Does a Series 7 make you a financial advisor?
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License requirements to work as a financial advisor vary widely. Generally, depending on your practice, you will most likely need to take either the Series 6 or Series 7 exams as well as the Series 63, Series 65 or Series 66 exams.
Client Services Associate - Financial Services.
A candidate who passes the Series 7 exam is qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.
Examination requirements include passing the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66), as well as the Series 6 or 7 FINRA-sponsored examinations pertaining to the particular financial products with which they intend to work.
If you have any financial certifications, such as a FINRA 7 or a Chartered Financial Analyst certification, hiring managers and job recruiters will want to know about them, so make sure you highlight them. Keeping your resume short makes it easy for readers to see exactly what you offer.
The exam is considered to be the gold standard of financial advisor licenses and is considered the most difficult of all the securities licensing exams.
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $86,000 | $7,166 |
| 75th Percentile | $61,000 | $5,083 |
| Average | $57,583 | $4,798 |
| 25th Percentile | $40,000 | $3,333 |
So, how hard is the Series 7 Exam? The Series 7 exam is often considered the most difficult securities licensing exam. But, the answer is up to you. If you prepare properly and utilize an online learning tool like ExamFX's Series 7 course, you can approach the test with confidence and earn your Series 7 registration.
The Series 7 license pass rate is around 65%. How hard is it to pass Series 7? Yes. The test is difficult, so you need to make sure you are fully prepared before you take it.
How long is Series 7 good for?
a) Once an individual becomes GS registered, the S7/S7TO will remain valid as long as they hold that registration. b) Once an individual ceases being GS registered, the S7/S7TO will remain valid for two years from the date of termination on the Form U5.
To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).
Violations of securities laws and regulations is a Series 7 license disqualification as are injunctions from investment related activities and expulsions from financial-trade organizations. All felony convictions and certain misdemeanor offenses within the previous 10 years are also disqualifications.
There are several areas where math has been heaviest on the Series 7 exam lately. To no one's surprise Options is the culprit. Calculations of profit and loss for different scenarios requires basic calculations. But, you'll have to be familiar with how to deal with a Spread, Straddle, Option Hedge, etc.
Series 7 license qualifies an individual to trade general securities on behalf of any self-regulatory organization. CFA is intended for professionals planning to advance their careers and showcase their knowledge and capabilities by acquiring a specialized credential in finance.
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The Series 7 exam is one of the basic licensing tests required to begin work in the securities industry. Passing the exam allows a registered representative to sell financial securities other than commodities and futures (which requires a separate exam).
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When preparing to take the Series 7 exam, you should plan to study for 80-90 hours. Typically, candidates study over the course of 4-6 weeks. The time you need to spend preparing for the exam varies depending on your familiarity with the material.
Is the Series 7 exam harder than the bar exam? The Series 7 and the bar exam are both known for their difficulty. You can't really compare the two because of the differences in content and purpose.
Is Series 7 harder than Sie?
While the Series 7 Top-Off exam has some tougher questions because it's all about suitability (matching investments to clients), the SIE Exam is not a piece of cake. It has its own challenges. The SIE Exam has tricky questions about industry rules and regulations that you won't find in any other FINRA exam.
Series 7 Exam
This is widely considered the most difficult FINRA exam due to its comprehensive coverage of various financial topics such as investments, securities, and regulations. Passing this exam is mandatory for those who want to become a registered representative.
| City | Annual Salary | Hourly Wage |
|---|---|---|
| San Buenaventura, CA | $74,204 | $35.68 |
| Berkeley, CA | $71,765 | $34.50 |
| Renton, WA | $69,448 | $33.39 |
| Santa Monica, CA | $68,923 | $33.14 |
Two of the most popular licenses are the Series 6 and Series 7 exams. The Series 6 license allows a registered representative to sell only a specific type of investment products, whereas the Series 7 license allows the rep to sell a wider variety of securities.
Yes, you still must be associated with a broker-dealer to take any qualification exams, such as the General Securities Exam (Series 7) exam.
