This Series 79 exam study guide is for analysts and associates entering investment banking. The Series 79 is a focused, representative-level FINRA exam covering the work investment bankers actually do: debt and equity offerings, mergers and acquisitions, and financial restructuring. It is narrower than the Series 7 but deeper in the areas it does cover.
What is the Series 79 exam?
The Series 79 qualifies an Investment Banking Representative. It pairs with the SIE and is required for professionals who advise on or facilitate capital raising and corporate transactions. If your role is banking rather than general securities sales, the Series 79 is the targeted credential — many bankers never need the broader Series 7. FINRA's page is the Series 79 overview.
Series 79 exam format at a glance
- Scored questions: 75 (85 total, 10 unscored)
- Time limit: 2 hours 30 minutes
- Passing score: 55 of 75 correct (about 73%)
- Sponsorship: required; your firm files a Form U4
- Co-requisite: the SIE
These details are accurate as of May 2026. Regulators update exam specifications from time to time, so always confirm the latest format and fee on the official exam page before you schedule.
What the Series 79 tests
The exam tracks the deal lifecycle. The first function covers collecting, analyzing, and evaluating data to value a company and its securities. The second covers underwriting and new-product registration for debt and equity offerings. The third covers advising on mergers, acquisitions, tender offers, and financial restructurings. Expect detailed questions on financial-statement analysis, valuation methods, and the regulatory mechanics of getting a deal done — the rules around a transaction, not just the math behind it.
How to study for the Series 79
If you have a finance background, the valuation and accounting content will feel familiar — but the exam wants the regulatory framework around a deal, so make sure you can connect each valuation concept to the rule or filing that governs it. Weight your practice toward the M&A and underwriting functions, since those carry the most questions. Because most candidates are working full days, short, consistent daily sessions tend to beat occasional long ones.
Common Series 79 mistakes
- Relying on finance instincts and skipping the regulatory and filing rules.
- Under-practicing the M&A and restructuring sections that carry the most weight.
- Memorizing formulas without understanding when each valuation method applies.
The Exam Bootcamp Series 79 study guide
Our Series 79 study guide and question bank drills the valuation, underwriting, and M&A questions that decide this exam, with explanations aimed at people who need to pass quickly while working full days. Every exam we cover is listed on the study guides page.
Who should take the Series 79?
The Series 79 is the targeted credential for investment banking roles — analysts and associates working on capital raising, M&A, and restructuring. If your work never touches general securities sales, you likely do not need the broader Series 7; the Series 79 covers exactly the activities a banking representative performs. Because most candidates are juggling demanding hours, the prep that works is short, consistent, daily practice rather than occasional marathons, with extra reps on the regulatory framework that a pure finance background tends to overlook.
Series 79 exam FAQs
Do I need the Series 79 or the Series 7?
If your role is investment banking — capital raising and M&A — the Series 79 is the targeted credential. The Series 7 is broader and aimed at general securities sales.
Is the SIE required for the Series 79?
Yes. The SIE is the co-requisite; you need both to register as an investment banking representative.
How long should I study for the Series 79?
With a finance background, several weeks of focused, regulation-heavy prep is typical; allow more time if the accounting is new to you.
