Series 7 exam guide: functions, fee, passing score and sponsorship
Last checked October 16, 2026 · Sources: FINRA Series 7 page, qualification exams table, Series 7 content outline (as filed with the SEC), SIE FAQ and Regulatory Notice 26-18
The Series 7 exam, FINRA’s General Securities Representative exam, has 125 scored questions in 3 hours 45 minutes and costs $395. You need a sponsoring FINRA member firm to take it, and you must also pass the SIE. Almost three quarters of the questions (91 of 125) cover giving customers information and making suitable recommendations.
What the Series 7 exam covers
FINRA’s content outline says the Series 7 assesses the competency of entry-level general securities representatives, organized around four job functions. To register as a general securities representative, FINRA says you must pass both the SIE and the Series 7. The SIE covers the basics; the Series 7 goes deeper into products, suitability, options and the work of serving customers.
Series 7 exam functions and weights
| Function | Share | Questions |
|---|---|---|
| F1. Seeks business for the broker-dealer from customers and potential customers | 7% | 9 |
| F2. Opens accounts after obtaining and evaluating customers’ financial profile and investment objectives | 9% | 11 |
| F3. Provides customers with information about investments, makes suitable recommendations, transfers assets and maintains appropriate records | 73% | 91 |
| F4. Obtains and verifies customers’ purchase and sales instructions and agreements; processes, completes and confirms transactions | 11% | 14 |
Source: FINRA Series 7 content outline (as filed with the SEC), checked October 16, 2026.
Function 3 is where the exam is won or lost. It includes product knowledge across equities, debt and municipal securities, packaged products and options, plus suitability and the records that go with recommendations.
Who can take the Series 7
Unlike the SIE, the Series 7 requires you to be associated with and sponsored by a FINRA member firm, which requests your enrollment. Once enrollment is processed, you have a 120-day window to test. Most representatives also need a state law exam: the Series 63, or the Series 66 if they’ll also act as an investment adviser representative.
Passing score and retakes
Prep providers including Achievable report a passing score of 72%, or 90 of 125 scored questions. If you fail, you pay the $395 fee again after a waiting period. FINRA currently requires 30 days after a first or second failure and 180 days after a third within two years; under Regulatory Notice 26-18 those shorten to 15 and 60 days, with testing windows adjusted from January 19, 2027. See our 2027 exam changes page.
How to prepare for the Series 7
If you haven't passed the SIE, start there; much of its content underpins the Series 7.
Spend most of your time on Function 3, which is 91 of the 125 scored questions.
Options questions involve calculations and strategy, so practice them until they're routine.
Take full 125-question practice exams in 3 hours 45 minutes before you test.
Ask your firm whether it provides prep first. If you’re buying your own, Achievable lists its Series 7 course at $199, and Kaplan’s Series 7 packages run $139 to $309, as of October 2026.
3,700+ chapter quizzes and 35+ full-length exams, per Achievable.
Buy now on AchievableSelf-study or instructor-led; 5-month access.
Buy now on KaplanCompare them in our best SIE and Series 7 prep guide.
Common questions about the Series 7 exam
How many questions are on the Series 7?
125 scored questions in 3 hours 45 minutes, according to FINRA. Some exams also include unscored pretest questions.
How much does the Series 7 cost?
$395, according to FINRA. Your sponsoring firm often pays it.
Can I take the Series 7 without a sponsor?
No. You must be associated with and sponsored by a FINRA member firm to take it.
What is the Series 7 passing score?
72%, or 90 of 125 scored questions, as reported by prep providers.
Do I need the SIE to get the Series 7 registration?
Yes. FINRA says you must pass both the SIE and the Series 7 to become a general securities representative.
See also our SIE exam guide and securities licensing guide. MockTestPrep is independent and is not affiliated with FINRA.