In order to take the Series 7 exam, one must first obtain "sponsorship"/employment from a FINRA or exchange member firm (note: in limited instances a state can serve as your sponsor if you qualify as a Registered Investment Adviser (RIA)). In addition, one must submit a set of fingerprints and undergo a basic background check. Typically to register with a firm and consequently the exams you have to complete a U-4 application. On this application you must disclose such things as prior work history, criminal background (if any), etc. There are no educational requirements to take the Series 7.