Checked 25 October 2026. Low for the format (FINRA Series 7 page and the 2025 Series 7 Content Outline, read 25 Oct 2026).
Practice questions are most useful for finding what you do not know yet, not for collecting scores. This guide covers how to use practice questions on the Series 7, the pace the real exam asks for, what to drill in each of the four job functions in FINRA's content outline, and three practice questions you can try now, each with the reasoning behind the answer. The FINRA pages listed under Sources do not offer a Series 7 practice test, and the questions on this page are our own. ProSyllabus is an independent study site, not part of FINRA. The facts here are quoted or summarised from the official pages listed under Sources.
FINRA Series 7 page and the 2025 Series 7 Content Outline, read 25 Oct 2026.
A practice routine that uses each question once
Our suggested routine
- Early on, work through practice questions untimed, function by function, and list every wrong or guessed answer by outline task (1.1, 2.3, 3.2 and so on).
- Study the tasks that cost you most from the outline's own sub-headings before you try more questions on them.
- In the last two or three weeks, sit full-length mocks with the real clock: 3 hours 45 minutes, in one sitting, no notes.
- After each mock, read the explanation for every question you got wrong or guessed, not only the score.
- Do not retake a mock soon after taking it: a quick retake measures memory, not knowledge.
Our suggestions, not FINRA's.
Series 7 Content Outline (2025), structure of the exam: 125 scored items. The 5 unscored pretest items are spread through the exam.
- 2 mocks of 125 questions, 3 hours 45 minutes each
- The official 9 / 11 / 91 / 14 split across the four job functions
- The rule or concept behind every answer, with the working for calculations
- Score by job function and time per question after each mock
- Written to FINRA's 2025 Series 7 Content Outline
Disclaimer
About this materialIndependent practice: original questions, not FINRA itemsTerms Privacy Refund policyThe pace the real exam asks for
The real Series 7 gives you 3 hours 45 minutes for 130 items, of which 5 are unscored pretest items you cannot identify. That is about 104 seconds an item (our arithmetic). The outline says there is no penalty for guessing, so FINRA advises answering every item. Our suggestion: bank time on rule items, so that calculation items (options, bond math, margin) have room. A simple way to check your pace in a full mock is to note the clock at fixed points:
| After this many items | Time used at an even pace (ours) |
|---|---|
| 30 | about 52 minutes |
| 65 | about 1 hour 53 minutes |
| 100 | about 2 hours 53 minutes |
| 130 | 3 hours 45 minutes |
If you are well behind at the halfway mark, you are probably spending too long on items you cannot work out. Pick your best answer, mark it for review if your test lets you, and move on.
FreeTests: Function 2: Opens Accounts · Function 3: Information and Recommendations · Function 4: Processes and Confirms Transactions
Series 7 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer▶ Start nowThis one is free · no sign-in neededYour result shows how long each question took you.What to drill in each job function
The outline sets how many scored items each function gets. Our drill list below combines concepts, calculations and rule points from the outline's headings. It is ours, not FINRA's list of what appears on any exam.
| Function (scored items) | Worth drilling (ours) |
|---|---|
| 1. Seeks business (9) | Retail communication vs correspondence vs institutional communication and who must approve each (FINRA Rule 2210). The registration process: cooling-off period, preliminary and final prospectus. Firm commitment vs best efforts underwriting and the parts of the spread. Regulation D, Rule 144 and Rule 144A in plain terms. |
| 2. Opens accounts (11) | Account registrations (joint tenants, tenants in common, custodial accounts, trusts, corporations). Retirement-plan tax treatment without the yearly limits. Customer identification and know your customer. Discretion vs time-and-price instructions (Rule 3260). Regulation Best Interest (SEC Rule 15l-1) and suitability (FINRA Rule 2111). |
| 3. Information and recommendations (91) | Options: maximum gain, maximum loss and break-even for single options, covered calls, protective puts, spreads and straddles. Bonds: the order of nominal, current and yield to maturity for premium and discount bonds, accrued interest, taxable-equivalent yield. Municipal GO vs revenue bonds. Mutual fund sales charges and breakpoints. Variable annuity tax treatment. Ratios from financial statements. |
| 4. Processes transactions (14) | Buy stop vs sell stop vs limit orders. Short sales and the locate requirement. Settlement under SEC Rule 15c6-1, good delivery and the ex-dividend date. Complaints and arbitration. Margin: Regulation T deposits, equity, maintenance requirements under FINRA Rule 4210, and the special memorandum account. |
The calculations the content outline names, and where they sit (the outline's own words, condensed):
| Outline task | Calculations named |
|---|---|
| 3.1 Investment information | Working capital, current ratio, acid-test ratio, debt-to-equity ratio, EPS, P/E ratio, dividend payout ratio, current yield, book value per share, EBIT and EBITDA |
| 3.2 Equity securities | Cost basis per share on purchases, conversions, stock dividends and rights, and inherited or gifted securities |
| 3.2 Packaged products | Computing the sales charge; breakpoints; dollar-cost averaging |
| 3.2 Options | Profit and loss, break-even points and the economics of positions |
| 3.2 Debt and municipal securities | Yields (current, to maturity, to call, to worst); accrued interest (30/360); amortization of premium and accretion of discount; taxable equivalent yield; value of a basis point |
| 4.4 Margin | Initial Regulation T requirement on long or short positions, loan value, excess equity, buying power, maintenance calls, and the special memorandum account |
FreeTests: Function 2: Opens Accounts · Function 3: Information and Recommendations · Function 4: Processes and Confirms Transactions
Series 7 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer▶ Start nowThis one is free · no sign-in neededYour result shows how long each question took you.Try three practice questions
These three are original questions written to the outline: one from Function 2, one from Function 3 and one from Function 4. Try each before you open the answer.
Practice question · Function 2 · Regulation Best Interest
Regulation Best Interest applies when a broker-dealer recommends a securities transaction to:
- A. An insurance company's investment department
- B. A retail customer using it for personal or household purposes
- C. A pension plan whose assets are managed by an outside adviser
- D. A bank buying securities for its own account
Show the answer and why
Answer: B.
Regulation Best Interest (SEC Rule 15l-1) covers recommendations to a retail customer: a natural person, or the legal representative of a natural person, who uses the recommendation primarily for personal, family or household purposes. An insurance company, a pension plan and a bank receiving recommendations for their own institutional purposes are not natural persons, so Regulation Best Interest does not cover those recommendations.
An original ProSyllabus practice question, written to the topics in FINRA's Series 7 Content Outline. It is not a FINRA exam question.
Practice question · Function 3 · options
An investor buys 1 XYZ May 50 call at $3 per share. Ignoring commissions, what are her maximum loss and her breakeven at expiration?
- A. Maximum loss $5,000; breakeven $53
- B. Maximum loss unlimited; breakeven $50
- C. Maximum loss $300; breakeven $53
- D. Maximum loss $300; breakeven $47
Show the answer and why
Answer: C.
A call buyer can lose only the premium: $3 x 100 = $300. Breakeven = strike + premium = $50 + $3 = $53; $47 would be the breakeven of a 50 put bought at $3.
An original ProSyllabus practice question, written to the topics in FINRA's Series 7 Content Outline. It is not a FINRA exam question.
Practice question · Function 4 · margin
In a new margin account, a customer buys 400 shares of an NYSE-listed common stock at $50. No higher requirement than Regulation T applies. Ignoring interest and commissions, what Regulation T deposit is required?
- A. $12,500
- B. $5,000
- C. $10,000
- D. $20,000
Show the answer and why
Answer: C.
The purchase costs 400 x $50 = $20,000. Regulation T sets the initial requirement for a margin equity security, such as a listed common stock, at 50% of its current market value (12 CFR 220.12(a)): 0.50 x $20,000 = $10,000. The broker lends the other $10,000 as the debit balance.
An original ProSyllabus practice question, written to the topics in FINRA's Series 7 Content Outline. It is not a FINRA exam question.
Reading a practice score
A percentage on a practice test is not a Series 7 score. FINRA's passing score of 72 sits on a common scale after a statistical step called equating, which adjusts for small differences in difficulty between sets of exam items. The FINRA pages listed under Sources give no way to turn the scaled 72 into a number of correct answers, so treat any practice percentage as a rough guide to where you are strong and weak, not as a forecast. Score yourself by job function as well as overall: a strong total can hide a weak Function 4, where a handful of margin items can cost you. Our Series 7 format and passing score guide sets out what FINRA publishes about the exam.
Frequently asked questions
Does FINRA offer a free Series 7 practice test?
The FINRA pages listed under Sources do not offer one. FINRA does offer a free practice test for the SIE, the Series 7's corequisite, linked from its SIE page.
How many questions are on the real Series 7?
125 scored multiple-choice items with four answer choices each, plus 5 unidentified unscored pretest items: 130 in all, in 3 hours 45 minutes (2025 Series 7 Content Outline).
How long should I spend on each Series 7 question?
About 104 seconds on average, by our arithmetic: 3 hours 45 minutes divided by 130 items. Our suggestion: bank time on rule items for the calculations.
Is there a penalty for guessing on the Series 7?
No. The content outline says there is no penalty for guessing, so FINRA advises answering every item.
Which topics have the most Series 7 questions?
Function 3 has 91 of the 125 scored items. It covers the products (equity, debt, municipal, packaged products, options) and the analysis, risk, tax and disclosure topics around recommending them.
What practice score should I aim for?
The FINRA pages listed under Sources set no practice-test target, and a practice percentage is not the scaled score of 72. Use it to find weak job functions and outline tasks.
Sources
- official — FINRA — Series 7: General Securities Representative Exam page ("At A Glance": 125 items, multiple choice, 3 hours and 45 minutes, passing score 72, corequisite SIE, cost $395; items per job function; eligibility and sponsorship; permitted activities)
- official — FINRA — Series 7 Content Outline, (c) 2025 (125 scored + 5 unscored pretest items = 130; four answer choices; no penalty for guessing; equating; no reference materials) (PDF)
- official — FINRA — Weekly update archive entry 10012025 (the page shows no date line), "Pretest Questions to be Reduced for Key Securities Exams": from 27 October 2025, five unscored questions instead of 10 on the SIE, Series 7 and Series 79; duration unchanged
- official — FINRA — SIE and Exam Restructuring FAQ (association with a broker-dealer needed for qualification exams such as the Series 7; SIE and Series 7 on the same day; either order)
- official — FINRA — Securities Industry Essentials (SIE) Exam page
- official — FINRA — Free SIE practice test page
- official — SEC Rule 15l-1 (Regulation Best Interest), 17 CFR 240.15l-1, eCFR (definition of retail customer)
- official — Regulation T, 12 CFR 220.12 (Supplement: margin requirements: 50 percent for a margin equity security), eCFR
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
FreeTests: Function 2: Opens Accounts · Function 3: Information and Recommendations · Function 4: Processes and Confirms Transactions
Series 7 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer▶ Start nowThis one is free · no sign-in neededYour result shows how long each question took you.
