The Series 7 is FINRA's General Securities Representative exam, which, together with the SIE, qualifies a person to sell almost all types of securities as a registered representative of a broker-dealer.
It has 125 questions, a time limit of 3 hours and 45 minutes, and a passing score of 72. Candidates must be sponsored by a FINRA member firm, so it is taken by people working at a broker-dealer, and they must also pass the SIE.
It qualifies the holder to solicit, buy and sell corporate securities, municipal fund securities, options, direct participation programs, investment company products such as mutual funds, and variable contracts.
A Series 7 alone doesn't let someone charge a fee for investment advice. That needs an investment adviser registration, usually through the Series 65 or Series 66. A current broker registration means the person can earn commissions.
How to check
FINRA BrokerCheck lists the exams a person has passed and whether their broker registration is current. A passed Series 7 with no current registration means they aren't working as a broker now.
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