For professionals working in the U.S. securities industry, understanding FINRA’s exam requirements is essential for staying compliant, expanding deal capabilities, and earning client trust. Whether you’re advising on mergers and acquisitions, executing public offerings, or raising capital through private placements, the Series 7, Series 79, and Series 82 exams serve as critical licensing milestones.
This guide outlines the purpose, format, and regulatory importance of each exam, helping firms and representatives choose the right path and operate with full FINRA compliance.
Why FINRA Licensing Matters
FINRA (Financial Industry Regulatory Authority) requires professionals involved in securities transactions to obtain the appropriate qualification licenses. These licenses are not only regulatory necessities, but also strategic tools that:
- Expand your transaction scope (M&A, private placements, public offerings)
- Build institutional credibility
- Ensure compliance with U.S. securities laws
Each exam serves a distinct function, based on the nature of your advisory or placement activity. Below is a breakdown of the Series 7, Series 79, and Series 82 exams.
Series 7: General Securities Representative Exam
What It Covers
The Series 7 exam, officially known as the General Securities Representative Qualification Examination, qualifies professionals to advise on and execute transactions in a broad range of securities, including:
- Corporate stocks and bonds
- Municipal securities
- Investment company products (e.g., mutual funds, ETFs, UITs)
- Government securities and options
- Variable annuities and direct participation programs
This license is typically required for professionals working in retail brokerage, private wealth, or full-service investment banking environments.
Exam Structure
- 125 scored multiple-choice questions
- 3 hours and 45 minutes
- Covers four major job functions, such as evaluating customer profiles, opening accounts, and executing transactions
Who Needs It
- General securities representatives
- Financial advisors involved in public market securities
- Professionals supporting institutional or retail investment offerings
Prerequisites
- SIE (Securities Industry Essentials) Exam
- Sponsorship by a FINRA-member broker-dealer
Explore the Full Series 7 Guide Here
Series 79: Investment Banking Representative Exam
What It Covers
The Series 79 exam qualifies professionals to engage in investment banking activities, including:
- Mergers and acquisitions (M&A)
- Financial restructurings
- Debt and equity capital raises
- Tender offers and fairness opinions
The license is focused on transaction execution and advisory services related to corporate finance.
Exam Structure
- 75 scored multiple-choice questions
- 2 hours and 30 minutes
- Topics include valuation, deal structuring, SEC regulations, and due diligence procedures
Who Needs It
- Investment bankers
- M&A advisors
- Professionals advising on corporate transactions involving securities
Prerequisites
- SIE Exam
- Sponsorship by a FINRA-member broker-dealer
Dive Deeper into the Series 79 Exam Here
Series 82: Private Securities Offerings Representative Exam
What It Covers
The Series 82 exam is designed for professionals who offer private placements or act as placement agents for Regulation D and other exempt offerings. This exam permits limited activity compared to Series 7 but is ideal for those focused solely on private capital markets.
Qualified activity includes:
- Sales of private equity or debt under Reg D
- Direct participation programs (DPPs)
- Exempt offerings to accredited investors
Exam Structure
- 50 scored multiple-choice questions
- 90 minutes
- Covers solicitation rules, suitability standards, and fraud prevention in private offerings
Who Needs It
- Placement agents and capital raisers
- Fund distributors focused on Reg D offerings
- Professionals in private markets and direct investment platforms
Prerequisites
- SIE Exam
- Sponsorship by a FINRA-member broker-dealer
Learn More About the Series 82 Exam Here
Choosing the Right FINRA Exam
| Exam | Focus Area | Ideal For | Transaction Scope |
| Series 7 | Broad securities distribution | Financial advisors, general reps | Public and private securities |
| Series 79 | Investment banking transactions | M&A, capital markets, deal professionals | Equity, debt, advisory, IPO, M&A |
| Series 82 | Private securities offerings only | Placement agents, Reg D fundraisers | Private placements, Reg D offerings |
Each license is purpose-built. For firms operating across multiple disciplines – retail brokerage, investment banking, and private placements. Representatives may hold more than one license.
FNEX: Your Partner in Exam Sponsorship and Compliance
At FNEX, we provide turnkey compliance infrastructure for firms and professionals navigating the licensing process. As a FINRA-member broker-dealer, we support Series 7, Series 79, and Series 82 registrations with:
- CRD onboarding and sponsorship
- Testing fee coverage
- Supervision and compliance oversight
- Scalable support for investment banking, placement agent, and distribution teams
Whether you’re a startup fund group or an established advisory firm expanding your licensing coverage, FNEX delivers the regulatory foundation to operate with confidence.
LEARN MORE ABOUT FNEX COMPLIANCE SERVICES
Take the Next Step in Your Licensing Journey
Becoming licensed is more than a compliance checkbox, it’s a strategic move to build credibility and grow your practice. Whether you’re raising capital, executing complex transactions, or managing client portfolios, the right FINRA license opens the door.
Contact FNEX to discuss Series 7, Series 79, or Series 82 sponsorship and learn how our infrastructure can help you stay compliant while scaling your deal flow.
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