Quick Answer: Can You Get A Series 7 Without A College Degree?

Can I get a Series 7 license without a sponsor?

In order to qualify to take the Series 7 exam, you need to be sponsored by a member firm, a self-regulatory organization (SRO), or an exchange associated with FINRA.

This means that until you are employed in a position that would require the Series 7 exam for daily tasks, you cannot even sit for the Series 7 test..

Who needs a Series 7?

The Financial Industry Regulatory Authority (FINRA) administers this test, and most employers in the financial services industry require their employees obtain the Series 7 license. If you want a find a financial advisor who has a Series 7 certification, check out our free financial advisor matching tool.

How much can you make with a Series 7 license?

Series 7 66 $90,000 jobs.

How many hours should I study for Series 7?

You need to spend 80-100 hours studying for the FINRA Series 7 exam if you have a finance background and about 150 if you don’t. The first thing you should do is lay out a study plan that ensures you put those hours in.

How much does it cost to get a Series 7?

Exam Costs The Series 7 exam is officially known as the General Securities Representative Exam. It is a highly regulated exam and must be taken at an official testing center. The fee to sit for the test is a minimum of $265, with some areas charging a little higher.

How many times can you take the Series 7?

A candidate can take the Series 7 exam as many times as they like; however, for the first three times, the candidate has to wait 30 days before trying again; after the first three attempts, the candidate has to wait six months.

Is the Series 7 harder than the bar exam?

The Series 7, after all, is the notorious Wall Street rite of passage, the exam all potential stockbrokers have to pass before being licensed by the NASD. Brokers brag that the Series 7 is harder to pass than the bar exam in some states.

Should I get my Series 7?

Why should I take it? As part of implementing the Securities Industry Essentials (SIE) exam, FINRA restructured their examination programs. … You should take the Series 7 top-off exam if you want to be licensed to sell a broad range of securities in a brokerage or bank.

What is the hardest series exam?

Series 7 examThe Series 7 exam is by far the longest and most difficult of all the securities exams. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading; put and call options; spreads and straddles; ethics; margin, and other account holder requirements; and other pertinent regulations.

Is it hard to get a Series 7 license?

Series 7: An Overview. In short, the Series 7 license is substantially easier to obtain than the Chartered Financial Analyst (CFA) certification. The Series 7 takes only a fraction of the time to prepare for compared to the CFA exams. The material in the Series 7 is not nearly as difficult or extensive.

What is needed for a Series 7 license?

Series 7 And 63 Licensing Requirements Are As Follows: You must be sponsored by a member of FINRA (formerly NASD) or a Self-Regulatory Organization. … A passing grade of 72% or better on the Series 7 exam, administered through Prometric Testing Centers. The Series 7 test includes a multiple choice exam.

How much does it cost to get a Series 7 license?

FINRA Representative-level ExamsDurationCostSeries 6 – Investment Company and Variable Contracts Products Representative Exam1 hour and 30 minutes$40Series 7 – General Securities Representative Exam3 hours and 45 minutes$245Series 22 – Direct Participation Programs Limited Representative Exam1 hour and 30 minutes$405 more rows

Who needs a Series 24 license?

The FINRA® Series 24, General Securities Principal Qualification Exam is required of individuals responsible for the management or supervision of a member’s investment banking or securities business. The Series 24 qualifies an individual as a General Securities Principal.

How many pass the Series 7 on the first try?

On average, the pass rate for the Series 7 exam is around 65%. Comparatively, about 86% of candidates pass the Series 63 on their first attempt.

Do I need a Series 7 to be a financial advisor?

The only securities the Series 7 does not cover are commodities, which require a Series 3 license, as well as real estate and life insurance, both of which have their licenses. Because the Series 7 confers such broad authority, it is by far the most difficult license for a financial advisor to obtain.