Pass the Series 79 the first time
Adaptive prep for the FINRA Series 79. Topic-weighted practice questions and spaced-repetition flashcards covering data analysis, underwriting, and M&A for junior investment bankers.
The Series 79 is FINRA's Investment Banking Representative exam. 75 scored questions, 150 minutes, 73% to pass, and a $395 fee. The SIE is a required co-requisite, and firm sponsorship (Form U4) is required before you can enroll.
It qualifies you to work as an investment banking representative: advising on and executing capital-raising deals (underwriting, new offerings) and M&A transactions (mergers, tender offers, financial restructuring) on behalf of a FINRA member firm. The content mirrors what a junior banker actually does on a deal team: collecting and analyzing company data, applying valuation methods, running due diligence, then applying that work to either a financing or an M&A transaction. It does not cover sales or trading activity; that is the Series 7's territory.
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Take a full practice exam first.
Before you watch a single video, sit a full-length, timed practice exam in the Prometric view. No music, no phone, no interruptions. The end-of-exam report ranks every unit by your score and its weight on the real exam: that report is your study plan.
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Work units by the report, not the book.
Go down the report list in order. The lowest-scoring unit isn't always the most valuable to fix. CertFuel sorts by weakest area combined with how many points the unit is worth on the real exam, so your time goes where it actually moves your score.
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Run the unit loop, then move on.
For each unit: watch the videos, listen to the podcast, do one Study Quiz and one Flashcard session, read the section, then do one more Quiz and Flashcard set. Don't camp on a single unit. Fly through the content and trust the loop to tighten it up.
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Take a full practice exam every week.
Once a week, sit another timed practice exam. New weak units will surface as old ones improve. Re-rank your queue and run the loop again on whatever's at the top.
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Book the real exam after three 75%+ practice exams in a row.
Real-exam scores tend to land within a few points of your last full practice exam. Three consecutive practice exams at 75% or above is the readiness signal. 80%+ if you want margin for a bad day.
Collection, Analysis & Evaluation of Data
Sourcing company data, financial-statement analysis, valuation metrics, and the permissible-communications rules that govern research and banker conduct.
startUnderwriting & New Financing
Public and private offerings, registration requirements and exemptions, and the mechanics of bringing a new issue to market.
startM&A, Tender Offers & Restructuring
Deal structuring for mergers and acquisitions, tender-offer rules, and financial-restructuring transactions.
startAiden AI Tutor
Your built-in AI study tutor for the Series 79. Ask about any lesson and get answers, examples, and memory aids on the spot.
ask anythingSeries 79 Practice Exam
Free 30-question Series 79 practice exam weighted to FINRA function weights: data collection and analysis, underwriting and new financing, and M&A and restructuring. Explanations after every question.
30 questionsWhat Is the Series 79?
What the license unlocks, the exam format, the required SIE co-requisite and Form U4 sponsorship, and who actually needs it.
start hereSeries 79 Pass Rate & Difficulty
There is no official Series 79 pass rate. The 73% score you need, why the dense M&A and underwriting content trips people up, and how it compares with the SIE and Series 7.
difficultySeries 79 vs Series 7
Not a required stack, mostly mutually exclusive career paths. Investment banking versus general securities sales, and which one your role actually requires.
decision guideSeries 79 Exam Topics
Deep dives on all three FINRA functions: collection and analysis of data, underwriting and new financing, and mergers, tender offers, and financial restructuring.
3 functionsBest Series 79 Prep Compared
CertFuel, Kaplan, Pass Perfect, STC, and Knopman Marks compared on price, question bank size, and adaptive features for the Series 79.
4 providersSeries 24
Moving from banker to supervisor? The Series 24 is the principal exam for producers who take on supervisory responsibility, and the Series 79 is one of its qualifying prerequisites.
next step upFree SIE Prep
The SIE is a required co-requisite for the Series 79. Start there first if you have not already passed it.
co-requisiteGlossary
Key securities exam terms and definitions, useful across the SIE and Series exams.
219+ termsWhat is the Series 79?
The Series 79 is FINRA's Investment Banking Representative exam. Passing it qualifies you to work on investment banking transactions on behalf of a FINRA member firm: capital-raising deals like underwriting and new offerings, plus M&A work like mergers, tender offers, and financial restructurings. It does not cover sales or trading, which fall under the Series 7 instead.
Do I need the SIE before the Series 79?
Yes. The SIE is a required co-requisite for the Series 79. You can pass them in either order, but FINRA will not grant the Investment Banking Representative registration until both are on record.
Do I need a sponsor?
Yes. The Series 79 requires sponsorship by a FINRA member firm through Form U4 before you can enroll, and you must complete the exam within 120 days of enrollment. Testing is in person at a Prometric center for most candidates; FINRA offers an online-proctored option only for candidates approved for a testing accommodation, not on demand like the SIE.
What's the passing score and format?
You need 73% to pass (55 of 75 scored questions). The exam has 75 scored questions plus 5 unscored pretest questions (reduced from 10 in an October 2025 FINRA update), for 80 total, and you have 150 minutes to finish.
How long does it take to prepare?
Most candidates prepare for the Series 79 in 4 to 6 weeks of consistent study. It runs shorter if you're already doing deal-team analytical work day to day and mainly need the regulatory and procedural layer, longer if valuation and financial-modeling concepts are newer to you.
What happens if I fail?
You can retake the Series 79 after a 30-day waiting period for the first and second failed attempts, and 180 days after a third. The exam fee applies to each attempt.
Is the Series 79 the same as the Series 7?
No. The Series 7 qualifies a general securities representative to sell and trade securities with retail and institutional clients. The Series 79 is a limited representative registration built specifically for investment banking work (underwriting and M&A) and does not cover sales, trading, or retail suitability at all. Some banking-focused roles only require the Series 79; others pair it with the Series 7 depending on the firm and desk.
What does the Series 79 qualify me to do?
It qualifies you to act as an Investment Banking Representative: advising on and executing capital-raising deals and M&A transactions for a FINRA member firm. It's the standard entry credential for analysts and associates on a bank's coverage, underwriting, or M&A desks.
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