General Securities Representative Exam (Series 7)
(source: wikipedia)
The General Securities Representative Exam, commonly referred to as the Series 7 Exam, is a required exam to become a Registered Representative of a broker-dealer in the United States.
The exam is a six-hour, 260 question test (250 of which count towards the final score) that is owned, maintained and administered by the Financial Industry Regulatory Authority (FINRA), which covers a broad range of investments including stocks, bonds, options, limited partnerships, and investment company products (e.g., open- and closed-end funds). A candidate must answer 70% of the questions correctly in order to pass. Upon passing the test, one is granted a Series 7/General Securities license.
The Series 7 license is the most comprehensive of several securities licenses that permit an agent to communicate with retail investors. For this reason, many account managers, analysts, and other executives in the employ of a registered Broker/Dealer hold Series 7 licenses. To satisfy the securities dealing requirements of some states, Series 7 license holders must also hold either the Series 63 license or the Series 66 license, depending on the state the licensee works in as well as the state his/her clients reside in.
Typically, the average score of test-takers is around 73%, with around 66% of test-takers achieving a passing score.
Financial Industry Regulatory Authority (FINRA)
(wikipedia entry)
U.S. Securities and Exchange Commission
SECLaw.com - Online guide to securities regulation
Series 3 National Commodity Futures Exam License Exam Manual , by Dearborn Financial Services
(not really sure about this title...)
Passtrak Series 3: Principles and Practices : National Commodity Futures Exam by Dearborn Financial Institute
Series 3 Exam Flashcard Secrets: Series 3 Test Practice Questions & Review for the National Commodity Futures Examination (Cards)
Pass the 6: A Training Guide for the NASD Series 6 Exam, by Robert Walker
As a possibler alternate for the Series 6, I might also consider:
NASD Exam for Series 6: Preparation Guide, by Greensward Publishing
Pass the 63: A Training Guide for the NASAA Series 63 Exam, by Robert Walker
Series 7 Exam For Dummies, by Steven M. Rice
Notwithstanding the title, this book had a surprisingly high number of 5-star and 4-star ratings (compared to many others that I looked over...)
Pass the 7: A Training Guide for the NASD Series 7 Exam, by Robert Walker
(Again, the number of positive reviews for this book was a factor in adding it to my list...as well as this note on the book's description: "Companion audio training CDs available online.")
Ever wondered what types of examinations there are? Me too. Here's what I found on the web site for Securities Exam Preparation, Inc.
Registered Representative Level
Series 3 National Commodity Futures Exam
Series 6 Investment Company and Variable Contracts Products Representative
Series 7 General Securities Registered Representative
Series 11 Assistant Representative - Order Processing
Series 31 Futures Managed Funds
Series 32 Limited Futures Examination - United Kingdom
Series 34 Retail Off-Exchange Forex Examination
Series 55 Limited Representative - Equity Trader
Series 63 Uniform Securities Agent Laws
Series 65 Uniform Registered Investment Adviser Examination
Series 66 Uniform Combined Registered Investment Adviser - State Laws
Registered Principal Level
Series 4 Registered Options Principal
Series 9 and 10 General Securities Sales Supervisor
Series 14 NYSE Compliance Official
Series 24 General Securities Principal Exam
Series 26 Investment Company and Variable Contracts Products Registered Principal
Series 27 Financial and Operations Principal
Series 30 Branch Office Manager Futures
Series 51 Municipal Fund Securities Limited Principal
Series 53 Municipal Securities Principal
To round-out my study materials, I've identified these additional books as possible resources to add to my investment library:
Mathematics of the Securities Industry, by William Rini
Fundamentals of Securities Regulation, by Louis Loss, Joel Seligman, Troy Paredes
Dictionary of Finance and Investment Terms (Barron's Financial Guides)
Hornbook on the Law of Securities Regulation, by Thomas Lee Hazen
Securities Regulation: Examples & Explanations, by Alan R. Palmiter
Gilbert Law Summaries Securities Regulation, by Niels B. Schaumann
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