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How to Take the Series 7 Exam: Requirements & How FATI Simplifies the Process

Posted on April 2, 2025 - Posted in: News

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Introduction

Becoming a licensed financial advisor requires passing the Series 7 examination, an essential step for professionals who want to sell securities such as stocks, bonds, and mutual funds. However, obtaining the Series 7 license can be challenging due to strict requirements, sponsorship needs, and complex exam content.

This guide will explain how to take the Series 7 examination, the requirements, and how the Financial Advisor Training Institute® (FATI) provides a complete, hassle-free solution to help students achieve their financial advisory career goals.

What Is the Series 7 Examination?

The Series 7 exam, officially known as the General Securities Representative Exam (GSRE), is administered by the Financial Industry Regulatory Authority (FINRA). This exam tests candidates on their ability to perform key job functions, including selling securities, executing trades, and handling investment accounts.

Why Is the Series 7 Important?

    • Required for Selling Securities: A Series 7 license is mandatory for professionals selling stocks, bonds, ETFs, and options.
    • Industry Standard: Leading financial firms require the Series 7 license for most financial advisory roles.
    • Career Growth: Passing the exam provides advisors with new opportunities to work with clients and expand their services.

Series 7 Exam Requirements

1. Pass the Securities Industry Essentials (SIE) Exam

Before taking the Series 7, candidates must pass the Securities Industry Essentials (SIE) Exam, which covers basic industry knowledge and regulations.

2. Obtain Sponsorship from a FINRA-Member Firm

Unlike the Securities Industry Essentials, the Series 7 exam requires sponsorship from a FINRA-member firm. This is often a major hurdle for aspiring advisors, as firms may be selective about whom they sponsor.

3. Submit Form U4 Registration

Candidates must complete Form U4 (Uniform Application for Securities Industry Registration or Transfer), submitted by their sponsoring firm to FINRA.

4. Study and Prepare for the Exam

The Series 7 is a 6-hour exam with 125 multiple-choice questions per section, covering:

    • Investment risk and suitability
    • Trading regulations and market functions
    • Securities products and their applications

5. How to Take the Series 7 Exam

    • The exam is taken at Prometric Testing Centers.
    • The cost is $300, typically covered by the sponsoring firm.
    • Candidates need a 72% or higher to pass.
    • If failed, there is a 30-day waiting period before retaking it. After three failed attempts, candidates must wait 180 days.

6. (Optional) Take Series 66 or 63

Many advisors take Series 66 (or Series 63) to provide investment advisory services and sell securities legally.

How FATI Simplifies the Series 7 Process

1. Provides Sponsorship – A Unique Advantage

Finding a sponsor is one of the biggest obstacles in taking the Series 7 exam. Unlike other courses, FATI partners with firms directly to sponsor students, eliminating this challenge.

    • No need to apply to firms for sponsorship.
    • FATI handles Form U4 registration with FINRA.
    •  Faster approval process, allowing students to focus on studying.

2. Full Licensing Preparation (Securities Industry Essentials, Series 7, and Series 66)

FATI provides a comprehensive training course, covering:

    • Securities Industry Essentials Exam Prep – Preparing students for the first required exam.
    • Series 7 Training – In-depth instruction, Series 7 practice test, and coaching.
    • Series 66 Training – Helping students qualify to offer investment advisory services.

3. Accelerated Training for Career Changers 

    • FATI’s fast-track course allows students to complete training and licensing quickly.
    • Ideal for career changers looking to transition into finance efficiently.

4. Job Placement & Career Support 

FATI not only helps students pass the Series 7 exam but also assists with job placement.

    • Networking opportunities within the industry.
    • Coaching on how to build a successful financial advisory practice.
    • Resume-building and career guidance.

5. Regulatory Assistance & Compliance Support

Navigating FINRA’s regulations can be complex, but FATI provides expert guidance to ensure students:

    • Meet all legal and compliance requirements.
    • Understand regulatory changes that impact financial advisors.
    • Complete all necessary forms correctly.

Common Questions About the Series 7 Exam & FATI’s Course

How Long Does It Take to Get a Series 7 License?

With structured training, most candidates complete the process in 3-6 months. FATI’s accelerated course can significantly shorten this timeline.

What Happens If I Fail the Exam?

Candidates who fail must wait 30 days before retaking it. After three failed attempts, a 180-day waiting period applies. FATI offers personalized study plans to help students pass on the first try. Additionally, you can take many Series 7 practice tests to help you prepare for the actual exam.

How do I prepare for the Series 7 Examination?

Individuals looking to take the Series 7 exam can prepare by taking the Series 7 practice test prior to signing up for the actual exam. 

Do I Need a College Degree to Take the Series 7?

No, the Series 7 does not require a college degree, though firms may have their own hiring criteria. FATI’s course is open to all eligible candidates.

What’s the Difference Between Series 7 and Series 66?

    • Series 7 allows advisors to sell securities but does not offer investment advice.
    • Series 66 is required to legally provide investment advisory services.
    •       Many professionals take both exams to maximize career opportunities.

Why FATI Is the Best Pathway to a Series 7 License

The Financial Advisor Training Institute® (FATI) is the only organization providing an end-to-end solution for becoming a licensed financial advisor. From sponsorship and exam preparation to job placement, FATI removes common roadblocks, ensuring a seamless path to success.

Key Benefits of FATI:

  • Provides sponsorship, eliminating the need for you to find a FINRA-member firm.
  • Covers all exams: Securities Industry Essentials, Series 7, and Series 66.
  • Fast-track training, perfect for career changers.
  • Regulatory assistance and exam support.
  • Career placement services to help students transition into the industry.

If you’re serious about becoming a licensed financial advisor, FATI is the fastest, most reliable way to achieve your goals.

Start Your Financial Advisor Career with FATI

Don’t let sponsorship issues or complicated regulations hold you back. Apply today and take the first step toward a successful career with FATI’s industry-leading training course and learn how to take the Series 7 exam.