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Textbook · 20 chapters · 436 pages

The 436-page handbook.

Twenty chapters aligned to the 2026 FINRA Series 7 outline. Learn is the live version of the handbook: read the section, recall the rule, practice it with mapped questions, then review the miss before advancing. Written in-house.

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High-yield public chapters
Chapter 12

Options

Chapter 12 covers options. Know the four basic positions (long call, short call, long put, short put), their maximum gain, maximum loss, and breakeven. Build from there to strategies: covered calls limit upside, protective puts create a floor, straddles profit from volatility, spreads limit both gain and loss. The exam tests calculation, not just identification — practice working through gain/loss scenarios with sample premiums and strike prices.

Chapter 18

Margin

Chapter 18 covers margin: how accounts work, what Regulation T requires, and how to calculate equity, maintenance margin calls, and buying power. Reg T requires 50% initial margin on equity purchases. Minimum maintenance is 25% for long positions, 30% for short. When equity falls below maintenance, a margin call is issued. The SMA records excess equity above Reg T, representing buying power. Pattern day traders must maintain $25,000 equity.

Chapter 07

Municipal Debt

Chapter 7 covers municipal securities: GO bonds backed by the taxing power of the issuer, revenue bonds backed by project receipts, and short-term notes (BANs, RANs, TANs). Federal income tax exemption is the defining feature of munis. Use the Tax-Equivalent Yield formula to compare munis to taxable bonds. MSRB regulates dealers; know the official statement as the disclosure document. Private activity bonds may be subject to the AMT.

Chapter 01

Building an Investor Profile

Chapter 1 establishes what a registered representative must know before making any recommendation. Focus on the difference between financial and non-financial profile information, how to rank investment objectives by risk, and the three suitability obligations under FINRA Rule 2111. Regulation Best Interest defines the standard for broker-dealers; the fiduciary duty defines the standard for investment advisers. Know when each applies, what each requires, and how customer profile information drives both.

Related public resources
Resource

Series 7 study guide 2026

Public chapter outline for the full handbook.

Resource

How to pass the Series 7

Exam strategy, study loop, and failure modes.

Resource

Options formulas

Max gain, max loss, and breakevens.

Resource

Margin formulas

Reg T, maintenance, SMA, and equity math.

Series 7 chapter index
01
Building an Investor Profile
Build the customer profile facts that drive every suitability and Reg BI recommendation. · pp. 25–42 · 5 sections
02
Customer Accounts
Learn account opening, registration, authorizations, retirement-plan basics, and required customer verification. · pp. 43–67 · 9 sections
03
Customer Communications
Review FINRA communication standards, filing rules, options communications, and research-report guardrails. · pp. 68–87 · 10 sections
04
Equity Securities
Cover equity securities, preferred stock, ADRs, OTC markets, penny-stock rules, and equity tax treatment. · pp. 88–105 · 9 sections
05
Fundamentals of Debt
Turn fixed-income basics into exam-ready bond pricing, yield, redemption, and tax logic. · pp. 106–120 · 6 sections
06
Corporate Debt
Compare corporate bond structures, convertibles, money-market instruments, and structured-product risks. · pp. 121–136 · 5 sections
07
Municipal Debt
Separate municipal GO and revenue bonds, MSRB rules, muni quotes, fund securities, and tax treatment. · pp. 137–163 · 5 sections
08
U.S. Treasury and Government Agency Debt
Handle Treasury securities, agency debt, mortgage-backed products, CMOs, accrued interest, and prepayment risk. · pp. 164–179 · 11 sections
09
Investment Companies
Understand mutual funds, closed-end funds, UITs, share pricing, sales charges, and investment-company rules. · pp. 180–203 · 4 sections
10
Variable Products
Work through variable annuities, variable life insurance, taxation, suitability, and product regulation. · pp. 204–219 · 7 sections
11
Alternative Products
Study REITs, DPPs, limited partnerships, tax considerations, and alternative-product suitability. · pp. 220–237 · 6 sections
12
Options
Master options terminology, breakevens, max gain, max loss, spreads, hedges, and tax consequences. · pp. 238–299 · 13 sections
13
Offerings
Follow capital formation, Securities Act registration, underwriting, exempt offerings, and new-issue rules. · pp. 300–331 · 11 sections
14
Investment Risks, Returns and Disclosures
Review disclosures, books and records, financial exploitation rules, ACATS, risks, returns, and cost basis. · pp. 332–350 · 9 sections
15
Portfolio and Market Analysis
Apply suitability, asset allocation, portfolio analysis, technical analysis, and municipal information sources. · pp. 351–372 · 5 sections
16
Fundamental Analysis
Read financial statements and fundamental-analysis signals the Series 7 expects you to interpret. · pp. 373–387 · 2 sections
17
Orders and Trade Execution
Connect order tickets, order types, market centers, execution rules, and prohibited trading practices. · Textbook chapter · 9 sections
18
Margin
Drill margin math, Reg T, long and short equity, SMA, maintenance calls, and buying power. · Textbook chapter · 8 sections
19
Settlement and Regulatory Reporting
Tie clearing, delivery, settlement, regulatory reporting, and equity-option exercise settlement together. · Textbook chapter · 5 sections
20
Resolving Disputes and Suitability
Close with errors, complaint handling, arbitration disclosures, Form U4 updates, and suitability review. · Textbook chapter · 4 sections
Textbook
436
pages in sequence
Chapters
20
143 taught sections
Recall
385
flashcards tied to sections
Practice
1000
items · endless mode · 125-q exam
Resume where you stopped

Chapter 1. Building an Investor Profile

Works the Series 7 outline through developing a customer profile, financial considerations, and non-financial considerations — the rule triggers, recommendations, and compliance steps this chapter actually tests.

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Read Chapter 1
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Review Chapter 1 flashcards
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Move to Chapter 2
Read Chapter 1 ▸Open chapter reader
Read

Open the chapter reader with the same sequence, page range, diagrams, examples, traps, and checkpoints as the handbook.

Recall

Use section-tagged cards to turn the rule into memory before the explanation starts to feel familiar.

Practice

Answer mapped questions from the same bank used for chapter gates, endless mode, and the full exam simulation.

Review

Missed items point back to the chapter logic so weak rules become the next study target, not another vague score.

Textbook spine · 20 chapters · 436 pages
01
Building an Investor Profile
pp. 25–42 · 5 sections · 18 cards · 92 practice
0%
02
Customer Accounts
pp. 43–67 · 9 sections · 22 cards · 59 practice
0%
03
Customer Communications
pp. 68–87 · 10 sections · 18 cards · 33 practice
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04
Equity Securities
pp. 88–105 · 9 sections · 17 cards · 52 practice
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05
Fundamentals of Debt
pp. 106–120 · 6 sections · 22 cards · 65 practice
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06
Corporate Debt
pp. 121–136 · 5 sections · 18 cards · 30 practice
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07
Municipal Debt
pp. 137–163 · 5 sections · 22 cards · 65 practice
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08
U.S. Treasury and Government Agency Debt
pp. 164–179 · 11 sections · 18 cards · 30 practice
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09
Investment Companies
pp. 180–203 · 4 sections · 20 cards · 51 practice
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10
Variable Products
pp. 204–219 · 7 sections · 13 cards · 40 practice
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11
Alternative Products
pp. 220–237 · 6 sections · 18 cards · 30 practice
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12
Options
pp. 238–299 · 13 sections · 29 cards · 102 practice
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13
Offerings
pp. 300–331 · 11 sections · 18 cards · 30 practice
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14
Investment Risks, Returns and Disclosures
pp. 332–350 · 9 sections · 17 cards · 42 practice
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15
Portfolio and Market Analysis
pp. 351–372 · 5 sections · 18 cards · 30 practice
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16
Fundamental Analysis
pp. 373–387 · 2 sections · 18 cards · 30 practice
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17
Orders and Trade Execution
Textbook chapter · 9 sections · 26 cards · 68 practice
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18
Margin
Textbook chapter · 8 sections · 17 cards · 74 practice
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19
Settlement and Regulatory Reporting
Textbook chapter · 5 sections · 18 cards · 47 practice
0%
20
Resolving Disputes and Suitability
Textbook chapter · 4 sections · 18 cards · 30 practice
0%
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PassSeries7 is an independent study resource. Not affiliated with or endorsed by FINRA. Material aligned to the 2026 FINRA Series 7 General Securities Representative exam outline.