FINRA
FINRA Series 79
Investment Banking Representative Qualification Examination
The securities license required to work as an investment banking representative, covering advising on or facilitating debt and equity offerings and mergers, acquisitions, and restructurings. Together with the SIE exam, it is required to register in this role.
What's on the exam
FINRA Series 79 Content Outline
Collection, Analysis and Evaluation of Data
49%Financial statement analysis · Company and industry analysis · Valuation methodologies (DCF, comparables, precedent transactions) · Profitability and adjustments · Building financial models
Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities
27%Equity and debt offerings · Registration statements and prospectuses · Regulation D and Regulation S · Securities Act and offering processes · Syndicate and distribution mechanics
Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions
24%M&A deal structures and processes · Tender offers and the Williams Act · Fairness opinions · Financial restructuring and bankruptcy · Defensive tactics and disclosure requirements
Frequently asked questions
How much does the FINRA Series 79 cost?
The FINRA Series 79 costs $395. FINRA exam fee is $395; the co-requisite SIE exam carries a separate fee. Confirm current amounts on the FINRA fee schedule.
How long is the FINRA Series 79 and how many questions does it have?
75 scored multiple-choice items (plus 5 unscored pretest items effective Oct 27, 2025; 80 total) — 2 hours 30 minutes.
What do you need to pass the FINRA Series 79?
73%.
Can you retake the FINRA Series 79?
After 30 days for the first two failures; 180 days after a third.
What is the best way to study for the FINRA Series 79?
Start from the official outline and your primary study materials: the exam is weighted by domain (Collection, Analysis and Evaluation of Data 49%, Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities 27%, Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions 24%). Once you've learned the material, spaced-repetition flashcards organized by those domains are an efficient way to retain it and refresh it before test day.
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