General Securities Representative
The Series 7 exam is the most widely held FINRA registration and is considered the cornerstone license for securities professionals. Officially known as the General Securities Representative Qualification Examination, the Series 7 qualifies individuals to sell a broad range of securities products including equities, fixed income, options, mutual funds, variable contracts, and direct participation programs. Passing the Series 7 demonstrates comprehensive knowledge of the securities industry and enables representatives to conduct general securities business with public customers. The exam requires the SIE as a co-requisite and covers both product knowledge and regulatory requirements in significant depth.
Chapters
Equity Securities
Common stock, preferred stock types, ADRs, rights offerings, warrants, stock splits, and Rule 144
Debt Securities
Corporate bond types, bond pricing, yield calculations, credit risk, convertible bonds, and zero-coupon bonds
Municipal Bonds
GO bonds, revenue bonds, tax treatment, taxable equivalent yield, MSRB rules, and municipal analysis
Government Securities
Treasury securities, TIPS, STRIPS, agency securities, money market instruments, and mortgage-backed securities
Options Basics
Calls, puts, intrinsic and time value, the Options Clearing Corporation, and basic option positions
Options Strategies
Spreads, straddles, combinations, covered calls, protective puts, and hedging strategies
Investment Companies
Mutual funds, closed-end funds, ETFs, UITs, NAV calculations, sales charges, and share classes
Variable Products
Variable annuities, variable life insurance, separate accounts, and suitability requirements
Retirement Plans
IRAs, Roth IRAs, 401(k), 403(b), pension plans, ERISA, and required minimum distributions
Customer Accounts
Account types, margin accounts, suitability, KYC rules, and fiduciary responsibilities
Trading & Settlement
Order types, trade execution, settlement cycles, accrued interest, and market mechanics
Regulations & Compliance
Securities acts, FINRA rules, insider trading, anti-money laundering, and communications with the public
Tax Considerations
Capital gains, tax treatment of dividends, cost basis methods, wash sales, and tax-advantaged investments