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The General Series Securities Representative Examination, commonly referred to as the Series 7 Exam, is a required exam to become a stock broker in the United States.
The exam is a six-hour test administered by the self-regulating National Association of Securities Dealers (NASD), which covers a broad range of investments including stocks, bonds, options, limited partnerships, and investment company products (e.g., open- and closed-end funds). A candidate must answer 70% of the questions correctly in order to pass. Upon passing the test, one is granted a Series 7 / General Securities license. This license is required of any investment professional who communicates with retail investors. For this reason, many portfolio managers, analysts, and other executives hold Series 7 licenses.
Most Series 7 license holders also hold the Series 63 license, which satisfies similar requirements for state-level securities regulators.