Passing the Stockbroker Series 7 Exam is required by most broker/dealers for their trainees who wish to work as an agent. The Series 7 Test is a 260 question exam (although only 250 count), which covers areas such as equity securities, bonds, investment banking, securities markets, Limited Partnerships, rules and regulations, municipal bonds, securities analysis, options, margin, investment companies, etc. Although this can be a difficult exam, preparing yourself correctly can make the challenge much easier.
Most students spend about four to six weeks preparing for the Series 7. You should plan on spending a good 3 to 4 hours per day while studying for the exam. Although you might be tempted to take a day off here or there, it isn't a great idea. Since you probably won't be using a lot of the information that you are studying each day, it is very easy to forget what you have learned if you take a lot of days off.
You will end up taking the actual Series 7 Exam with either a Thompson Prometrics or a Pearson Vue testing center. The brokerage firm that you are working for will usually set up your Series 7 test date for you or if not, provide you with the information you need to set up your own exam date. A grade of 70% is needed to pass the Series 7 and unfortunately, they don't round up, so a score of 69.6 will be rounded down to 69. Because the Series 7 takes 6 hours and most testing centers only have a dozen or so computers, it usually takes about 1 ½ to 2 weeks to get a test date. You should schedule your Series 7 as soon as you have a target date in mind. If for any reason you aren't ready by that date, you can always move your test date back. If you need to move the scheduled date, you must do so at least two business days before your test date sometime prior to noon. If you wait too long to reschedule, you will have to pay for the full price of the exam whether you take it or not.
Once you pass the Series 7, your license will remain active as long as you are affiliated with a firm. However, you will be required to a qualifying exam every so often to make sure that you didn't forget what you have learned. However, if you leave your firm for over 2 years, you will be required to retake your Series 7 Exam.
If you are going to take your Series 7 Exam, put in the time that it takes and take enough practice tests so that you can make sure that you are able to pass the Series 7 the first time. There is not much more frustrating than having to take the Series 7 all over again because you didn't study quite enough.
Study hard and be successful the 1st time. Good luck on your quest.