This is due in part to a rising economy and higher employment rates throughout the nation.
The Series 7 license is one of the most popular securities designations because it allows licensees to sell almost every type of individual security.
A few examples of these securities are bonds, common stocks, preferred stocks, and call options.
Securities not authorized to sell under the Series 7 securities license are life insurance, real estate, and commodities futures.
Once someone has been awarded the license, FINRA (Financial Industry Regulatory Authority) lists them as "registered representatives".
Obtaining a Series 7 securities license is great accomplishment for anyone working in the financial industry.
In order to obtain a Series 7 securities license, individuals must take and successfully pass an exam.
This exam consists of 250 questions and lasts for six hours; it is broken up into two parts of 125 questions and 3 hours each to make the exam a little easier to take.
In order to pass the exam, a grade of 70% or better must be achieved.
However, there are some eligibility requirements that must be met before the exam can be taken.
Listed below are the current eligibility requirements for the Series 7 securities license exam: The candidate must be sponsored by a FINRA member firm.
Failure to be associated with FINRA can prohibit an individual from taking the exam.
Those interested in taking the test need to submit their fingerprints for a background check to be administered.
Depending on if there is any criminal history or other red flags, this may keep an individual from exam eligibility.
Apply for the exam.
Individuals will receive a U-4 application, which must be completely filled out and submitted in order to be able to take the exam.
Although not a full requirement, is it highly suggested that candidates seek employment from FINRA before applying for the Series 7 securities license exam.
Taking the Series 7 securities license exam can be an overwhelming experience.Luckily, there are several courses available that can help with preparing for the exam.
Courses are offered by many places and are available in several different formats.
Individuals most commonly choose to take the courses online because it offers so much convenience.
With online courses, students can study for the Series 7 exam from anywhere and at any time.
Students love having the freedom of studying when it is the best time for them.
Online courses are also offered in different variations.
Courses can be offered in conventional ways by having the information sent to them online and students can read at their own pace and in their free time.
Other formats are CDs and recorded presentations.
By having an audio version of the course, students can listen to the speakers over and over again to be able to remember a certain subject.
Students can also take notes while listening and rewind if they miss some information and they can also pause it if they need to take a break or attend to other business.
By taking Series 7 courses, individuals will gain knowledge in municipal securities, corporate securities, taxation, regulations, retirement plans and more; these are the key elements in the exam and must not be taken lightly.
As with any exam, there could be the possibility of not passing.
Even for students who have studied long and hard may fail the exam the first time they take it.
This usually happens because individuals get a little nervous, especially when the Series 7 exam lasts for so long.
Students don't need to get too discouraged.
Re-takes are available.
Students may re-take the exam up to two more times.
If they fail the exam three times in a row, they will need to wait for six months before they are eligible to take the Series 7 exam another time.
All exams can be scary, but with all the knowledge students can gain from these courses, there is no reason to panic.
Taking time to learn the material and gaining a full understanding all securities will ensure successful completion of the course.
Once the Series 7 securities license exam has been completed successfully, individuals will become a full Series 7 licensee.
This is a huge accomplishment for anyone who works in the financial field.
By achieving the Series 7 designation, individuals will become a highly sought after professional and will be well on their way to a very successful career.