FINRA Investment Banking Representative registration — Requirements & Free Practice

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FINRA representative registration for investment banking activities described in Rule 1220(b)(5).

Licensing authority: FINRA

Initial by examination

All of the following:

Scope: Initial qualification by examination; historical exceptions are outside this task's selected pathway.
Sponsorship: Series 79 candidates must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm; SIE itself does not require firm association.

Provider: FINRA
Format: Multiple choice, computer administered
Exam questions: Total questions: 80; Scored questions: 75; Unscored questions: 5; The total includes the scored and unscored questions.
Time limit: 2 hours and 30 minutes

Examination outline

Collection, Analysis and Evaluation of Data — Official range: 37–37 questions (49%)
- Collection of Data
- Analysis and Evaluation of Data
- Due Diligence Activities
Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities — Official range: 20–20 questions (27%)
- Public Offerings
- Activities of the Underwriting Syndicate
- Execution and Distribution
- Post-execution Activities for Financing Deals
- Securities Exempt from the Registration Requirements of the Securities Act of 1933
- Transactions Exempt from the Registration Requirements of the Securities Act of 1933
Mergers and Acquisitions (M&As), Tender Offers and Financial Restructuring Transactions — Official range: 18–18 questions (24%)
- M&As: Sell-side Transactions
- M&As: Buy-side Transactions
- Fairness Opinions (Applicable for Both Buy-side and Sell-side Transactions)
- Signing to Closing (Applicable for Both Buy-side and Sell-side Transactions)
- Tender Offer Regulations
- Financial Restructuring/ Bankruptcy

Examination sources

FINRA Series 79 exam page
Content Outline
FINRA Series 79 Content Outline
pages 2-15, structure and Functions 1-3
FINRA Series 79 Content Outline
page 2, Structure and Administration of the Exam
FINRA Series 79 exam page
Eligibility

Provider: FINRA
Format: Multiple choice, computer administered
Exam questions: Total questions: 80; Scored questions: 75; Unscored questions: 5; The total includes the scored and unscored questions.
Time limit: 1 hour and 45 minutes
Passing score: 70

Examination outline

Knowledge of Capital Markets — Official range: 12–12 questions (16%)
- Regulatory Entities, Agencies and Market Participants
- Market Structure
- Economic Factors
- Offerings
Understanding Products and Their Risks — Official range: 33–33 questions (44%)
- Products
- Investment Risks
Understanding Trading, Customer Accounts and Prohibited Activities — Official range: 23–23 questions (31%)
- Trading, Settlement and Corporate Actions
- Customer Accounts and Compliance Considerations
- Prohibited Activities
Overview of the Regulatory Framework — Official range: 7–7 questions (9%)
- SRO Regulatory Requirements for Associated Persons
- Employee Conduct and Reportable Events

Examination sources