By Steven M. Rice

Part of 1,001 Series 7 Exam Practice Questions For Dummies Cheat Sheet

The Financial Industry Regulatory Authority, or FINRA, administers the Series 7 Exam, which consists of questions from several different categories. The following is FINRA’s breakdown of the Series 7 Exam:

Major Job Functions Number of Questions
Seeks business for the broker-dealer through customers and
potential customers
Evaluates customers’ other security holdings, financial
situation and needs, financial status, tax status, and investment
Opens accounts, transfers assets, and maintains appropriate
account records
Provides customers with information on investments and makes
suitable recommendations
Obtains and verifies customer’s purchase and sales
instructions, enters orders, and follows up
Total 250

You are graded on a total of 250 multiple choice questions. However, the computerized examination includes 260 questions of which 10 questions are experimental (for future exams) and don’t count for or against your grade. These questions are randomly distributed throughout the test, and you won’t necessarily know which ones they are.

You are given up to 6 hours to complete the exam, which is broken down into 2 sessions of up to 3 hours each. Between each half, you can take anywhere between a half-hour to one-hour break. Most testing centers have some sort of lunch room in the building, so this would be a good time to eat a light meal.

When taking the exam, you have to answer each question before you can move to the next. If you aren’t confident in your answer, you can mark it for review and look at it again before you end each half of the exam. Quite often, students change a right answer to a wrong one. So only change your answer if you are sure that you’ve made a mistake.

You will receive your grade and a printout detailing your score shortly after submitting the second half of your exam. The passing score is 72 percent, so each question is worth four-tenths of a point.

Check here to review the FINRA Series 7 Outline.