Series 79 Exam Guide: Format, Passing Score, Cost & Content
The Series 79 is FINRA's investment banking representative exam. Here is the format, passing score, fee, and the three areas it tests.
The FINRA Series 79 exam has 75 multiple-choice questions, a 2 hour 30 minute time limit, and a passing score of 73. The fee is $395, the SIE is a corequisite, and a FINRA member firm must sponsor you. It covers data analysis, underwriting, and M&A.
Series 79 exam facts at a glance
| Questions | 75 — multiple choice |
|---|---|
| Time limit | 150 min — 2 hours 30 minutes |
| Passing score | 73 — on FINRA's scale |
| Exam fee | $395 — per FINRA; can change |
| Sponsorship | Required — a FINRA member firm must sponsor you |
| Corequisite | SIE — pass both to register |
What is on the Series 79: the three job functions
| Content area | Weight | Scored questions |
|---|---|---|
| Function 1: Collection, Analysis, and Evaluation of Data | 49% | 37 |
| Function 2: Underwriting/New Financing Transaction, Types of Offerings and Registration of Securities | 27% | 20 |
| Function 3: Mergers and Acquisitions, Tender Offers and Financial Restructuring Transaction | 24% | 18 |
Series 79 passing score and pass rate
The Series 79 passing score is 73, the highest among the exams in this guide. OpenExamHub does not publish an official Series 79 pass rate, and third-party figures vary by source and year.
If you do not pass, FINRA's waiting period is 30 days after the first and second failed attempts and 180 days after the third (and after each later attempt).
How much does the Series 79 cost?
FINRA lists the Series 79 fee at $395. The sponsoring firm typically enrolls the candidate; confirm who pays with your firm. Fees can change.
How to approach the Series 79
Nearly half the exam is Function 1: collecting, analyzing, and evaluating data, which means valuation, financial statement analysis, and the math behind offerings. Plan for calculation practice, not just memorization.
Use FINRA's published content outline as your authoritative checklist, and review the securities offering and registration rules that Functions 2 and 3 rely on, such as Rule 144 and Regulation D.
Series 79 exam FAQ
How many questions are on the Series 79?
FINRA lists 75 multiple-choice items and a time limit of 2 hours and 30 minutes.
What is the Series 79 passing score?
The passing score is 73.
How much does the Series 79 cost?
FINRA lists the Series 79 fee at $395. FINRA sets the fee and can change it.
Do I need the SIE for the Series 79?
Yes. The SIE is a corequisite, and a FINRA member firm must sponsor you for the Series 79.
How long do I wait if I fail the Series 79?
FINRA applies the same waiting periods across its exams: 30 days after the first and second failed attempts and 180 days after the third.
Start preparing for the Series 79
Key terms for this exam
Accredited investor · Rule 144 · SRO meaning · Full glossary
OpenExamHub is not affiliated with FINRA. Exam formats, fees, and passing scores are set by FINRA and can change; confirm them on FINRA's current candidate materials before you register.