Series 79 — Investment Banking Representative Exam
The Series 79 is FINRA's top-off qualification exam for investment banking representatives, covering securities offerings, M&A advisory, and financial restructuring.
175
Questions
300 min
Time
73%
Pass Score
$305
Fee
What Is the Series 79?
The Series 79, formally known as the Investment Banking Representative Examination, is a FINRA qualification exam required for professionals who participate in or advise on investment banking activities at a broker-dealer. This includes structuring and advising on public and private securities offerings, mergers and acquisitions, tender offers, financial restructurings, and other corporate advisory transactions.
The exam was introduced by FINRA in November 2009 to create a more targeted qualification for investment banking professionals. Before the Series 79 existed, investment bankers were required to pass the Series 7 (General Securities Representative Examination), which covered a broad range of retail securities topics that had little relevance to advisory and capital markets work. The Series 79 replaced the Series 7 requirement for individuals whose activities are limited to investment banking.
The Series 79 consists of 175 multiple-choice questions, and candidates are given five hours to complete the exam. A score of 73% is required to pass. The exam is administered at Prometric testing centers and requires prior sponsorship by a FINRA member firm — unlike the SIE, you cannot take the Series 79 independently.
The exam is divided into four sections, with nearly half of the questions focusing on data collection, analysis, and valuation methodologies. The remaining sections cover underwriting and new financing transactions, mergers and acquisitions, and general industry regulations. Because the Series 79 is a top-off exam, candidates must also pass the SIE to complete their registration as an investment banking representative.
Exam Sections
Section 1: Collection, Analysis and Evaluation of Data
49%The largest section of the exam, covering financial statement analysis, valuation methodologies (DCF, comparable company analysis, precedent transactions), due diligence processes, and the evaluation of business and financial data used in investment banking transactions.
Section 2: Underwriting/New Financing Transactions, Types of Offerings and Registration
27%Covers the underwriting process for equity and debt offerings, types of public and private placements, SEC registration requirements, shelf offerings, Rule 144 and Regulation D exemptions, and the roles and responsibilities of parties involved in securities offerings.
Section 3: Mergers & Acquisitions, Tender Offers and Financial Restructuring Transactions
16%Covers the mechanics of mergers, acquisitions, and divestitures, including deal structure, fairness opinions, tender offer rules under the Williams Act, proxy solicitations, going-private transactions, and financial restructuring including bankruptcy and recapitalization.
Section 4: General Securities Industry Regulations
8%Covers regulatory requirements specific to investment banking activities, including FINRA conduct rules, information barriers (Chinese walls), research analyst conflicts of interest, Regulation M, and supervisory obligations for investment banking departments.
Frequently Asked Questions
What is the Series 79 exam?
The Series 79 is a FINRA qualification exam for investment banking representatives at broker-dealers. It covers securities offerings, M&A advisory, tender offers, financial restructurings, and related corporate transactions. Passing the Series 79 along with the SIE is required to register as an investment banking representative.
Do all investment banking analysts need the Series 79?
Not necessarily. The Series 79 is required for individuals at FINRA member broker-dealers who participate in investment banking activities. Analysts at advisory-only firms or buy-side shops that are not registered broker-dealers may not need it. However, most bulge bracket and middle-market banks require their IB analysts and associates to pass the Series 79 within their first year.
How hard is the Series 79 compared to the SIE?
The Series 79 is significantly more difficult than the SIE. It has 175 questions over 5 hours, a higher passing score of 73%, and covers advanced topics like valuation analysis, deal structuring, and securities regulations specific to investment banking. Most candidates study for 8 to 12 weeks with dedicated preparation materials.