The Series 79 exam costs $395, has an 87% pass rate, consists of 75 scored questions over 2.5 hours, requires a 73% passing score, and is the primary FINRA license for M&A advisory involving securities. FINRA member firm sponsorship and a passing SIE exam are both required before sitting.
Last verified: 2026 | Source: FINRA.org — finra.org/registration-exams-ce/qualification-exams/series79
| Fact | Detail |
| Administered by | FINRA |
| Exam fee | $395 |
| Questions | 80 total (75 scored + 5 unscored) |
| Time limit | 2 hours 30 minutes |
| Pass mark | 73% (55 of 75 questions correctly) |
| Pass rate | 87% — among the highest of all FINRA top-off exams |
| Sponsorship | Yes — FINRA member firm sponsorship required |
| Corequisite | SIE exam — both must be passed for IB Representative registration |
| Recommended study time | 50–100 hours |
| Registration window | 120 days to sit exam after registration is processed |
| License | Fee | Pass rate | M&A scope | Best for |
| Series 79 | $395 | 87% | Full — public + private, M&A + underwriting | Investment bankers, full-service M&A advisors |
| Series 82 | $245 | ~88% | Private placements only | Private placement boutiques |
| Series 7 | $245 | ~72% | General securities sales | Retail brokers — limited M&A scope |
The Series 79 pass rate is 87% as published by FINRA — significantly higher than most candidates expect and higher than the Series 7 (~72%). With proper 50–100 hour preparation, the pass rate reflects that the exam is challenging but highly achievable.
The Series 79 exam fee is $395. Most FINRA member firms that require the Series 79 will reimburse the exam fee and provide study materials as part of onboarding.
No — the Series 79 requires sponsorship by a FINRA member firm. You must be employed by or associated with a sponsoring firm before registering. The SIE exam (no sponsorship needed) is the recommended first step while job-searching.
After employer sponsorship and SIE passage, most candidates study 50–100 hours over 4–8 weeks. Once registration is processed, you have a 120-day window to sit the exam. Most investment banking analysts complete both SIE and Series 79 within their first 90 days of employment.
The Series 79 is valid for the duration of your association with your sponsoring FINRA member firm. If you leave and do not join another FINRA member firm within 2 years, the license lapses. Annual FINRA Regulatory Element CE is required by December 31 each year after the first year of registration.
The Series 79 opens the door to regulated M&A advisory. Explore our business broker training pathway →