multiple-choice questions. The candidate should answer a minimum of 70% of the Two hundred and fifty questions properly to pass.
In general, an individual cannot legally advise clients, solicit transactions, or even execute transactions for clients until he or she has passed the Series Seven exam, acquired the corresponding license.
Although a Series 7 license permits the holder to market a broad number of securities, it does not allow the holder to sell goods or commodity (this requires a Series 3 license).
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Why It Matters:
The Series Seven exam is an important step in making certain brokers comprehend and have mastered a body of knowledge about marketplaces, investment devices, securities law, and moral behavior. As such, the presence of the Series Seven requirement advantages investors through requiring a few level of the uniform understanding base amongst brokers.