The Series 7 Test does not have many formal requirements. The only requirement is that you obtain a sponsorship from a firm that is a member of the Financial Industry Regulatory Authority (FINRA) or is a self-regulatory organization (SRO).
- Sponsorship usually requires that you are employed by this FINRA or SRO firm in some capacity.
- Many companies offer sponsorship to their “entry-level” or “assistant” job holders after they have completed some sort of on-the-job training.
- This training is a time to prove yourself worthy of sponsorship as well as show the company that you are not just planning to get your license and leave.
- You can find a company that offers sponsorship by investigating different job boards, as well as career sections of company websites.
Once you have obtained sponsorship, you must have a basic background check, including fingerprints, before you are ready to take the Series 7 Test.
As a test-taker, you would be well-advised to take the preparation for this test very seriously. Many students prepare by studying 220-240 hours. The time they set aside for studying could be anywhere from a three week time period up to a five month time period depending on their schedule.
When you take the Series 7 Test, the requirement for passing is to obtain a 70% or higher test score.