You're about to begin a focused tour through the FINRA Investment Banking Representative Qualification Examination. This study guide contains 15 units organized into three chapters, aligned with the FINRA content outline and sequenced for how the work actually flows on a deal.
The 3 Content Chapters
This guide follows FINRA's three-function structure, building from data and analysis to public offerings to M&A and restructuring:
| Chapter | Units | What You'll Learn |
|---|---|---|
| 1. Collection, Analysis & Evaluation of Data | 3 | Sources of public and proprietary data, financial-statement and ratio analysis, comparable companies, precedent transactions, DCF and LBO mechanics, due-diligence procedures for both sell-side and buy-side mandates |
| 2. Underwriting & New Financing | 6 | Registration spine and the three periods, prospectus content and delivery, shelf and WKSI mechanics, syndicate architecture, execution and distribution, stabilization and lock-ups, the registration-exempt securities and transactions that drive private placements |
| 3. M&A, Tender Offers & Restructuring | 6 | Sell-side and buy-side M&A process, fairness opinions, signing-to-closing mechanics including MAC/MAE and deal protection, Williams Act tender offers, and out-of-court / Chapter 11 restructurings |
Total: 15 content units covering 75 scored exam questions (plus this welcome chapter)
Why this order? The exam tests how a junior banker actually works: gather data, build models, run diligence, then apply that work to either raising capital (Chapter 2) or buying / selling / restructuring companies (Chapter 3). Chapter 1 (49% of the exam) is the toolkit. Chapters 2 and 3 are where the toolkit gets used.
Choose Your Study Path
Path A: Brand New to Banking (Start Here)
If you're early in your IBD career and the SIE was your introduction to the securities industry, work through the chapters in order. Chapter 1 builds the analytical and diligence muscle you'll apply in Chapters 2 and 3. After finishing the content, take a practice exam to confirm your understanding and identify gaps.
Path B: Some Deal Experience (Recommended for Efficiency)
If you've staffed live deals (IPO, follow-on, M&A, restructuring) or have a finance background, start by taking a practice exam. The app analyzes your results and identifies your weak areas. You can then focus study time on the specific chapters and topics where you actually need work, rather than re-reading material you already do for a living.
Think of it this way: Why spend hours on accretion/dilution mechanics if you build the model on every deal? Take the practice exam first, find out where the gaps are, and target those areas. This is the fastest path to passing.
The Right Way to Study
After reading a unit, take one or two unit-specific quizzes to get quick feedback on what just landed. That's it. Don't try to master a chapter before moving forward. The goal is to get a sense of what stuck and what didn't, then keep going.
Once you've worked through all the content, shift entirely to smart study quizzes. This is where most of the real learning happens:
- Smart quizzes pull from every topic, weighted by exam importance, and automatically target your weak areas
- Your goal: around 1,500 smart study quiz questions before exam day
- At 10 questions per quiz, that's about 150 quizzes spread over your study period
- Grinding through smart quizzes is the fastest path to a passing score
Only go back to unit-specific quizzes as a last resort, if a smart quiz keeps flagging the same subtopic and you need targeted reinforcement on it.
Key Features Throughout
As you study, look for these learning aids:
- Exam Tips highlight common pitfalls and gotchas that catch test-takers off guard
- Think of it this way sections provide analogies that make abstract mechanics concrete
- Tables and comparisons help you see the distinctions the exam loves to test (sell-side vs buy-side, firm commitment vs best efforts, comps vs precedents, etc.)
- Memory aids give you shortcuts for recalling key facts under pressure
The Exam at a Glance
- Questions: 80 total (75 scored, 5 unscored pretest questions)
- Time: 150 minutes (2 hours, 30 minutes)
- Passing Score: 73%
- Format: Multiple choice
- Prerequisite: SIE (Securities Industry Essentials) must be passed
- Sponsor required: A FINRA member firm files Form U4 and fingerprints on your behalf. Walk-in registration is not allowed.
- Exam fee: $305 (paid through Prometric / FINRA)
- Window: 120 days after FINRA enrollment to sit the exam
- Test format: In-person Prometric only (no online proctoring as of 2026)
Exam Weights (FINRA Official):
- F1: Collection, Analysis & Evaluation of Data: 49% (37 questions)
- F2: Underwriting / New Financing Transactions, Offerings & Registration: 27% (20 questions)
- F3: M&A, Tender Offers & Financial Restructuring: 24% (18 questions)
Notice something? Half the exam (49%) tests the analytical and diligence foundation: the data work, financial analysis, valuation, and due-diligence procedures that underpin every deal. Master Chapter 1 thoroughly. It's by far the largest share of your score and the foundation for Chapters 2 and 3.
Series 79 vs SIE vs Series 7
If you've already passed the SIE, you have a solid baseline. The Series 79 builds on that foundation but tests a different domain: investment-banking representative work, not retail rep work.
- Where SIE introduces concepts, Series 79 tests their application on deals. SIE asks "what is Regulation D." Series 79 asks "which Reg D safe harbor does a $50M private placement to 25 institutional investors fit, and what filings are required."
- M&A and tender offers are a third of the exam and don't exist in the SIE outline. Sell-side / buy-side process, fairness opinions, Williams Act tender mechanics, and restructuring are net-new material.
- Quantitative work is meaningfully heavier than SIE: comps, precedents, DCF mechanics, accretion/dilution, recovery waterfalls. The math itself is rarely complex, but the conceptual setup is.
- Process and document fluency matters. Knowing what a teaser, CIM, definitive agreement, S-4, Schedule TO, or Schedule 14D-9 contains and when each is delivered is exam-level testable.
Series 79 vs Series 7: Series 7 is the general securities representative exam, broad coverage of equities, debt, options, packaged products, and retail trading. Series 79 is narrow but deep on investment-banking work. Most candidates pick one based on what their seat requires; few hold both. If your role involves customer-facing brokerage activities, you'll want the Series 7. If your role is sell-side or buy-side advisory, IPO/follow-on execution, or restructuring, the Series 79 is the right qualification.
Think of it this way: The SIE proves you understand the securities industry. The Series 79 proves you can do the analyst-and-associate-level work of an investment banker: building models, running diligence, executing offerings, and advising on M&A.
Next: Learn How to Use This App
Before diving into the content, learn how to maximize the platform's features: How to Use This App ->
You'll discover:
- How "Mark as Complete" tracks your progress and auto-advances to the next section
- Smart flashcards that adapt to your weak areas
- Smart quizzes weighted by exam importance
- Practice exams that mirror the real Series 79
Unlock the Rest of the Course
To open up the rest of the chapters, mark every section in this Welcome chapter as complete. Each page has a Mark as Complete button at the bottom. Tap it on this page and on How to Use This App, and the full course unlocks.
Let's Go.