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Official outline: FINRA - Series 7 Content Outline (2025). 125 scored questions, 3 hr 45 min, pass: 72 (scaled).
[ ] F1: Seeks Business for the Broker-Dealer (7%, 9 questions)
[ ] Communications: retail, institutional and correspondence; which require principal pre-approval and filing under FINRA Rule 2210. [ ] Research reports, quiet periods and seminars; options communications and delivery of the Options Disclosure Document. [ ] New issues: registration statement, red herring, final prospectus, cooling-off period rules and what you may say before effectiveness. [ ] Municipal primary market: competitive vs. negotiated sales, official statements, syndicate roles, spread components. [ ] Exempt offerings: Regulation D, Regulation A, Rule 144A, Section 3(a)(11) intrastate. Trap: Treating an unsolicited indication of interest as a binding order during the cooling-off period.
[ ] F2: Opens Accounts / Evaluates Customer Profile (9%, 11 questions)
[ ] Account types and registrations, including TIC vs. JTWROS, community property, trusts, estates and corporate accounts. [ ] Retirement accounts: IRAs, rollovers vs. transfers, employer plans and ERISA basics. [ ] Customer identification (CIP), KYC, and the customer investment profile under Reg BI and FINRA Rule 2111. [ ] Account authorizations: power of attorney, trading authorization, discretionary accounts. [ ] Principal approval for account opening and when to refuse or restrict an account. Trap: Forgetting that Reg BI's care obligation applies to recommendations to retail customers, including recommendations of account type.
[ ] F3: Provides Investment Information, Makes Suitable Recommendations (73%, 91 questions)
[ ] Equity: stock types, rights of common and preferred holders, rights and warrants, ADRs, penny-stock rules, cost basis and wash sales. [ ] Debt: yields (nominal, current, YTM, YTC, YTW), ratings, OID, convertibles and conversion parity; Treasuries, TIPS, STRIPS, agencies and CMOs. [ ] Municipal securities: GO vs. revenue analysis, call and refunding features, tax treatment and taxable-equivalent yield. [ ] Options: payoffs, breakevens, max gain and loss for long and short calls and puts, covered calls, protective puts, spreads and straddles. [ ] Packaged products: mutual fund pricing and breakpoints, variable annuities (accumulation vs. annuity units, AIR), REITs, DPPs and alternatives. [ ] Portfolio theory and fundamental analysis: diversification, alpha/beta, CAPM, balance-sheet and income-statement ratios. Trap: Computing an options breakeven correctly but forgetting to ask whether the position is bullish or bearish, which is what the question is really testing.
[ ] F4: Obtains and Processes Transaction Instructions (11%, 14 questions)
[ ] Order handling: order types, trade capacity, best execution, and trade reporting. [ ] Confirmations and account statements; settlement dates (T+1 regular way); good delivery. [ ] Margin (outline section 4.4): Reg T initial requirement, FINRA 4210 maintenance, debit and credit balances, SMA and buying power. [ ] Customer complaints, errors and corrections. Trap: Applying the long-account maintenance percentage to a short account; FINRA's maintenance rules differ for short positions.
Checked against the official outline on 2026-09-23. FINRA and NASAA do not endorse SeriesPrepKit.