Most candidates need 50 to 100 hours for the Series 79. New investment bankers should plan on about 75 hours, or 3 to 5 weeks while working; analysts on full study leave often finish in about a week. FINRA sets 75 questions in 2 hours 30 minutes, with a passing score of 73.
The Series 79 is the Investment Banking Representative exam. How long you need depends mostly on two things: whether your firm gives you study leave, and how much deal work you have already seen. First-year analysts at some banks get a week off and finish the manual in five or six days. Lateral hires studying around a full deal load may spread it over months.
According to FINRA, the Series 79 has 75 scored multiple choice questions, a time limit of 2 hours and 30 minutes, and a passing score of 73. The SIE is a corequisite. Questions are split by function:
| Function | Questions | Share of study time |
|---|---|---|
| Collection, analysis and evaluation of data | 37 | About 45% |
| Underwriting, types of offerings and registration of securities | 20 | About 30% |
| Mergers and acquisitions, tender offers and restructuring | 18 | About 25% |
Knopman, one of the main Series 79 prep providers, says the exam typically takes 50 to 75 hours of total prep. Where you land depends on your background:
Professional Exam Tutoring notes that some employers allow as little as a week, which pushes candidates to sit the exam before they are ready. If you have any say in the date, book it for when your practice scores are consistently above 80%, not when the calendar says so. For other licensing exams, see our exam study hours statistics.
Data analysis is nearly half the exam, and valuation is most of it. You need discounted cash flow analysis end to end: free cash flow to the firm, choosing the discount rate (WACC), and terminal value by both the Gordon Growth and exit multiple methods. You also need comparable companies versus precedent transactions, and LBO basics: how leverage amplifies equity returns, and why more debt usually raises IRR as long as the company can service it.
The maths questions are the easiest points on the exam if you know a handful of formulas cold:
This section is precise rule knowledge: Securities Act of 1933 and Exchange Act of 1934 requirements, filing windows and prohibited activities. Know the difference between an S-1, the full registration statement for a first-time issuer, and an S-3, the short form for seasoned issuers that is the basis for shelf registrations. Know what triggers an 8-K (material agreements, changes in control, director departures) and that it is generally due within four business days. Because it is memorisation, it is a natural fit for AI-generated flashcards.
Learn the deal lifecycle from teaser and NDA through due diligence to closing, the tax differences between an asset sale and a stock sale for buyer and seller, cash versus stock-for-stock mergers, the purpose of a fairness opinion, and tender offer rules and timelines. The concepts will be familiar if you have worked on a deal, but the exam tests the exact timelines, which you cannot guess.
This assumes 10 to 12 hours a day, the SIE already passed, and a provider manual such as Knopman, STC or Kaplan.
If you need the SIE as well and are working long hours, spread it out. Spend month one on the SIE alone, months two and three reading the Series 79 manual and turning it into flashcards, month four on one practice exam a week, and month five on two a week, drilling any section under 70%.
Most analysts cannot protect four hours every evening, so the plan has to use small gaps:
Ten cards on your phone in a cab are worth more than a chapter read at 2 AM. If timing is a worry, work out your time per question before your first full practice exam.
Forum timelines skew short because of survivorship bias. The people posting about a three day cram on r/InvestmentBanking or WSO usually already had a strong finance background and see these documents every day. Three claims to be careful with:
Stick with current materials from an established provider; older guides can teach rules that have since changed.
Reading a chapter three times makes it familiar, not memorable. Turn each topic into questions ("What is the purpose of a fairness opinion in an M&A deal?") and answer them before checking. Combined with spaced repetition, this keeps week one material available in week four. See these active recall methods, the guide to AI flashcards, or what Reddit says about AI flashcards.
Typing flashcards for a several hundred page manual is not realistic on an 80 hour week. Upload your PDFs or notes to StudyCards AI and get flashcards that export to Anki, so you can study in every small gap in your day. For more ways to cut note-taking time, see this guide to AI study tools for exams.
Try StudyCards AI FreeKnopman, a major Series 79 prep provider, puts it at 50 to 75 hours: about 75 for new investment bankers (3 to 5 weeks while working) and 40 to 50 for experienced bankers (2 to 3 weeks). Career changers should allow up to 100. FINRA does not publish an official figure.
2 to 4 hours a day on a four week plan, rising to 4 to 6 on a two week sprint. On full study leave, candidates often do 10 to 12 hours a day for about a week.
Aim for a consistent 80% or higher on full-length practice exams. FINRA's passing score is 73. If your scores swing widely, you probably have gaps in valuation or memorised answers rather than understanding them.
It is narrower but deeper. The Series 79 has 75 questions in 2 hours 30 minutes against 125 in 3 hours 45 minutes for the Series 7, but it goes much further into valuation, M&A and offering rules.
Yes, if you are on full study leave, recently passed the SIE and have a corporate finance background. It is high risk while working, so most candidates should plan on two to four weeks.
Collection, analysis and evaluation of data is 37 of the 75 questions, so valuation (DCF, comparables, LBOs, the enterprise value bridge) matters most. Offerings and registration account for 20 questions and M&A and tender offers for 18.
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