Are FINRA Exams Getting Harder? Year-by-Year Trends

Are FINRA Exams Getting Harder? Year-by-Year Trends

While there’s no official data indicating that FINRA exams are becoming inherently more difficult, several factors suggest that candidates may perceive them as more challenging today compared to previous years.

📉 Declining Pass Rates

Over the past decade, pass rates for key FINRA exams like the Series 7 and Series 6 have shown a downward trend. For instance, the Series 7 exam’s pass rate has decreased from approximately 75% in 2012 to around 65% in recent years. Similarly, the Series 6 exam has experienced a decline in pass rates over the same period.

🧠 Evolving Exam Content and Structure

FINRA has periodically updated exam content outlines to reflect changes in the financial industry, regulations, and market practices. These updates ensure that exams remain relevant but can also introduce new topics and complexities. For example, recent revisions have incorporated more questions on digital assets, cybersecurity, and advanced investment strategies.

📚 Increased Study Requirements

Candidates today often report needing more preparation time to pass FINRA exams. The average study time for the Series 7 exam has increased from around 50 hours in 2010 to over 100 hours in recent years. This increase reflects the growing complexity of the material and the need for a deeper understanding of financial concepts.

🔄 Conclusion

While FINRA exams may not be officially harder, the combination of declining pass rates, evolving content, and increased study requirements suggests that candidates today face a more challenging landscape. Prospective test-takers should be prepared for a rigorous study regimen and stay informed about the latest exam updates to enhance their chances of success.