How to Pass FINRA Series 79 Exam Guide

By IIC Lakshya

06 Jan 2026

Others

Are you planning to appear for the Financial Industry Regulatory Authority (FINRA) Series 79 exam? Here is everything you need to know about, exam structure and tips that will help you pass on the first attempt.

What is the FINRA Series 79 Exam?

The FINRA Series 79 exam is called the Investment Banking Representative Qualification Examination officially. It is a licensing examination that requires individuals to become involved in the investment banking industry. Here is a FINRA Series Exam step-by-step study guide and preparation that will guide you effectively.

Professionals who want to be licensed to perform certain responsibilities effectively in investment banking need to pursue the FINRA Series 79 exam. Sponsorship by a FINRA member firm is a must for candidates appearing for this exam. Below are the responsibilities that these professionals need to perform:

Corporate restructurings
Mergers and Acquisitions (M&A)
Capital raising and Financial advisory services
Public and Private Securities Offerings
Fairness Opinions and Valuations

Topics Covered Under FINRA Series 79 Exam

The FINRA Series 79 exam has four sections under it that are finance-heavy and technical in nature. These sections cover deal structuring, regulatory knowledge, and valuation in the investment industry. They also educate the candidates more about the FINRA exam course, syllabus and training guide.

Collection, Analysis, and Evaluation of Data

The candidates learn about the financial statement analysis, different valuation methods like precedent transactions, comparable company analysis, and Discounted Cash Flow (DCF). Furthermore, professionals develop due diligence processes along with business and industry analysis.

Structuring Investment Banking Transactions

In this section, the professionals develop skills for private placements, debt, equity financing, and M&A transaction structure. They also learn about IPOs and follow-on offerings, tender and exchange offers. Candidates learn more about the meaning, types and eligibility of the FINRA exam.

Regulatory Environment

Professionals learn about various rules and regulations, like FINRA rules, confidentiality, and conflicts of interest, SEC regulations, and others. Furthermore, candidates also get a detailed understanding of the registration and disclosure requirements and communication with the public.

Deal Execution and Closing

The topics that are covered in this section are closing mechanics, underwriting process, roadshows, and pricing. Furthermore, students also learn about responsibilities related to transactions and the prospectus preparation.

Exam Structure

The syllabus of the exam reflects the significance and value of the Series for professionals. It is important for professionals working in the financial and valuation industry to learn about the structure of the exam.

There are questions, both scenario-driven and calculation-based, which the students have to answer. Learn about the FINRA exam levels and study plan, thus developing strategies to qualify for the exam. Below are significant aspects of the exam that will help the candidates to crack the exam primarily.

Features of the Exam	Details
Exam format	Computer-based, online
Question types	Multiple-choice
Number of questions	75 scored questions
Exam duration	150 minutes
Passing score	73%

How to Crack the FINRA Series 79 Exam

As a professional working in the securities and investment industry, receiving a FINRA Series exam license adds value to their qualification and professional experience. Below are some of the tips that candidates can implement for future expertise.

Students should focus on real-world investment banking situations
Learn and understand the financial modeling basics, dilution/ accretion concepts, and valuation techniques
Knowing the rules and regulations, implementing them in communication restrictions, disclosure requirements, and ethical obligations
Regularly taking practice exams will educate candidates about time management, building exam confidence, and identification of weak areas

Career Path After FINRA Series 79 Exam

After passing the FINRA Series 79 exam, candidates qualify for several career opportunities. The registration and licensing process of the FINRA Series 79 exam opens paths towards corporate finance and investment banking. This license also helps candidates access more career in investment like Chartered Financial Advisor (CFA).

Candidates, of course, need to qualify for other series like Series 66 or Series 63 based on state requirements. The Securities Industry Essentials (SIE) exam is also significantly important to be paired with the FINRA Series 79 to access several career opportunities. Below are some of the career roles that professionals can apply for:

Valuation Specialist
Investment Banking Analyst
Capital Markets Professional
Corporate Finance Analyst
Venture Capital or Private Equity
M&A Advisor

Wrapping Up!

In conclusion, a crucial step towards your investment banking career is the FINRA Series 79 exam. It is a challenging examination; however, it creates deep knowledge, expertise, and technical knowledge in financial advisory services. Candidates can focus on regulations, deal mechanics, and valuation, which will make their exam preparation easier.

Frequently Asked Questions on FINRA Series 79 Exam Guide

How strict is FINRA?

FINRA is strict, especially because it enforces rules and regulations for broker-dealers in the U.S. They are the front-line regulator in the US protecting the investors, along with protecting the genuine qualities of the securities market.

Is Series 7 harder than CFA?

The Series 7 is an entry-level exam specific to the securities investment trading industry; however, CFA is a broader level of exam, with three levels, with a much lower passing score. The CFA is difficult compared to the Series 7.

Who earns more, a CA or an investment banker?

The investment banker position earns more as compared to the Chartered Accountants (CA). At the senior level, the investment banker gets faster promotions, deal-driven incentives, and high-performance bonuses.

What happens if you don’t pass Series 79?

If a candidate does not pass Series 79, they have to wait for at least 30 days before they can retake the exam. This is only applicable for the first and second attempts, but if it increases, third and more attempts will require 180 days of waiting time.