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The General Securities Representative Qualification Examination (GS), also known as the Finra Series 7 exam, evaluates a registered representative’s ability to fulfill the duties of a general securities representative at the entry-level. Each candidate’s knowledge of the essential duties of a general securities representative, such as the sale of corporate, municipal, and investment companies, variable annuities, direct participation programs, options, and government securities, is assessed by the exam. The General Securities Representative registration requires candidates to pass the Series 7 test and the Securities Industry Essentials (SIE) exam.
The Finra series 7 certification exam consists of 125 multiple choice questions with 3 hours and 45 minutes time duration. This certification exam costs $300 and you need to score 72% to pass the final exam.
To be eligible to take the FINRA representative-level qualifying tests, candidates must be affiliated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm. FINRA Rule 1210 can be consulted for more details on registration requirements. Moreover, the Series 7 test requires the SIE exam as a prerequisite. To be registered to sell securities, candidates must pass both the SIE and Series 7 exams.
The Series 7 Content Outline offers a thorough overview of both the depth of understanding needed and the topics covered in the exam. The four primary responsibilities of a general securities representative are listed in the outline. However, each primary job function’s exam item distribution is shown in the table below.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Seeks Business for the Broker-Dealer from Customers and Potential Customers | 9 |
| (F2) Opens Accounts after Obtaining and Evaluating Customers’ Financial Profiles and Investment Objectives | 11 |
| (F3) Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets, and Maintains Appropriate Records | 91 |
| (F4) Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions | 14 |
| TOTAL | 125 |
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