How Many Attempts at the Series 7 Test Are Permitted? (2024)

FAQs

How Many Attempts at the Series 7 Test Are Permitted? ›

Attempts Allowed for the Series 7 Exam

How many times can I take the Series 7 exam? You may take the Series 7 exam as many times as it takes to pass. Note there is a 30 day waiting period after your first and second failed attempt, and a 6-month waiting period after the third failed attempt and beyond.

It is said that roughly 3 out of 10 applicants will fail the Series 7 exam on their first attempt. This would put the Series 7 pass rate at around 70% first time.

If you should fail the exam, you will be required to wait 30 days before attempting again. If you fail three attempts in a row, you will be required to wait 180 days before registering again. Please note that each subsequent attempt will require a separate registration and fee – which is $187 as of June 2023.

Generally, you may take the exam again 30 days after the date of the prior exam.

For most registered representatives and investment adviser representatives, the Series 66 and Series 7 exams are the hardest required exams. The Options section of the Series 7 exam is notoriously difficult, even though many people won't use it in their careers. Understanding this section is necessary to pass the exam.

The Series 7 exam, like other FINRA exams, is presented in a bell curve. Exams presented in this manner should start with easier questions, move to more challenging questions, and end with easier ones. However, we recommend you not go into the exam with any expectations concerning question difficulty.

Trying to pass the Series 7 without third-party materials is impossible. You will either be provided with specific study materials by your employer, or you'll have to seek out your own Series 7 exam prep materials.

Although the passing score for the Series 7 is a 72, we tend to recommend that people are consistently scoring in the mid-80s to feel confident. Taking the real exam in inherently stressful and you won't be performing at your best, so it's nice to build in a bit of a buffer to compensate for this.

Is series 65 harder than Series 7? ›

For students who have recently completed the Series 7, this is a moderately difficult exam. The Series 65 is more challenging for students who have not completed the Series 7. It's recommended that students learn through a variety of methods, such as reading, as well as continuous practice exams.

How to Get the Series 65 License. Unlike many other FINRA Series exams, the Series 65 exam does not require an individual to be sponsored by a member firm. If you are not Form U4 registered or affiliated with a firm through FINRA's Web CRD system, you should use the Form U10 to request and pay for the Series 65 exam.

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).

If you fail to pass with 72% or higher, you're not completely out of luck – candidates can retake the exam as many times as they like. However, you'll have to wait for 30 days between your first three attempts; after that the allotted waiting time is bumped up to 60 days.

A candidate can take the Series 7 exam as many times as they like; however, for the first three times, the candidate has to wait 30 days before trying again; after the first three attempts, the candidate has to wait six months.

If your registration remains CE inactive for two years, it will be administratively terminated (CE Two Year Termed), and you will be required to re-qualify for your registration by examination. If you are currently registered with a firm and are unsure of your CE requirements, you should contact your firm.

As such, a financal advisor's Series 7 license will remain active for 24 months after the advisor leaves his or her current broker dealer firm. If the advisor wishes to rejoin a broker dealer after the 24 months have passed, the advisor will need to retake the Series 7 examination.

What happens if I fail the SIE? After the first or second time a candidate fails the SIE, there is a mandatory 30 day waiting period before they can take the exam again. After the third (and subsequent) fails, the waiting period increases to 180 days. The $60 exam fee applies each time they take the exam.

Understanding Series 7 Options Questions. The Series 7 top-off exam typically includes 10-15 options questions. That's about 10% of the 125 questions that comprise the exam. While most options questions are straightforward, you can expect a handful to demand a higher level of options skill.

The SIE exam is a corequisite to the Series 7 exam. Candidates must pass both the Series 7 exam and the SIE exam to obtain the General Securities registration.