Series 7 Exam
Definition - What does Series 7 Exam mean?
The Series 7 exam is the General Securities Representative Qualification Examination. The Series 7 is designed to assess the competency of an entry-level General Securities Representative.
The Financial Industry Regulatory Authority (FINRA) is the authority overseeing the Series 7. Its primary purpose is to safeguard the investing public by helping to ensure that General Securities Representatives are competent to perform their jobs. As such, the Series 7 Examination seeks to measure the degree to which candidates are competent to perform the critical functions of a registered representative (RR).
Testopedia explains Series 7 Exam
The 7 is the starting point to a career on Wall Street. Virtually any position that deals with the investing public requires the Series 7. Many other FINRA exams also have the Series 7 as a pre-requisite.
One of the biggest issues is that you need to be sponsored by a FINRA member firm in order to write the exam. There are ways around this, but it is a consideration that needs to be taken into account for those new to the field.