Advice for Taking the Series 7, 63 and 79 Exams
Hi all- just started as an analyst, need to pass 7, 63 and 79 within 90 days. Any advice on the order in which I should take the tests and how much time I should allow myself to study? I'm working 60-80 hours/week. Also, testing material company suggestions a plus. Thanks a lot!
How to Pass the Series Exams?
Our users share their advice on testing order and offer details about the different exams below. Please check out Licensing for Dummies for more detail on different Series exams.
User @mperit01", an equity research associate, shared advice on testing order and materials:
STC provides testing materials, haven't heard of anyone that is better than that - my firm registered me and those were the books I got, make sure you get the cd with all the practice questions on it.Do the 7 first, then the 63, those should require a little less than two months to complete successfully if you push and make it happen, AKA you might have to throw some weekends in there unfortunately, (I would think 30 days for the 7, 15 for the 63). I have no experience with the 79, but I would take it after the 7 and 63, those two tests are very doable and it will get you used to the study regiment and working (which is difficult). That will leave you 45 days to prepare for the 79.
User @slotmouth" also suggested taking the Series 7 exam first.
Take the 7 first it is very broad and general and will give you a good base for everything else.
The Series 7 serves as a prerequisite for both the Series 63 and the Series 66.
FINRA Series 7 Exam
The Series 7 was the de rigueur standard of the day up until the introduction of the Investment Banking exam a few years ago, because almost everyone on the sell side had the Series 7 if they were on the sell-side. This exam is the “General Securities Rep” exam, meaning that once you pass it, you are able to sell all types of financial products. Unless you are required to have the Series 79 or work in an area that does not require the Series 7, you will have to take it. If you pass, it serves as your general registration with FINRA and as a General Securities Rep on the federal level. It effectively allows you to actually interact with clients and sell any security except for life insurance, real estate, commodities and futures. It is important to note that you cannot trade with the Series 7 alone, as you need to have your state registrations as well. The state registrations will be discussed in detail a little further on.
In order to take the Series 7, your firm needs to sponsor you. Traditionally, it’s taken within the first three months of employment, as that is the period, as defined by FINRA, of apprenticeship where you are supposed to learn and take your exams. The exam itself is a 6 hour long exam, comprising of two sections, each 3 hours in length and a break of between 30 minutes and an hour between the two halves. The exam has 250 questions. The two largest portions, Municipal Securities and Options, comprise about 100 questions on the exam. Knowing and acing those questions will only get you so far though. The Series 7 also covers basic regulation, analysis, the markets, KYC/Account and Ops related information and a few other topics. You need a score of 70% or higher to pass this exam. - Excerpt from User @Frieds" in post Licensing for Dummies
Taking the Series 63 Exam
The Series 63 is the Blue Sky Laws exam. Passing this exam allows you to be registered at the state level per Blue Sky regulation and enables you to sell securities in whichever state you or your firm, as the case may be, choose to register in. The name of the law comes from the following quote:
The name that is given to the law indicates the evil at which it is aimed, that is, to use the language of a cited case, "speculative schemes which have no more basis than so many feet of 'blue sky'"; or, as stated by counsel in another case, "to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines and other like fraudulent exploitations." Even if the descriptions be regarded as rhetorical, the existence of evil is indicated, and a belief of its detriment; and we shall not pause to do more than state that the prevention of deception is within the competency of government and that the appreciation of the consequences of it is not open for our review.
As to the exam itself, this exam covers state securities regulation, laws and ethics. It has 60 questions and is 75 minutes long. You need a score of 72% or higher to pass. - Excerpt from User @Frieds" in post Licensing for Dummies
What is the Series 63 Test?
The Series 63 is a securities license entitling the holder to solicit orders for any type of security in a particular state. The applicant must pass an exam which also requires a display of ethical practices and fiduciary duties. This is the exam that is needed to facilitate and soliciate securities orders.
Read more about taking the Series 63 Exam on WSO.
Series 63 Study Time and Method
With that in mind - our users shared their studying experiences:
Studied approx 30 hrs for 79, hit 80%, studied approx 8 hours for 63, and got like a 79%. 63 is much more memorization, and the ethical questions really are that easy on the test. I used Knopman online to prepare. I would also suggest not taking it as lightly as some people say. The test is notorious for tripping up people that just took the 79.
Knopman online practice questions. Keep practicing until you are scoring in the high 70s/low 80s, by then you should have a lot of the rules/regs memorized. You'll be fine.
What to Know about Series 79 Exam?
The Series 79 covers just about every IBD and ECM/DCM function there is. Basically, this exam covers two key areas:
- Capital Markets Advisory for Debt or Equity securities
- Traditional IBD Functions from Advisory Work to Restructuring and everything in between. And yes, your product group under IBD falls under traditional functions. It doesn’t matter whether you’re in FIG, TMT or SSG, you’re still just a sucker who will need to get his Series 79 if you work at a sell-side shop.
This exam, while new, was created as a result of the problems that arose from the latter part of the last decade and is now required if you plan to do IBD. This exam serves as the IBD equivalent of having the Series 7/66 combo. The exam is 175 questions and is five hours long. - Excerpt from User @Frieds" in post Licensing for Dummies
Taking the Series 7 Exam?
Be sure to pass your exam by using the Wall Street Oasis prep guide!
I have a 79 and 63 and they are completely different levels of difficulty... I'd say the 79 requires 5x the study time as the 63.
STC provides testing materials, haven't heard of anyone that is better than that - my firm registered me and those were the books I got, make sure you get the cd with all the practice questions on it.
do the 7 first, then the 63, those should require a little less than two months to complete successfully if you push and make it happen, AKA you might have to throw some weekends in there unfortunately, (I would think 30 days for the 7, 15 for the 63). I have no experience with the 79, but I would take it after the 7 and 63, those two tests are very doable and it will get you used to the study regiment and working (which is difficult). That will leave you 45 days to prepare for the 79.
Also keep in mind, sometimes time slots fill up so sign up for the 7 and 63 at least 2-3 weeks in advance of your test date, to ensure you can book a time and stay on your studying schedule. Another hint - the supplement exams in the STC materials is always the most helpful. I would save the closed book supplement exam for the last week leading up to your test date, it is a good measurement as to how prepared you are, and what areas you need to tighten up before the exam.
Goodluck dude
Knopman is way better than STC
Take the 7 first it is very broad and general and will give you a good base for everything else.
why do you have to take the 7 exactly?
Just take practice exams over and over and over again. A lot of the questions used in the practice are the same ones on the test.
Just finished the 79 and 63, and I've studied for the 7 in the past (through a class in college).
Used the STC materials for the 79 and 63, and I thought both taught what needed to be taught.
Depending on your background and beginning level of knowledge (do you know what EV is? non-controlling interest? How stuff flows through the 3 statements?) If yes, I would say you're looking at a few weeks with the 79. There are 9 chapters (via STC), and if you could do 1-2/night plus take ~50 practice questions on each (about 2-3 hrs/night) then take a few days prior to the test and cram in the practice tests you should be fine.
For the 63, maybe a week (which is what I just did, at least, right after the 79). There are 5 chapters in this one (via STC), and you could easily read 3 and 2 chapters in back-to-back nights, take the practice tests a bunch and be OK.
Regarding the 7, and my knowledge of it..Definitely the most thorough of the three, and if I had to do all 3, I'd go 7 - 79 - 63.
Just took the 79 a few days ago. The thing about this exam is that it's not an intelligence exam, it's just brute memorization of the FINRA/SEC laws & regs. Studied with STC and got a 78 (73 was passing grade on mine). I was averaging low 60s on the few practice exams I took. Definitely study the underwriting & registration stuff.
BTW I have free access to any of STCs online practice exams if anyone wants a link
Hello ChimpChange, do you mind sharing the STC online Practice Exam link? Thank you very much!
Hi! Would appreciate access to the STC online practice exams if you wouldn't mind sharing the link!
Thank you!
79 is the hardest because it is pure memorization.
Take the 79 course with Knopman. They basically tell you what questions are on the exam. Everyone passes with them. Think all the BBs use these guys so they might be expensive.
7 and 63 are pretty easy if you have finance background.
You need like 10-15 hours TOTAL to study for the 63 (if even that), depending on how fast you can read material. It's really easy.
The 79 takes much more studying. I probably spent around 30-40 hours on material for 79 (practice tests are long because the real test is long),
Make sure you go through as many practice tests as you can for both exams.
oh hell http://www.stcinteractive.com/servlet/stcquiz?QuizRef=iLQA79a&StudentID…
Change the a after "A79" from a-e for the 5 exams.
Accepting donations...
Thank you!
Thank you! It helps a lot~
Just finished the 79 & 63 and used STC for both. Spent roughly 50-60 hours on the 79; didn't pass one practice exam but got in the mid 70's (passed) on the actual. The 63 was very easy after the 79; I probably put in 15 hours of studying and that was more than enough. I didn't open the book; instead I focused on the practice problems and flashcards and this was more than enough for both. Like many said the 79 is pure memorization, while the 63 is a lot of common sense questions.
Taking Series 79 exam later this week and I've only been doing STC's practice exams but people say that Knopman is better - will I be OK with only studying from STC?
Series 63, 79, 7 (Originally Posted: 01/11/2016)
Does anyone have any feedback on Kaplan test prep for different series exams? Who has the best digital offerings?
You will likely use whatever your investment bank or wealth management firm provide.
This.
If your firms lets you choose, go with Knopman. I started at a boutique that let me choose, and I passed easily with Knopman.
If you can, avoid STC. Shit is riddled with mistakes/typos
7 - Kaplan is best. 79 - Knopman is best. Going to the class got me 10-15 free correct answers I didn't have to think about. 63 - using Knopman, it seems like they outsource some of the Kaplan material, so I don't think it matters.
Use the book and online test package from Empire Stockbroker. I did that and almost aced the 7.
If you can choose, I would do Empire Stockbroker. Avoid stc like the plague.
Series 7, 63, 79 Material (Originally Posted: 07/29/2012)
Series 7, 63, and 79 material for sale. STC books. written and highlighted in but still good for use. will take offers.
Selling: Knopman and STC Series 7, 63 and 79! (Originally Posted: 08/29/2014)
Just passed Series 7, 63 and 79 exam all on the first trial. Got 80% for 63, 86% for 7 and 92% for 79! I have the books from both Knopman and STC and tons of training materials from Knopman (very useful for 79 exam!).
Please PM me if you are interested. I am in the NYC area but am also willing to ship if you are outside the area.
Hi, I have to take Series 79 test at the earliest. Looking to buy the Knopman material. I am in NY. Don't have enough points to pm. Please let me know. Thanks
Series 7 + 63 Licenses (Originally Posted: 09/15/2017)
Any benefit to these license in the real estate finance realm? Possibly more so in capital markets role? Thoughts?
I have them. Completely unnecessary, also you can't take them unless you have a FINRA member firm sponsor you. The 63 is a joke, and the seven is just a really broad range of information about finance as a whole but mostly pertains to non passive investments i.e. actively traded stocks and bonds, and options. Only thing worth remembering was the order of subordination in-case of a default or liquidation.
understood. thanks for your response
Idk though; when your group does some more advanced trading and sales of interest into deals and portfolios, are those licenses not required? If youre structuring equity/debt interests into a 10 property deal of yours, are you not creating and selling a security, which requires the appropriate licenses? I've thought about this before too. Anyones shop have in-house banking groups or something similar like this?
Required Series Exams (7,63,79) & Best Study Materials (Originally Posted: 12/31/2013)
Hello,
I recently accepted a FT offer and am required to take a few Series Exams. I start a couple days from today but wanted to get a general head start on the process. Am I required to take the Series 7,63, and 79? I was under the impression that the 63 and 79 would be enough.
Also I've heard that Knopman is helpful for the Series 79? What study resources would you recommend for the Series 7 and 63?
Thanks very much for any help and happy holidays
WSO Series 7 Prep Course Here
kaplan works well. 7/63/65 are all really easy, you could honestly read through investopia's guides and be ready.
Knopman is the best. Much better than STC. Knopman most FINRA exams, including the 7 and 63.
I have the latest Series 63 materials including online exams, supplementary materials and related software (gave my exams in Jan 2014). Mail me on viraj_parekh at hotmail to discuss.
Thank you for the responses! I had a chance to do a few STC practice questions and they seemed to be much more comprehensive than the Knopman qbank. I've heard great things about Knopman esp for the 79 and want to be sure that I'm going the correct route with Knopman instead of STC (materials provided by my firm). Please feel free to share any more experiences if possible, I've definitely done some research but am always open to more opinions.
STC over prepares and gets more technical than needed. Some people like that though.
Bump
Trust me, get Knopman. The guy that teaches the courses (Brian) will offer additional time to answer questions you might have. It was much better quality than STC. I had access to both.
Are the Knopman practice exams more difficult than the actual?
I need material for the series 7 if anyone has any they would be willing to share
STC didn't do for me, have to retake the exam. I am not sure which prep I should take this time...
Thank for this thread very helpful!
Series 7 and 63 exams? (Originally Posted: 07/26/2007)
are they difficult? What do they actually consist of? I didnt realize I had to take them, but my company just sent me an email saying that I'm schedule to take it later in September..
Is it just to make sure you know the rules?
Series 63 & 7 (Originally Posted: 04/16/2014)
Hello gorillas and apes. What would you primates recommend for study material regarding the series 63 and 7? Received an offer from a boutique bank and will be working on capital market side with equity sales and research analysts.
Also how hard are these? Thanks and would appreciate advice.
Series 79 and 63 prep (Originally Posted: 05/04/2014)
For those monkeys starting FT this summer, do you plan on having read the study materials your employer sent out prior to arriving at training?
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