Series 7 Exam Guide
The General Securities Representative Qualification Examination (GS), also known as the Series 7 exam, measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities.
The exam consists of 250 scored questions and an additional 10 unscored pretest questions. Candidates are given six hours (360 minutes) to complete the exam and it is conducted in two three-hour sessions with 130 questions per session. The passing score is 72 percent.
There are five main job functions of a Series 7 representative:
– Function 1: Seeks business for the broker-dealer through customers and potential customers
– Function 2: Evaluates customers’ other security holdings, financial situation and needs, financial status, tax status, and investment objective
– Function 3: Opens accounts, transfers assets and maintains appropriate account records
– Function 4: Provides customers with information on investments and makes suitable recommendations
– Function 5: Obtains and verifies customers’ purchases and sales instructions, enters orders and follows up
Pocket Prep’s Series 7 exam prep app breaks down the content into seven knowledge areas:
– Brokerage Office Procedures
– Customer Accounts
– Debt Securities
– Economics and Analysis
– Equity Securities
– Municipal Securities