Interested in a career in financial services? If so, you might find yourself needing a Series 7 License. FINRA’s Series 7 Exam is an exam commonly taken by securities representatives and financial advisors to obtain Series 7 licensure. If you want to sell securities products to customers, you will most likely require a Series 7.
FINRA exams are not known for being cheap. In fact, many of the exam fees were raised recently to account for inflation. The current Series 7 Exam cost as of 2023 is $300. This exam fee must be paid for each individual attempt. This means that if you fail your first attempt, the $300 fee would be assessed again for the second attempt.
The good news is that most firms will pay the exam fee for their representatives. To take the Series 7 Exam in the first place, you must be sponsored by a FINRA-member firm. In addition to paying your exam fees, your firm will usually provide you with test prep material, as the Series 7 requires diligent study for 4–6 weeks in order to pass.
Depending on the size of your firm, they may have proprietary tools and resources for your study efforts. Regardless, most firms will subscribe to a test prep vendor that provides dedicated Series 7 Licensing study materials. These licensing programs can be several hundred dollars, which is all the more reason to find a firm that will provide you with study materials free of charge.
All in, the Series 7 Exam cost, between exam fees and study materials, can be upwards of $500 — or more if you end up taking the test more than once. Thankfully, most firms will pay for their employee’s exams fees and test prep materials, bringing the net cost to $0 for the employee.
For more detailed about this exam, check out our Ultimate Guide to Series 7 Licensing.