The Series 7 or Stockbrokers exam, more commonly known as the General Securities Representative Exam (GSR exam), is a prerequisite for anyone who wants to be a stockbroker in the United States. The exam is owned and maintained by the New York Stock Exchange Regulations. It is delivered by the National Association of Securities Dealers (NASD).
Most people who take the test are analysts, account managers, and registered dealers or brokers. Candidates should ideally possess familiarity with the stock market, finances, and different kinds of investments.
Once you pass the Series 7 exam, you obtain your license as a stockbroker. However, you have to be affiliated with or employed by a member firm before your Series 7 license is acknowledged.
Some basic information about the exam:
* The exam is 6 hours long.
* It is composed of 250 questions
* The exam is given in 2 parts that can be taken within 3 hours each.
* You must get at least 175 questions correct. The passing score is 70%.
* Each part of the exam has 5 experimental questions that will not reflect on the overall score.
* The topics covered on the exam are municipal bonds, industry rules options, customer account handling and many others.
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