The Series 79 exam, administered by FINRA, is a comprehensive test designed for financial professionals aspiring to become investment bankers. This exam assesses candidates’ proficiency in various key areas of investment banking, including data analysis, underwriting, new financing, and financial restructuring.
The exam comprises 75 scored and 10 unscored questions, and candidates must achieve a passing score of 73% or higher. Although there are no prerequisites for taking the Series 79 exam, candidates must first pass the Securities Industry Essentials (SIE) exam and obtain sponsorship from a FINRA member firm.
The exam is closed-book and can be taken at a test center or proctored online, with accommodations available for individuals who require assistance. The Series 79 license allows individuals to engage in debt and equity offerings, mergers and acquisitions, and other investment banking activities. It is widely regarded as a challenging exam, typically requiring 60-100 hours of dedicated study time.
Candidates who fail the exam must adhere to a retake policy, with a waiting period of 30 days or 180 days depending on the number of consecutive failures.
Key Takeaways
- The Series 79 exam is an exam for financial professionals who want to become investment bankers. It tests competency in key areas of investment banking such as data analysis, underwriting, new financing, and financial restructuring.
- The exam consists of 75 scored and 10 unscored questions and lasts two and a half hours. A passing score of 73% or higher is required.
- The Series 79 exam is a co-requisite with the Securities Industry Essentials (SIE) exam and candidates must pass the SIE exam and be sponsored by a FINRA member firm.
- The Series 79 license allows individuals to participate in debt and equity offerings, mergers and acquisitions, and other investment banking activities. It is considered more difficult than the SIE exam and study time generally takes 60-100 hours.
What is it?
The Series 79 exam is a comprehensive examination administered by FINRA that tests the competency of financial professionals in key areas of investment banking such as data analysis, underwriting, new financing, and financial restructuring.
It is an important requirement for individuals who aspire to work in investment banking as analysts or bankers. By passing the Series 79 exam, candidates gain access to various investment banking opportunities, including participating in debt and equity offerings, mergers and acquisitions, and other financial restructuring activities.
The exam is considered more difficult than the Securities Industry Essentials (SIE) exam and requires candidates to dedicate a significant amount of study time, typically ranging from 60 to 100 hours.
Successfully passing the Series 79 exam opens doors for individuals to pursue careers in investment banking and demonstrates their knowledge and competency in the field.
Exam Overview
Administered by FINRA, the Series 79 exam is a comprehensive test that assesses the competency of financial professionals in key areas of investment banking. The exam consists of 75 scored and 10 unscored questions, and lasts two and a half hours.
It focuses on areas such as data analysis, underwriting, new financing, and financial restructuring. The Series 79 exam is a closed-book exam and can be taken at a test center or proctored online.
Candidates must achieve a passing score of 73% or higher to obtain the Series 79 license. It is considered more difficult than the Securities Industry Essentials (SIE) exam and requires candidates to have already passed the SIE exam and be sponsored by a FINRA member firm.
Accommodations are available for individuals who require assistance or modifications during the exam.
Passing Score
To obtain the Series 79 license, candidates must achieve a passing score of 73% or higher on the exam. This passing score indicates that the candidate has demonstrated a sufficient level of knowledge and competency in key areas of investment banking.
It is important to note that the Series 79 exam is considered more difficult than the Securities Industry Essentials (SIE) exam, which is a prerequisite for taking the Series 79 exam.
If a candidate does not achieve a passing score on their first attempt, they have the opportunity to retake the exam. However, there are specific waiting periods before a candidate can retake the exam.
If a candidate fails the exam, they must wait 30 days before retaking it. If they fail three times in a row, they must wait 180 days before attempting to retake the exam again.
Study Time
Candidates preparing for the Series 79 exam typically spend an average of 60-100 hours studying. It is crucial for candidates to develop effective study techniques and engage in thorough exam preparation to increase their chances of success.
To begin, candidates should create a study schedule that allows for consistent and focused study sessions. This schedule should include dedicated time for reviewing the exam content, practicing sample questions, and identifying weak areas that require additional attention.
Additionally, candidates should utilize a variety of study resources such as textbooks, online courses, and practice exams to gain a comprehensive understanding of the exam material. It is also beneficial to form study groups or seek guidance from industry professionals to enhance learning and clarify any uncertainties.
By investing sufficient time and effort into their exam preparation, candidates can approach the Series 79 exam with confidence and increase their likelihood of achieving a passing score.
Industry Requirements
The investment banking industry has established specific requirements for individuals working in the field, including the successful completion of the Series 79 exam.
Industry regulations mandate that individuals who wish to engage in debt offerings, asset sales, mergers and acquisitions, and restructuring activities must pass the Series 79 exam. This exam, administered by FINRA, tests the competency of financial professionals in key areas of investment banking. It consists of 75 scored and 10 unscored questions and lasts two and a half hours. A passing score of 73% or higher is required.
While there are no specific prerequisites for taking the Series 79 exam, candidates must pass the Securities Industry Essentials (SIE) exam and be sponsored by a FINRA member firm.
The Series 79 license allows individuals to work as analysts or bankers in investment banking activities.
Other Exams and Licenses
The investment banking industry offers a range of exams and licenses for financial professionals to demonstrate their expertise and qualifications in the field. In addition to the Series 79 exam, there are other exams and licenses that professionals may pursue.
The CFA Level I exam is one such exam that is often considered by individuals looking to enhance their knowledge and skills in investment analysis and portfolio management. It covers a broad range of topics, including ethics, quantitative methods, economics, financial reporting and analysis, corporate finance, and more.
Another license that professionals may pursue is becoming a Registered Investment Advisor (RIA). This license allows individuals to provide personalized investment advice to clients and manage their investment portfolios. The requirements for becoming an RIA may vary depending on the jurisdiction, but typically involve passing a series of exams and meeting certain educational and experience requirements.
Exam Retake Policy
Moving on from the discussion of other exams and licenses in the investment banking industry, let’s now focus on the exam retake policy for the Series 79 exam. It is important to understand the consequences of failing this exam as it plays a crucial role in obtaining the Series 79 license.
Here are some key points regarding the exam retake policy:
- Waiting Period: If a candidate fails the Series 79 exam, they must wait 30 days before they can retake it. However, if they fail three times in a row, the waiting period increases to 180 days.
- Study Time: Failing the exam can be both frustrating and time-consuming. Candidates should plan to spend an additional 60-100 hours restudying before their next attempt.
- Impact on Career: Failing the Series 79 exam can have significant implications on a candidate’s career prospects in investment banking. It is essential to pass this exam to gain the necessary qualifications for working as an analyst or banker.
- Preparation and Support: Candidates should utilize study materials, practice exams, and seek guidance from industry experts to increase their chances of success in subsequent attempts.
Understanding the exam retake policy and the consequences of failing the Series 79 exam can help candidates develop a comprehensive study plan and increase their chances of passing on subsequent attempts.
Additional Information
Candidates preparing for the Series 79 exam should be aware of the availability of testing accommodations, as well as the potential impact these accommodations may have on their exam experience.
FINRA provides guidelines for preparing for the qualification exam, and part of these guidelines includes the option for candidates to request testing accommodations. These accommodations are available for individuals who require assistance or modifications due to disabilities or other circumstances that may affect their ability to take the exam under standard conditions.
Examples of testing accommodations include extended time, a private testing room, or the use of assistive technology. It is important for candidates to understand that while testing accommodations can provide necessary support, they may also have an impact on the overall exam experience.
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Frequently Asked Questions
What are the key topics covered in the Series 79 exam?
The key topics covered in the Series 79 exam include data analysis, underwriting, new financing, and financial restructuring. The exam tests the competency of financial professionals in these areas to become investment bankers.
How long is the Series 79 exam?
The Series 79 exam has a duration of two and a half hours. Candidates are required to complete 75 scored and 10 unscored questions within this time limit to achieve a passing score of 73% or higher.
Can the Series 79 exam be taken online?
Yes, the Series 79 exam can be taken online in an online format. Remote testing options are available for candidates who prefer to take the exam from their own location.
Are there any prerequisites for taking the Series 79 exam?
There are no specific prerequisites for taking the Series 79 exam. However, candidates must pass the Securities Industry Essentials (SIE) exam and be sponsored by a FINRA member firm. Study materials are available to help candidates prepare for the exam.
What types of accommodations are available for individuals who require assistance or modifications during the Series 79 exam?
Accommodations and modifications are available for individuals who require assistance during the Series 79 exam. These accommodations can be requested to provide necessary support, such as extra time, accessible formats, or specific testing environments, ensuring equal opportunities for all candidates.