Series 7 Exam Frequently Asked Questions

Passing the FINRA Series 7 exam is a vital step if you wish to work in the financial industry. This rigorous two-part, 250-question, six-hour exam is intimidating, but you needn't worry if you are prepared and know the required material. Since 1991, Knopman Marks Financial Training has guided students to a successful passing score. We offer the industry's best Series 7 exam prep course, and we will help you every step of the way. Explore the Frequently Asked Questions below to find answers about our classes and instruction, study strategies, practice questions, and Series 7 exam tips.

Classes & Instruction

FAQ Can I just take the class even though I am not sponsored?
FAQ Why is the online class shorter than the live version?
FAQ Are all of your classes based in Manhattan? What if I am located somewhere else?
FAQ Is the KIT just a recording of a live class?
FAQ What if I want tutoring prior to the exam? How does this work?
FAQ Is tutoring available on the evenings or weekends?
FAQ Can I come back to class if I did not pass the exam?
FAQ What if I miss a class?

Exam Logistics

FAQ Can I take the exam if I am not sponsored?
FAQ How often is the exam given?
FAQ Where do I take the exam?
FAQ How do I schedule the exam?
FAQ How far advance to I need to schedule my exam?
FAQ What if I schedule the exam and need to reschedule?
FAQ What should I expect on the day of my exam?
FAQ Can I take a break during the exam?
FAQ Should I expect to use the full time alloted on the exam?

Practice Questions

FAQ When will I get my Qbank Access?
FAQ How many questions should I complete on the Qbank before I take the exam?
FAQ Can I access Qbank on my iPad?
FAQ How does the difficulty of your practice questions compare to the difficulty of the questions I am likely to see on the actual exam?
FAQ Can I create printed exams if I will be in an area without internet access?
FAQ How do I create printed practice exams?
FAQ How should I incorporate the diagnostic exams into my prep?

Study Strategy & Timeline

FAQ Do I have to take the exam by a certain date now that I have the materials?
FAQ What is the usual study time for this exam for the typical student?
FAQ Can you help me customize my study strategy given my background, experience and knowledge of the business?
FAQ How long should I study on my own before taking the class?
FAQ Should I read the book before class?
FAQ How soon after the class should I take my exam?
FAQ What should I do to pass if I have taken the exam previously?

Content Questions

FAQ What does common stock represent?
FAQ What is meant by the term "net worth"?
FAQ What are "pre-emptive rights"?
FAQ When is the ex-dividend date?
FAQ What is a balloon maturity?
FAQ What is a sinking fund?
FAQ A bond has been pre-refunded. What does this mean?
FAQ The yield curve is upward sloping. What does this mean?
FAQ Why are municipal bonds typically attractive?
FAQ What are the two main types of municipal bonds?
FAQ What is the Official Statement?
FAQ What is the Legal Opinion?
FAQ What is a difference between an American and European style option?
FAQ A call option is said to have "intrinsic value". What does this mean?
FAQ What is the premium of an option?
FAQ I own 100 shares of a popular stock. How can I protect myself if my shares lose value?
FAQ What is the USA Patriot Act?
FAQ Can a broker-dealer hold a client's mail if the client is travelling?
FAQ What is a numbered account?
FAQ Can a brokerage account be opened for a child?
FAQ What is a margin account?
FAQ When does a margin call (Regulation T) have to be satisfied?
FAQ What is a restricted margin account?
FAQ What is meant by the term "SMA"?
FAQ What is the cooling-off period?
FAQ What do investment bankers (underwriters) do?
FAQ I heard that a recent new issue was being "stabilized"? What does this mean?
FAQ Companies do public offerings. Do they also do private offerings?
FAQ What is the OTC Market?
FAQ What price do I pay to buy or sell a security in the market?
FAQ I"ve often heard the term "arbitrage". What does this mean?
FAQ What is a Stop order?
FAQ How often should I receive a statement from my brokerage firm?
FAQ What does "regular-way settlement" mean?
FAQ What is "DK" notice?
FAQ What is meant by the term "good delivery"?
FAQ What is an ETF?
FAQ If I buy a mutual fund, can I sell it anytime I want?
FAQ What are some of the different types of mutual funds?
FAQ Hedge funds are often mentioned in the media? Can anyone buy one?
FAQ Can anyone contribute to an IRA?
FAQ What about the Roth IRA?
FAQ Can I withdraw money from my IRA at any time?
FAQ What is a Section 529 Plan?
FAQ Is a variable annuity an insurance product?
FAQ What is the major benefit of a variable annuity?
FAQ Are variable annuities guaranteed by the US Government or anyone else?
FAQ Do I have to pay taxes on the money that I take out of my variable annuity?
FAQ Are DPP's popular investments that most people own?
FAQ What are some of the common types of limited partnerships?
FAQ If an investor has $100,000 to invest, should they consider participating in a limited partnership?
FAQ Are there tax liabilities involved when investing in limited partnerships?
FAQ What is GDP?
FAQ What role does the Federal Reserve play in our economy?
FAQ What is "fiscal" policy?
FAQ What is the major difference between fundamental analysis and technical analysis?
FAQ I am a registered representative at a broker-dealer. Do I need to notify my employer if I want to take a part-time job on the weekends?
FAQ I hear a lot about churning. What is this?
FAQ Can a registered representative personally lend money to a client to help them pay for a trade?
FAQ What is meant by the term "soft dollars"?
FAQ What is a tender offer?
FAQ I have an account with a broker-dealer. I see this firm is a member of "SIPC". What does this mean?
FAQ I've heard about Sarbanes-Oxley. Can you clarify what this is?
FAQ What is the Uniform Securities Act (USA)?
FAQ What is an SRO?
FAQ I've heard that after passing my Series 7 test I will need to retake a similar test every few years. Is this true?
FAQ A friend of mine was convicted of a DWI charge. Will this appear on his record at his securities firm?
FAQ When a dispute arises between a customer and a broker-dealer, how is this issue usually resolved?

Contact Us

At Knopman Marks Financial Training, we provide all the knowledge, tools, and preparation you will need for passing the FINRA Series 7 exam and building a finance career as a licensed professional. Whether your firm needs to train new employees or you are a sponsored individual ready to learn, email us at or call us at 1.877.SERIES 7 (1.877.737.4377).

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