The Series 7 exam is typically offered in the springtime, although the exact timing can vary from year to year. This is the busiest time of year for the financial industry, so many candidates choose to take the exam then so they can start their new jobs as soon as possible.
But how long is the Series 7 exam? Read more as we’ll talk about the duration of the test and other important details in today’s article.
Minimum Age Requirement
The minimum age requirement for taking the Series 7 exam is 18 years old. This requirement is set by the Financial Industry Regulatory Authority (FINRA) in order to ensure that only those who are legally allowed to enter into contracts are able to invest in securities. FINRA is the independent regulator of securities firms in the United States.
Duration And Topics Covered
The Series 7 exam is given in two parts, with a total time limit of 3 hours and 45 minutes. Part one consists of 125 multiple-choice questions, and part two consists of 75 multiple-choice questions. There is no time limit for either section, but candidates are advised to answer all questions in each section as accurately and as quickly as possible.
The Series 7 exam covers a wide range of topics related to the securities industry, including but not limited to: economic principles, mathematics, types of securities, regulations, and ethics. Candidates are expected to have a strong understanding of all of these topics in order to pass the exam.
Passing Score
The passing score for the Series 7 exam is 70%. This means that candidates must correctly answer at least 70% of the questions on the exam in order to pass. Candidates who do not pass the exam may retake it after a waiting period of 30 days. There is no limit to the number of times a candidate may retake the exam, but each attempt will require a new exam fee.
Approximately 80% of candidates who take the Series 7 exam pass it on their first attempt. However, the average pass rate for all candidates who have taken the exam multiple times is only 50%. This highlights the importance of studying thoroughly and being well-prepared for the exam.
What To Do To Prepare For The Series 7 Exam
The best way to prepare for the Series 7 exam is to take a comprehensive study course offered by a reputable provider. These courses will cover all of the topics that will be tested on the exam, and they will provide practice questions so that candidates can get an idea of what to expect on the real exam.
There are many different Series 7 study courses available. There is the usual Series 7 course where they offer physical reading materials or you can also try this Series 7 exam video course online. Just be sure to read reviews of different courses before making your final decision.
Once you have chosen a study course, be sure to stick with it and complete all of the assignments. Do not try to shortcut the process by skipping ahead or taking shortcuts. It is important to follow the course material in order to fully understand the concepts that will be tested on the exam.
When you are finally ready to take the Series 7 exam, make sure to give yourself plenty of time to study. It is important to remember that this is a difficult exam, and it will take some time to master all of the material. Be sure to set aside at least two months for studying before the exam date.
Final Preparations
The Series 7 exam is a securities licensing test that is notoriously difficult. Many people who take it report feeling incredibly anxious and stressed out. However, there are a few things you can do to maintain your composure before and during the test.
First, be sure to get a good night’s sleep beforehand. This will help you feel more rested and alert on test day. Additionally, make sure to eat a healthy breakfast and drink plenty of water. This will help keep you energized and focused.
If you start to feel overwhelmed or stressed out while taking the test, take a few deep breaths and try to relax. Remember that everyone feels nervous before big tests; there is no need to feel ashamed or embarrassed. Just focus on doing your best and remember that the test is only one part of your overall journey.
Once you have taken the Series 7 exam, be sure to celebrate your success. This is a major accomplishment, and you should be proud of yourself for passing. After all, this means that you are now one step closer to becoming a financial advisor.