Want to penetrate the financial services industry? Writing your Series 7 exam soon? If so, the most valuable piece of advice we can give you is this: Do NOT take advice from people who have already taken the test. FINRA is changing the way the test is done, and this article is the only source of information you should take advice from!
Joe McDonald, senior director of FINRA’s Continuing Education group, stated that the changes are a part of FINRA360; FINRA’s Organizational Improvement Initiative. The new exam will hit the world from the 1st of October 2018. Anyone aged 18+ may take part.
The biggest change.
One of the most exciting things for students and candidates interested in showing their basic industry knowledge to future employers is this: YOU DON’T HAVE TO BE ASSOCIATED WITH A FINANCIAL FIRM TO TAKE THE EXAM! The test will cover fundamental concepts that are vital throughout the securities industry. If you pass, your result will be valid for four years.
So, here’s the deal.
FINRA is changing the structure of the Seven Series Exam (and others in general). The SIE exam features 75 questions, which you have 105 minutes to complete. The new Series 7 exam features 125 questions, which you have 180 minutes to complete (as opposed to 250 and 360 minutes). There is, however, one thing that WILL stay the same. The test is challenging – and you NEED to be prepared! You must commit enough time and dedication; studying as much as possible to ensure you pass with flying colors!
So, without further ado, let’s take a look at what’s changing.
The Financial Industry Regulatory Authority (FINRA) announced in late 2017 that they were going to start streamlining the competency of their exams. FINRA is creating a new Security Industry Essentials (SIE) exam while revising rep-level qualifications. This move was approved by the U.S. Securities and Exchange Commission, with the vision of creating new opportunities for people looking to enter the securities industry.
FINRA has restructured its exam program, following the introduction of the SIE exam, to make sure there is no duplicated testing of general knowledge. FINRA has created a far more efficient format designed to diminish overlapping licensing exams. They want to make sure that content is relevant to TODAY’S industry while testing additional knowledge.
The team took a step back to reexamine the entire program, rethinking how the structure should be and revolve it around how the industry looks in today’s world. “This is it,” said John Kalohn, Vice President of FINRA’S Testing and Continuing Education Group.
The future starts now.
Once you’ve got a foot in the door with your SIE exam, you can start making efforts to get hired by a FINRA-regulated firm. Your exam is the first step! At the end of the day: Yes, FINRA has made some pretty big changes. However, one thing that should never change is your attitude.
Stay focused and prepare yourself for a challenge. With the right prep, you CAN and WILL pass your exam. If you are ready to start preparing for the test, why not enroll in our online course here? It’s the best way to ensure that your hard work pays off.