FINRA Series 7 Study Guide
A comprehensive, free curriculum covering all 13 chapters and 4 FINRA job functions. Master equity rights, debt yields, municipal bonds, options strategies, margin math, and customer suitability with step-by-step calculation walkthroughs and interactive checkpoints.
General Securities Licensing Roadmap
The four essential milestones required to practice as a licensed general securities representative:
Pass the SIE Exam
The Securities Industry Essentials (SIE) tests basic market knowledge. Anyone aged 18+ can take it without broker-dealer sponsorship.
Firm Sponsorship (Form U4)
To register for the Series 7, you must be employed and sponsored by a FINRA-member broker-dealer who files your Form U4.
Pass Series 7 Top-Off
Complete the 125-question top-off exam with a score of 72% or higher to become a registered General Securities Representative.
State Blue Sky (63 / 66)
Most reps take the Series 63 (state agent laws) or Series 66 (combined agent and investment adviser representative) to transact across state lines.
FINRA Series 7 Exam Blueprint Breakdown
Official job function weightings set by the FINRA Content Outline:
Seeks Business for the Broker-Dealer
Prospecting, customer communications (FINRA Rule 2210), retail versus correspondence rules, seminars, and networking ethics.
Opens Accounts & Evaluates Profiles
Account types (individual, joint, trust, corporate), KYC requirements, CIP/AML verification, margin agreements, and Reg T rules.
Provides Investment Info & Recommendations
The primary core of the test: Options strategies, municipal debt, corporate bonds, government agencies, mutual funds, DPPs, and client suitability.
Obtains & Verifies Purchase/Sales Instructions
Order types (BLiSS vs SLoBS), trade executions, market venues, trade confirmations, and T+1 regular-way settlement rules.
Complete 13-Chapter Curriculum
Browse all 61 interactive lessons. Every lesson includes verified FINRA takeaways, options & margin calculation walkthroughs, Prometric trap warnings, and checkpoint questions:
Introduction: About the Series 7 Exam
Overview of the FINRA Series 7 qualification, testing environment, scoring, blueprint breakdown, and effective study methodology.
Chapter 1: Equity Securities
Common stock rights, voting methods, dividend dates (T-1 ex-date), stock splits, preferred stock varieties, rights, warrants, and ADRs.
Chapter 2: Debt Securities
Bond fundamentals, par value, coupon rates, inverse price/yield relationship, yield seesaw (CY, YTM, YTC), corporate bonds, and duration risks.
Chapter 3: U.S. Government & Agency Securities
Treasury Bills, Notes, Bonds, TIPS, STRIPS, Agency securities (GNMA vs FNMA), Mortgage-backed pass-throughs, and Money Market instruments.
Chapter 4: Municipal Securities
GO bonds, Revenue bonds, Tax-Equivalent Yield (TEY), municipal credit analysis, flow of funds, and MSRB Rules G-37 and EMMA.
Chapter 5: Investment Companies
1940 Act classifications, open-end vs closed-end funds, NAV pricing, share classes (A, B, C), 12b-1 fees, ETFs, and Subchapter M taxation.
Chapter 6: Variable Products & Annuities
Fixed vs variable annuities, accumulation vs annuity units, separate account mechanics, LIFO distribution taxation, and Section 1035 exchanges.
Chapter 7: Alternative Investments & DPPs
Limited partnerships, General vs Limited Partners, oil & gas programs, real estate DPPs, REITs (75-75-90 test), and Hedge Funds.
Chapter 8: Options
Calls, Puts, the 4 basic positions, covered writes, protective puts, vertical spreads (DEW/CEN), straddles, index options, and account rules.
Chapter 9: Customer Accounts
Account types (JTWROS vs TIC), cash accounts, Reg T, initial margin ($2,000 rule), maintenance calls, SMA generation, and buying power.
Chapter 10: Retirement & Education Plans
ERISA guidelines, Defined Benefit vs Contribution, Traditional vs Roth IRAs, 529 College Savings, Coverdells, and SECURE 2.0 rollovers.
Chapter 11: Securities Markets & Trading
Securities Act of 1933, Securities Exchange Act of 1934, order types (BLiSS vs SLoBS), T+1 regular-way settlement, and market venues.
Chapter 12: Rules, Regulations & Ethics
Regulatory acts, FINRA Rule 2111 suitability, SEC Reg BI & Form CRS, retail communications (Rule 2210), insider trading, SIPC, and AML.
Interactive Study Tools & Calculation Simulators
Reinforce what you learn in the guide with our suite of free interactive Series 7 tools:
125-Question Mock Exam
Simulate Prometric test day with 125 scored questions, timed 3h 45m interface, 73% Function 3 focus, and distractor autopsies.
Launch Practice Exam →Calculation Formula Sheet
Printable 2-page PDF sheet covering all 15+ testable formulas: bond yields, TEY, options breakevens, parity, and margin calls.
Download Formula Sheet →Last-Minute Cheat Sheet
High-yield summary of crucial memorization tables: settlement cycles, BLiSS vs SLoBS, yield teeter-totter, and SIPC limits.
View Cheat Sheet →Margin Maintenance Calculator
Enter any stock price and loan amount to calculate maintenance call price, SMA generation, and buying power in real time.
Calculate Margin →Options P&L Matrix
Visual simulator for Covered Calls, Protective Puts, Bull/Bear Spreads, and Straddles with real-time expiration P&L sliders.
Simulate Options →8-Week Study Plan
Structured day-by-day study schedule with 70/30 allocation rules, mock exam benchmark targets, and test-day morning checklist.
View Study Plan →Free Series 7 Practice Test
How to use timed Forms A/B (practice simulations), job-function scoring, and the full study suite — free, no login.
Read Practice Test Guide →Free Series 7 Flashcards
Flip practice-bank prompts, shuffle, and mark known/unknown — free, no login required.
Study Flashcards →Frequently Asked Questions About the Series 7 Study Guide
Is this Series 7 study guide completely free?
Yes. OpenExamHub provides this entire 13-chapter, 61-lesson Series 7 curriculum free with no paywall or subscription. All lessons include key exam takeaways, FINRA trap warnings, calculation examples, and interactive checkpoints.
How long does it take to study for the Series 7 exam?
Most candidates require between 80 and 120 hours of focused study over 4 to 8 weeks. Candidates with existing finance or securities experience may finish in 4 to 6 weeks, while career switchers typically benefit from an 8-week structured plan.
Do I have to pass the SIE before taking the Series 7?
Yes. The Securities Industry Essentials (SIE) exam is a corequisite. While you can study for both simultaneously, both the SIE and the Series 7 must be passed before you can obtain your General Securities Representative registration.
Does the Series 7 exam cover the new T+1 settlement rules?
Yes. Effective May 28, 2024, SEC Rule 15c6-1 established standard T+1 settlement (1 business day after trade date) for US equities, corporate bonds, and municipal bonds. This entire study guide and its calculations are updated for T+1.
Which chapter has the highest weighting on the Series 7 exam?
Function 3 accounts for 73% of the entire exam (91 out of 125 questions). Within Function 3, Chapter 8 (Options), Chapter 4 (Municipal Securities), Chapter 2 (Debt Securities), and Chapter 9 (Customer Accounts & Margin) represent the heaviest concentrations.
What state licensing exams follow the Series 7?
Most Series 7 representatives also take state 'Blue Sky' licensing exams: either the Series 63 (Uniform Securities Agent State Law) or the Series 66 (Combined Uniform State Law) which combines agent and investment adviser representative qualifications.