Exam prep · Free exam prep course
A complete course for the FINRA Series 7 (General Securities Representative) exam, built against the official FINRA content outline. It starts by mapping what the SIE already taught you, then follows the four job functions: seeking business for the broker-dealer, opening accounts, providing investment information and recommendations, and processing transactions. Most of the course sits in the third function, the same place most of the exam does: equity and debt, municipal securities, funds, annuities, REITs and partnerships, options, and margin. The cards are weighted to the outline's four functions, and every calculation is worked from the numbers, not just stated.
| Items | 125 scored multiple choice items plus 10 unscored pretest items |
|---|---|
| Time | 3 hours and 45 minutes |
| Guessing | No penalty for guessing, so answer every item |
| Passing score | 72 (scaled), as of 2026 |
| Fee | $395 as of 2026, per FINRA |
| Corequisite | The SIE exam |
| Sponsorship | You must be associated with and sponsored by a FINRA member firm to sit it |
| Functions (share of items) | Seeks business for the broker-dealer 7% (9 items); opens accounts after obtaining customer information 9% (11); provides investment information and recommendations 73% (91); obtains instructions and processes transactions 11% (14) |
| Retakes | FINRA sets waiting periods between attempts and they are changing. Check FINRA before you book a retake. |
Source: FINRA Series 7 exam page and content outline, finra.org, read 2026-09-26.
Copied straight from the course. In the app, each wrong option also gets its own explanation.
Card 1An investor buys a 50 call at 4.50 and sells a 55 call at 2.00. What is the breakeven?
52.50. Breakeven is the low strike plus the net debit of 2.50: 50 + 2.50 = 52.50.
Card 2As of 2026, a customer buys 100 shares at $60 on margin, all under Reg T. How much must the customer deposit?
$3,000. Market value is $6,000; 50% is $3,000, and the $3,000 balance becomes the debit balance.
Card 3A 6 percent $1,000 bond is priced at 96. What is the current yield?
6.25%. $60 / $960 = 6.25 percent.
Encodr is a friendly, game-like flashcard app. Spaced repetition schedules every review for you, and the rest keeps you coming back.
Study a little each day to build a streak. A streak freeze forgives a missed day.
Small goals each day, like finishing a set, with a little celebration when you clear one.
Sessions come in bite-size sets of 15 to 25 answers, so there is always a natural place to stop.
Earn XP and level up, then see friends on a daily leaderboard and send them a nudge.
Yes. Create a free Encodr account and all 23 units and 1,692 cards are yours to study, with spaced repetition scheduling your reviews. The exam itself has a fee paid to FINRA.
The SIE course teaches what each product and rule is. The Series 7 course assumes that and teaches how each is priced, recommended, taxed, sold, margined and supervised, so it is heavier on calculations and scenarios. Each unit opens with a short recap of what the SIE covered.
Four job functions from the FINRA outline: seeking business (7%), opening accounts (9%), providing investment information and recommendations (73%), and processing transactions (11%). The course teaches all of it in 23 units, and puts most of its cards where most of the exam is.
A lot, and it repeats: bond yields and accrued interest, fund pricing and sales charges, tax and cost basis, options breakevens and maximum gains and losses, and Reg T and maintenance margin. The cards work each calculation from the inputs, and the free calculators below help too.
The course is built against the official FINRA outline and checked against current rules. Where a rule or figure changes with the year, the card says "as of 2026". FINRA can revise its outline and rules, so skim the current outline before your exam date.