Why Do You Will Need A Series 7 Certification With Regard to Job Progress

Tuesday, May 15, 2012

What It Is:

Finra series 7 is really a license that is required before an individual may sell investments. Those who move the exam for a Series Seven license are eligible to become a registered representative of broker-dealers in the usa.

How It Works/Example:

To obtain a Series Seven license, you must move the Series 7 exam (also called the General Securities Representative Examination). This particular test mainly covers the seven critical functions performed by registered representatives: seeking company for the broker/dealer, analyzing customer needs and objectives, advising clients, managing customer accounts and account records, explaining the securities markets and the elements that affect all of them, executing orders for clients, and monitoring client portfolios. The Financial Industry Regulatory Authority(FINRA) supervises the test.

The series 7 examination is actually six hours long and contains Two hundred and fifty multiple-choice questions. The candidate should answer a minimum of 70% of the Two hundred and fifty questions correctly to pass.

In general, an individual can't legally advise clients, get transactions, or even execute transactions for clients until she or he has passed the Series Seven exam, acquired the corresponding permit.

Although a set 7 permit permits the holder to sell a broad variety of securities, it does not allow the owner to sell commodities or commodity (this requires a set 3 permit).

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Why It Matters:

The Series Seven exam is an important step in making certain brokers comprehend and have perfected a body of data about markets, investment devices, securities law, and ethical behavior. As such, the presence of the Series Seven requirement benefits investors by requiring some level of the uniform understanding base amongst brokers.



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