Free Series 79 Practice Exam
Free Series 79 Investment Banking Representative practice exam covering M&A analysis, underwriting, due diligence, and research reports. No signup required.
Collection, Analysis & Preparation
Financial analysis, valuation methodologies (DCF, comps, precedent transactions), and preparation of pitch books and offering documents. ~25% of Series 79.
Due Diligence, Facilitation & Closing
M&A transaction due diligence, deal structuring, negotiations, and closing procedures. ~30% of Series 79 — largest section.
Underwriting & New Financing Transactions
IPOs, follow-on offerings, debt underwriting, Rule 144A private placements, and syndication. ~20% of Series 79.
Research & Research Reports
Research report preparation, analyst regulations (Global Settlement), quiet periods, and communication rules. ~25% of Series 79.
Full Series 79 Practice Exam
All four sections mixed and weighted by the official FINRA Series 79 blueprint. 75 questions, 150 minutes.
About the Series 79 Exam
The Series 79 Investment Banking Representative exam is a FINRA-administered qualification required for registered representatives engaged in investment banking activities including advising on mergers and acquisitions, corporate restructurings, business sales, divestitures, and capital raising transactions. It is a limited representative qualification that replaced the broader Series 7 requirement for investment banking professionals who do not sell securities to retail customers.
The exam contains 75 scored questions (85 total including 10 unscored) across four content areas: Collection, Analysis and Preparation (25%), Due Diligence, Facilitation and Closing (30%), Underwriting and New Financing Transactions (20%), and Research and Research Reports (25%). You have 150 minutes to complete the exam and must score at least 70% to pass. The SIE is required as a co-requisite along with firm sponsorship.
Study Tips
The Due Diligence, Facilitation and Closing section is the largest at 30% and covers M&A deal mechanics in detail — study the different deal structures (stock vs asset acquisitions), the role of fairness opinions, and the regulatory approvals required for public company transactions. For Underwriting, master the mechanics of IPOs (registration statements, SEC review, road show, pricing, stabilization) and the specific rules governing research analyst involvement during offerings. The Research Reports section tests the Global Settlement restrictions on analyst compensation and the quiet period rules that limit research publication around new offerings.