Series 7 practice test: free Series 7 exam questions with explanations
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Practise for the FINRA Series 7 General Securities Representative exam with original questions on the four official job functions: seeking business, opening accounts, investment information and recommendations, and processing transactions. Start with 5 free questions, then take two timed tests of 100 questions in 173 minutes, split like the official content outline, with an explanation for every answer (bond, options and margin math worked out) and your score per function.
- 5 free questions
- 2 timed tests, 200 questions
- Real pace: 104 s per question
- Score per job function
- Practice certificate PDF
Series 7 exam format and passing score
| Series 7 exam | Official facts |
|---|---|
| Full name | General Securities Representative Qualification Examination (GS) |
| Questions | 125 scored multiple-choice questions with four answer choices, plus 5 unscored pretest questions placed at random (130 in total) |
| Time | 3 hours and 45 minutes |
| Passing score | 72 |
| Fee | $395 |
| Corequisite | The Securities Industry Essentials (SIE) exam: you need both to register as a General Securities Representative. You can practise it on our SIE practice test. |
| Sponsorship | Required: you must be associated with and sponsored by a FINRA member firm (or another applicable SRO member) |
| Wrong answers | No penalty for guessing, so answer every question |
Source: FINRA Series 7 page, Qualification Exams page and Series 7 Content Outline, finra.org, checked 24 October 2026. FINRA places scores on a common scale through equating, so the passing score of 72 is not simply 72% of your raw answers on any one form.
What is on the Series 7: the four job functions
The official content outline splits the 125 scored questions over four job functions:
| Function | Scored questions | Share | On MyLevel (per test) |
|---|---|---|---|
| F1 Seeks business for the broker-dealer | 9 | 7% | 7 |
| F2 Opens accounts after obtaining and evaluating customers' financial profile and investment objectives | 11 | 9% | 9 |
| F3 Provides customers with information about investments, makes recommendations, transfers assets and maintains records | 91 | 73% | 73 |
| F4 Obtains and verifies purchase and sale instructions; processes, completes and confirms transactions | 14 | 11% | 11 |
- F1: communications with the public, telemarketing rules and describing products to prospects.
- F2: account types, customer identification, investment profile, margin and options account documents and approvals.
- F3: equities, corporate, municipal and government debt, options, investment companies, variable annuities, DPPs, retirement and education plans, taxes, suitability and Regulation Best Interest.
- F4: quotes, order types, settlement, confirmations, complaints and errors, and margin.
Source: FINRA Series 7 Content Outline, finra.org, checked 24 October 2026.
What you practise on MyLevel
Every MyLevel question is an original question written on the topics of the official outline, with one correct answer, three wrong ones and a short explanation. Every calculation (current yield, taxable equivalent yield, accrued interest, options breakevens and maximum gain or loss, fund sales charges, margin calls) was re-solved by script. The two full tests have 100 questions in 173 minutes each: MyLevel's own length, at the real exam's pace (225 minutes for 130 items = about 104 seconds per question), split like the outline: 7, 9, 73 and 11 questions. After each test you see your score per job function, so you know where to spend your study time.
FINRA offers a free practice test for the SIE on finra.org. MyLevel is a different, independent product: 2 timed Series 7 practice tests for $9.99, a one-time payment with no subscription and no time limit, which also unlocks every other MyLevel job test.
Retake rules and how to study for the Series 7
If you fail: under FINRA Rule 1210 you now wait 30 days after a first or second failed attempt and 180 days after a third or later failure within two years. From 19 January 2027 these waits become 15 and 60 days (FINRA Regulatory Notice 26-18, checked 24 October 2026).
- Start with F3: it is 73% of the scored questions. Learn products, risks, taxes and suitability until you can match a product to a customer at once.
- Practise the math by hand: current yield = interest / price, taxable equivalent yield = muni yield / (1 - tax rate), long call breakeven = strike + premium, long put breakeven = strike - premium, Reg T 50%, long maintenance call at debit / 0.75.
- Know the rules by number and purpose: Rule 2210 communications, 2111 suitability, Reg BI, 3210, 3270, 3280, 2150, and the T+1 settlement cycle.
- Train under time: take a full MyLevel test, read the explanation of every miss, study your weakest function and retake. Aim for 72% or more in every function, and 80% for a margin.
Going on to become an investment adviser representative? Many Series 7 holders take the Series 65 next; MyLevel has a separate Series 65 practice test built on the NASAA outline.
MyLevel is independent and not affiliated with, or endorsed by, the Financial Industry Regulatory Authority (FINRA). Series 7 and SIE are FINRA exams. All questions are original practice questions written by MyLevel on the topics of the published content outline, not real Series 7 exam questions, and a practice score is not a Series 7 score, registration or license.
Sample question with explanation
A company skipped last year's $4 dividend on its cumulative preferred stock. What must happen before common stockholders get a dividend?
- The missed preferred dividends must be paid
- The preferred must be converted
- Preferred holders must vote on it
- Nothing; common stockholders are always paid first
Show the answer
Answer: A. The missed preferred dividends must be paid
Cumulative preferred keeps a claim to every missed dividend. All arrears must be paid before any common dividend.
Frequently asked questions
Is this Series 7 practice test free?
Yes, you can start with 5 free questions with explanations from all four job functions. Two full timed tests of 100 questions cost $9.99 once, with no subscription.
How many questions are on the Series 7 exam?
125 scored multiple-choice questions plus 5 unscored pretest questions (130 in total), in 3 hours and 45 minutes. About 73% of the scored questions (91) cover investment information and recommendations (FINRA Series 7 Content Outline, October 2026).
What is the passing score for the Series 7?
FINRA states a passing score of 72 (finra.org, October 2026). Scores are equated to a common scale, so it is not simply 72% of the questions on your form. On MyLevel, aim for at least 72% in every function and 80% for a safe margin.
How much does the Series 7 exam cost?
$395 (finra.org, October 2026). The SIE, its corequisite, costs $100.
Can you take the Series 7 without a sponsor?
No. You must be associated with and sponsored by a FINRA member firm (or another applicable SRO member firm). The SIE is different: anyone aged 18 or older can take it without a sponsor, and a passed SIE stays valid for four years. You can pass the SIE and the Series 7 in either order (FINRA SIE FAQ, October 2026).
Can I unlock only this test?
There is one option, so you never have to choose: the $9.99 job pack, one time. It unlocks the 2 full tests on this page and every other MyLevel job test, with no subscription and a full refund within 14 days if it does not help you.
Do I get a certificate?
Yes. After a full practice test you can download a MyLevel practice certificate (PDF) with your score. It is a personal record of your practice, not an official document and not a FINRA registration or license.
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