FINRA SERIES 7 EXAM PREP
Pass the Series 7
Whether you're aiming to become a financial advisor or renewing a lapsed license, Achievable is the best and most effective Series 7 exam prep on the market.
Achievable exam prep includes our online textbook, review questions, and full-length practice exams.
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Achievable is the best resource I've found. More so than with [competitor], or [competitor] I find the material "sticks" with Achievable's system of introducing new material, followed by review quizzes to master previous readings. It's incredibly easy to use, anywhere you are (at home on a desktop, laptop, or away with your mobile device) and actually interesting to read. Every other guide I've tried reads like stereo instructions.
5 stars. The way Achievable describes every topic of the course is interesting and not dull like your typical college textbook.
Great job explaining concepts in enough detail to understand them and feel prepared and confident to take the exam.
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Thousands of people succeed with Achievable and go on to amazing companies.
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Advanced personalization
Achievable Series 7 exam prep uses adaptive learning techniques to create and update a personalized model of your memory, individually tracking your retention and mastery of each FINRA Series 7 exam learning objective. Our learning engine monitors your study progress and continually adjusts your quiz questions to ensure you're focusing on the topics that matter most for you, improving study effectiveness while reducing overall study time.
Full-length practice exams
With 3,700+ high-quality hand-crafted FINRA Series 7 practice exam questions, you can take 35+ full-length practice exams. Our Series 7 practice questions include all the types of questions you'll see on the exam, and they're weighted according to the official FINRA Series 7 exam rubric so you can have confidence in your scores.
Review quizzes
Continually reviewing the material you've learned while studying is essential, but you need more than simple Series 7 flashcards. In addition to our full-length practice exams, our Series 7 exam study materials include a separate quiz bank of 3,700+ review questions so you can quickly drill the key facts and regulations for any particular chapter.
Easy-to-understand online textbook
You'll see within minutes why our full online Series 7 exam prep book is the best Series 7 exam prep - it's easy to understand and written in plain English, filled with straightforward explanations and real-world examples. Our expert author has 15+ years of licensing experience, and it shows. Achievable Series 7 study materials are easy to read, mobile friendly, and include detailed walkthroughs of sample questions. Each of the FINRA Series 7 sections are covered in detail in our Series 7 online course.
Videos on key topics
Achievable is an effective and efficient quiz-focused course - you won't have to sit through 100+ hours of boring Series 7 video lectures! Our courses have a reputation for being easy to understand. If you're a visual learner, we have you covered: we include bonus Series 7 explainer videos on key topics to ensure you can fully understand complicated concepts.
Modern platform
Whether you're studying on the web or a smartphone, the Achievable FINRA Series 7 exam prep platform UX is clean and responsive. Progress charts highlight your journey through the Series 7 course content and your current strength in each section.
Proven success
With Achievable, you will pass. The effectiveness of our courses is empirically validated with 2,000,000+ hours studied and 50,000,000+ quiz questions answered.
Controlled experimental studies with our corporate customers demonstrate that using Achievable results in ~15% higher scores, translating into significantly higher pass rates and career success.
How to get your Series 7
The first step to getting a Series 7 license is to pass the FINRA SIE Exam - or to have been grandfathered in by holding a FINRA representative-level registration on October 1, 2018. See our Achievable SIE program for more info.
The second step to getting your Series 7 license is to be sponsored by a FINRA-registered firm or a self-regulatory organization (SRO), typically your employer. After that, all you need to do is study and pass the test.
What is the Series 7 pass rate?
While the national Series 7 pass rate is not published by FINRA, it is widely accepted in the industry to be approximately 65%. Large corporations with dedicated programs typically have a higher pass rate of 75% - 80%, depending on the program.
The FINRA Series 7 Top-Off is harder than the old, pre-FINRA SIE Series 7 Exam. In the words of one of our corporate clients, it is as if they split all of the easy questions into the SIE and the more difficult questions into the Series 7 Top-Off. The good news is that the new Series 7 Top-Off is shorter, clocking in at 125 questions in 3 hours and 45 minutes.
When you buy the Achievable Series 7 course, you'll get access to our extensive question bank of 3,700+ chapter quizzes and 35+ practice exams.
Our practice exams are carefully constructed to match what you'll see on the actual Series 7, based on over a decade of training experience. Furthermore, our math-based questions are templatized so that you see different numbers each time, ensuring that you're learning the underlying concept and not just the right answer.
Series 7 exam details
The Series 7 exam — the General Securities Representative Qualification Examination (GS) — assesses the competency of an entry-level registered representative to perform their job as a general securities representative.
Also referred to as the Series 7 "Top-Off" Exam. This exam must be passed in conjunction with the Securities Industry Essentials (SIE) Exam in order for the candidate to receive a full General Securities license from FINRA. You must be sponsored by a FINRA member firm in order to take the Series 7.
The Series 7 exam is hosted by FINRA and costs $300 to register. Participants have 3 hours 45 minutes to answer 125 multiple-choice questions. The passing score is 72% (90/125).
Eligibility and sponsorship
Candidates cannot take the FINRA Series 7 Exam or other representative-level qualification exams unless they are associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm. For more information on registration requirements, refer to FINRA Rule 1210.
The FINRA SIE Exam is a corequisite to the Series 7 exam. Candidates must pass both the Series 7 exam and the SIE exam to obtain the FINRA General Securities registration. Achievable offers a FINRA SIE Exam course.
For more information on the registration process, see FINRA's Register a New Candidate help page.
Administration of the exam
The Series 7 exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam.
Each candidate's exam includes 10 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidate's exam consists of a total of 135 items (125 scored and 10 unscored).
There is no penalty for guessing. Therefore, candidates should attempt to answer all items.
Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam.
Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.
Scoring of the exam
All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.
FINRA's Series 7 exam summary
Seeks Business for the Broker-Dealer from Customers and Potential Customers
7%
9 questions
The basics of customer-facing sales activities related to a general securities representative role. What you need to know and do when describing investment products and services to customers with the intent of obtaining their business.
Opens Accounts after Obtaining and Evaluating Customers' Financial Profile and Investment Objectives
9%
11 questions
The rules and processes you must follow when opening a customer account and informing them of their options. Also includes the requirements to make reasonable efforts to obtain customer profile information and report anything suspicious.
Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
73%
91 questions
The heart of the exam. Covers how you must provide customers with information about their investment options, especially the suitability of investments for them given their profile and goals. This requires being fluent in the risks, benefits, and typical investors of major financial products.
Obtains and Verifies Customers' Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions
11%
14 questions
The logistics portion, covering how to obtain quotes, execute orders, and how to enlist your supervisor to assist in the resolution of discrepancies, disputes, and errors.
Achievable Series 7 content outline
1
Common stock
All things related to common stock, including share types, settlement, selling short, dividends, stock splits, fundamental, technical analysis, and suitability. Various equity-related investments like ADRs, rights, warrants, and tender offers are also discussed.
2
Preferred stock
Characteristics, features, and suitability of preferred stock. Features covered include callable, convertible, cumulative, and participating. Additionally, this chapter dives into interest rates, their influence in the financial markets, and how interest rate changes affect preferred stock.
3
Bond fundamentals
The foundations of debt securities, which are the most commonly traded investment in the financial markets. Topics covered include interest rates, bond characteristics, the debt markets, yields, and suitability.
4
Corporate debt
Why corporations borrow money, how they do it, and different types of debt securities they offer. Suitability, the bond markets, and bank products like CDs and banker's acceptances are also part of this chapter.
5
Municipal debt
A deep dive into how municipalities (states, cities, and local governments) issue debt securities in order to fund budgets and municipal projects. The new issue process, the municipal markets, and investor suitability are also covered.
6
US government debt
The essentials of securities issued by the U.S. Treasury and federal agencies, including their suitability for investors. Mortgage backed securities like pass through certificates and collateralized mortgage obligations (CMOs) are also examined.
7
Investment companies
What an investment company is, how they operate, and the rules and regulations of the Investment Company Act of 1940. Mutual funds, closed-end funds, exchange traded funds (ETFs), and unit investment trust (UITs) are specifically discussed in detail.
8
Alternative pooled investments
Products that work similarly to investment companies but fall outside their definition, which includes real estate investment trusts (REITs), hedge funds, and direct participation programs (DPPs). DPPs are discussed in detail, specifically focusing on oil & gas and real estate limited partnerships (RELPs).
9
Options
A deep dive into option strategies, which include single leg, hedging, income, straddles, spreads, and non-equity options (index, foreign currency, yield, and VIX). Suitability, the options market, and applicable regulations are discussed as well.
10
Taxes
How taxes influence investment outcomes. Topics covered include cost basis, sales proceeds, accretion, amortization, and taxes on options.
11
The primary market
Focusing on the characteristics and regulations of the primary market. The rules of the Securities Act of 1933 are covered in detail, which include IPO rules, exemptions, and the registration process.
12
The secondary market
The essentials of the secondary market, which is governed by the Securities Exchange Act of 1934. Specific stock markets, participants in the financial markets, order types, and applicable regulations are all covered.
13
Brokerage accounts
How brokerage accounts work, the process of opening one, and the different types of accounts available. Cash accounts, margin accounts, fiduciary accounts, and rules relating to firms offering brokerage accounts are covered in detail. Advanced margin strategies and calculations are also discussed.
14
Retirement and education plans
The structures of ERISA-governed qualified and non-qualified retirement plans. Additionally, education plans (Coverdell ESPs and 529s) and ABLE accounts are covered. Contribution limits, penalties, and suitability for specific retirement and education plans are further discussed.
15
Rules and ethics
The do's and don'ts of finance, specifically relating to registered representatives. Public communications and penalties for FINRA rule violations are also covered.
16
Suitability
High level review of suitability standards when making recommendations to clients. Product summaries, investment objectives, investor profiles, best practices when making recommendations, and test taking skills.
FINRA Series 7 resources
Check out our free Series 7 cheat sheets / Series 7 dump sheets and podcasts to help you prepare for the FINRA Series 7 exam or for a quick refresher on the Series 7 fundamentals.
Series 7 tutoring
Want one-on-one help with your studying? Check out Achievable's directory of FINRA Series 7 tutors.
Free FINRA Series 7 practice exam
Solve 10 free Series 7 practice exam questions to get a feel for what to expect on the actual Series 7 exam.
Achievable's FINRA podcast
FINRA course author Brandon Rith and guests provide actionable tips and topic reviews to help you pass your FINRA exams.
Dump sheet: General formulas
Quick reference sheet ("cheat sheet") for the Series 7 covering general formulas.
Dump sheet: Products, suitability
Quick reference sheet ("cheat sheet") for the Series 7 covering products and suitability.
Dump sheet: Regulators, laws, rules
Quick reference sheet ("cheat sheet") for the Series 7 covering regulators, laws and rules.
Achievable Series 7 - $199
Pass the FINRA Series 7 on your first try with Achievable's interactive, online exam preparation course. Includes everything you need: easy-to-understand online textbook, 2,000+ review quizzes, and 35+ full-length practice exams.
Easy-to-understand online textbook
3.7k+ chapter quizzes
35+ practice exams
39+ bonus videos
Success spotlight
Joseph Frantz
Achievable actually made the exam material palatable and even fun to learn. With the learning science behind the study system, it was almost scary how well I could recall formulas and regulations. The interface and flashcard-style kept it easy and fun to get more studying done any chance I had free time, especially watching the test-readiness climb. The mobility of it was huge to utilize every minute of time I had to learn and review, whether I was on a train, waiting in line, or on a break at work.
Achievable actually made the exam material palatable and even fun to learn. With the learning science behind the study system, it was almost scary how well I could recall formulas and regulations. The interface and flashcard-style kept it easy and fun to get more studying done any chance I had free time, especially watching the test-readiness climb. The mobility of it was huge to utilize every minute of time I had to learn and review, whether I was on a train, waiting in line, or on a break at work.
Branch Operations Manager at LPL Financial
Joseph Frantz
Achievable actually made the exam material palatable and even fun to learn. With the learning science behind the study system, it was almost scary how well I could recall formulas and regulations. The interface and flashcard-style kept it easy and fun to get more studying done any chance I had free time, especially watching the test-readiness climb. The mobility of it was huge to utilize every minute of time I had to learn and review, whether I was on a train, waiting in line, or on a break at work.
Learn from the best
Our content was written exclusively for Achievable by Basic Wisdom's acclaimed FINRA instructor Brandon Rith. With 15 years of finance-related experience and 10 years of licensing expertise, Brandon has helped thousands of learners successfully pass FINRA/NASAA exams while working for Fidelity Investments, where his programs posted pass rates that always exceeded company goals.
Pass the FINRA Series 7. Guaranteed.
Achievable is the best Series 7 exam prep course: effective, personalized, and convenient. With Achievable, you'll spend less time studying and pass your exam the first time, or your money back.