So it seems I have to take the above mentioned tests in a little over a week. Have studied a second for either. Should I even bother studying for these fuckers? What's the typcial policy at BB's about how many times you can take if at all? For what it's worth, have been getting straight crushed for almost 2.5 months straight ~105 hr weeks, multiple all nighters (like last night). Don't want to get axed because of this retarded shit.
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You will get a second chance for both, but how tolerant your frm is of a third depends on the firm's stance and how well-liked you are by your group.
You definitely do need to study because there's a ton of laws and regs that require rote memorization, not necessarily learning. Given your limited time frame and the intensity of your schedule, I'd spend a few days on the 63 and up to about a week on the 79. Bear in mind that a lot of analysts had about a week to study for the 79 last summer during training and failed. I was one of many analysts panicking like a motherfucker because my practice exam scores weren't high enough. The 79 is not a measure of intelligence -- it's a measure of your ability to memorize, and there is a shit-ton to memorize. Failure is definitely an option.
Many senior bankers are able to pass the 79 with very limited study time because they've encountered a lot of the rules and regs covered in the exam. But you're an analyst. How the fuck are you supposed to know the ins and outs of securities offerings?
^^ agreed....you'll get a second chance. in some likelyhood a third....the 79 is a brutal exam with a ton of securities reg etc....63 is a cake walk....only 5 chapters in the STC prep book.
Study and pass the 63 (should be easy in a few days), you won't have time for 79 unless you have those days off since it's so much memorization.
Hard to do if you don't have time off. I studied for the 7 (I think now 79?) in 3 days but that was during training and I basically had to lock myself up in my room with no sleep the entire time.
Sorry a bit off topic, do you need the 79 if you have a 24?
Thanks, I got the 7 in 2007 with the 63 and 65. Just got the 24 a little while ago.
Most of the people at my firm took this exam while getting crushed... it just means you pull an all-nighter for work one night and an all-nighter studying the next night. Also try to schedule the exam on a Monday so you can tell your group you're devoting the entire weekend to studying so eff off.
If you spend several intense nights studying you should be ok. Generally accepted methodology is to keep taking practice exams until you score 80-85ish and then you're good to go.
And I don't know about your firm but its pretty ridiculous to fail these exams. You'll likely be ridiculed behind your back and/or to your face, you'll be deemed completely retarded and people in your group will generally be embarassed by having to be associated with you. True story. I mean its not the end of the world, but its pretty fucking humiliating and a real black eye on your reputation.
^^^ Agreed, especially when others in your firm are passing and you fail. Happened where I worked to a colleague when I had passed it easily just a couple of weeks earlier.
Half of the 79 you'll know through basic common finance and industry knowledge but the other half is tedious knowledge of securities laws that's very difficult to bullshit.
I've heard of a lot of staffers who see recently hired senior bankers pass the 79 on limited studying and think, "Well golly, if rainmaker with 15+ years of deal experience can pass it with limited studying, fresh-faced 20-something analyst should be able to!" Your staffer will then crush you mercilessly. Make sure he allows you at least a few solid chunks of time to study.
I do know of several at my firm who are very sharp, but were given no leeway from their staffers. They failed their first attempts. Marcus, I agree with you to an extent -- I wouldn't say that failing the 79 is an outright reputational taint, but failing the 63 makes you look retarded. FWIW, I know someone who did fail the 63 on his first attempt. Don't be that guy.
Reality is... you fail it and everyone points and laughs... which makes anyone in yout group embarassed that you are in their group and failed... and makes everyone else glad "the idiot" isn't in their group.
From everything you've described about your office, it seems like you work w/ the biggest dickheads on the street. And why is everything so fucking draconian with you? I can tell you exactly what'll happen if I failed the 63, other than compliance consequences, nothing. No one gives a shit, and if they call me a retard behind my back because of it, they probably thought/think I'm an idiot anyway.
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