200+ Free Series 79 Practice Questions

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Question 1

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What does the Form 10-K filing include that the Form 10-Q does not?

Quarterly financial statements

Audited annual financial statements

Current event reports

Proxy voting information

to track

2026 Statistics

Key Facts: Series 79 Exam

68-73%

First-Time Pass Rate

Industry estimate

73%

Passing Score

55/75 questions

80-120 hrs

Study Time

Recommended

49%

Data Analysis

Largest section

$245

Exam Fee

FINRA

2h 30m

Exam Duration

FINRA

The Series 79 exam has an estimated 68-73% first-time pass rate. It requires 73% (55/75 questions) to pass. The exam covers three major functions: Collection, Analysis and Evaluation of Data (49%), Underwriting/New Financing Transactions (27%), and M&A, Tender Offers, and Financial Restructuring (24%). Plan for 80-120 hours of study over 6-10 weeks.

Sample Series 79 Practice Questions

Try these sample questions to test your Series 79 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1What does the Form 10-K filing include that the Form 10-Q does not?

A.Quarterly financial statements

B.Audited annual financial statements

C.Current event reports

D.Proxy voting information

Explanation: The Form 10-K is the annual report that includes audited financial statements, while Form 10-Q is the quarterly report with unaudited financials. The 10-K also includes more comprehensive MD&A and business descriptions.

2How many days after fiscal year-end must an accelerated filer submit its Form 10-K?

A.30 days

B.45 days

C.60 days

D.75 days

Explanation: Accelerated filers must file their 10-K within 60 days after fiscal year-end. Large accelerated filers have 60 days, while non-accelerated filers have 75 days.

3What is the primary purpose of Form 8-K?

A.Annual financial reporting

B.Quarterly financial updates

C.Disclosure of material events

D.Proxy statement for shareholder votes

Explanation: Form 8-K is used to report material events or corporate changes that are important to shareholders. Companies must file within 4 business days of the event occurring.

4Which of the following is NOT typically disclosed in a proxy statement (Form DEF 14A)?

A.Executive compensation

B.Related party transactions

C.Daily trading activity

D.Director independence

Explanation: Proxy statements disclose executive compensation, related party transactions, director independence, and shareholder proposals, but daily trading activity is not included.

5What is the "quiet period" in the context of SEC filings?

A.The 40 days after IPO when research coverage is restricted

B.The time between 10-K and 10-Q filings

C.The blackout period for insider trading

D.The 90-day lock-up period for management

Explanation: The quiet period refers to the 40 days following an IPO when research analysts at underwriting firms are restricted from publishing research reports on the issuer.

6What does Item 303 of Regulation S-K (MD&A) require companies to discuss?

A.Only historical financial results

B.Liquidity, capital resources, and results of operations

C.Future stock price projections

D.Detailed competitor analysis

Explanation: Item 303 requires Management Discussion and Analysis (MD&A) covering liquidity, capital resources, results of operations, and known trends or uncertainties that may affect future results.

7When must a company file a Form 8-K upon entering into a material definitive agreement?

A.Within 1 business day

B.Within 4 business days

C.Within 10 business days

D.Within 15 calendar days

Explanation: Companies must file Form 8-K within 4 business days of entering into a material definitive agreement that is not made in the ordinary course of business.

8What information is typically found in Schedule 14A but not in a 10-K?

A.Audited financial statements

B.Compensation Discussion and Analysis (CD&A)

C.Risk factors

D.Legal proceedings

Explanation: The Compensation Discussion and Analysis (CD&A) is required in proxy statements (Schedule 14A) to explain executive compensation decisions, but does not appear in the 10-K.

9Under Regulation S-X, what is the significance of an unqualified audit opinion?

A.The financial statements contain material errors

B.The financial statements present fairly in all material respects

C.The auditor refuses to express an opinion

D.The company is in violation of SEC rules

Explanation: An unqualified (clean) audit opinion means the auditor believes the financial statements present fairly, in all material respects, the financial position of the company in accordance with GAAP.

10What is the purpose of a Form S-1 registration statement?

A.To report quarterly earnings

B.To register securities for an IPO

C.To disclose executive compensation

D.To file for bankruptcy protection

Explanation: Form S-1 is the registration statement used by companies to register securities for an initial public offering (IPO). It contains the prospectus that is provided to potential investors.

About the Series 79 Exam

Qualifies representatives to work on investment banking activities including data analysis, underwriting, and M&A transactions. Covers SEC filings, financial analysis, due diligence, valuation, public and private offerings, and financial restructuring.

Questions

75 scored questions

Time Limit

2 hours 30 minutes

Passing Score

73%

Exam Fee

$245 (FINRA)

Series 79 Exam Content Outline

49%

Collection, Analysis and Evaluation of Data

SEC filings, financial statements, due diligence, valuation methodologies, financial modeling, capital structure analysis

27%

Underwriting/New Financing Transactions

Public offerings, private placements, debt financing, syndicate operations, securities regulations

24%

M&A, Tender Offers and Financial Restructuring

M&A transactions, tender offers, defensive tactics, fairness opinions, bankruptcy and restructuring

How to Pass the Series 79 Exam

What You Need to Know

Passing score: 73%
Exam length: 75 questions
Time limit: 2 hours 30 minutes
Exam fee: $245

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

Series 79 Study Tips from Top Performers

1Master SEC filing requirements - understand what goes in 10-K, 10-Q, 8-K, and registration statements

2Learn valuation methodologies thoroughly - DCF, comparable company analysis, precedent transactions

3Understand M&A transaction structures - stock purchases, asset purchases, triangular mergers

4Study securities regulations - Securities Act of 1933, Exchange Act of 1934, Regulation M, Rule 144A

5Know the due diligence process and documentation requirements

6Practice financial modeling concepts - three-statement models, merger models, LBO analysis

Frequently Asked Questions

What does the Series 79 exam cover?

The Series 79 exam covers three major job functions: (1) Collection, Analysis and Evaluation of Data (49%) - SEC filings, financial statements, due diligence, valuation; (2) Underwriting/New Financing Transactions (27%) - public offerings, private placements, debt financing, syndicate operations; and (3) M&A, Tender Offers and Financial Restructuring (24%) - M&A transactions, tender offers, fairness opinions, bankruptcy.

How many questions are on the Series 79 exam?

The Series 79 exam has 75 scored multiple-choice questions plus 10 unscored pretest questions (85 total). You have 2 hours and 30 minutes to complete the exam, and you need 73% (55 correct) to pass.

What can I do with a Series 79 license?

The Series 79 license qualifies you to work on investment banking activities including: advising on public offerings and private placements, performing due diligence and financial analysis, working on M&A transactions and tender offers, preparing fairness opinions and valuations, and participating in financial restructuring transactions.

How hard is the Series 79 exam?

The Series 79 exam is challenging with an estimated 68-73% pass rate. It requires understanding of complex financial concepts, SEC regulations, valuation methodologies, and M&A processes. The exam is technical and analytical, requiring strong quantitative skills. Plan for 80-120 hours of study.

How long should I study for the Series 79 exam?

Plan for 80-120 hours of study over 6-10 weeks. Focus on understanding SEC filing requirements, financial statement analysis, valuation methodologies (DCF, comparable companies), M&A transaction structures, and securities regulations. Complete all 200+ practice questions before scheduling your exam.

Do I need the SIE before taking Series 79?

Yes, you must pass the SIE exam and have firm sponsorship before taking the Series 79. The SIE provides foundational securities industry knowledge, while Series 79 focuses specifically on investment banking activities.

What is the difference between Series 79 and Series 82?

Series 79 focuses on investment banking activities including M&A, underwriting, and financial analysis. Series 82 focuses on private securities offerings and private placements. Series 79 is broader and covers both public and private transactions, while Series 82 is specialized for private offerings.