Made this account just to ask this, but how bad is it starting as a first year IB analyst having failed the 63 and 79? I know I have two tries before getting fired, which is also terrifying, but on a scale of 1-10 how dumb is my manager going to think I am?
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your manager is going to think you're pretty retarded
i mean, how do you fail these lol
I got 90s on every practice exam, I just blanked when I got to the testing center, thanks though lol
there are content outlines on the FINRA website for all the test they offer. I would recommend knowing everything on them prior to walking into the exam again.
Pretty terrible first impression. It's not about being dumb - these exams just take studying. Most of it is just familiarity and memorization.
I've met three people so far in my career that failed these. One was a rockstar Associate who started working already and just didn't get the chance to study from being overworked. One was a fresh MBA grad who was a terrible associate. Last one was a bottom bucket analyst. None of these three failed the second time. I'd study like my life depended on it.
Oh no, yeah I'm going to get a second review book because I already did the tests in the first, hoping not to be the bottom bucket kid I'm just bad at taking exams
Also just out of curiosity how did you know those people failed? I haven't told anybody so I was wondering how people could find out
Most people take the exams together with their entire junior class during training, so you know right away who passed and who didn't. There's no point hiding it because you can look at FINRA Brokercheck which shows the exam dates when you passed.
Also word will get around pretty fast when someone doesn't pass. However, I wouldn't worry about it. Only focus on what you can control - which is doing a good job when you hit the desk and practicing well for the next exam. Nobody will remember this if you're a great analyst and pass the next time.
What were you getting on the Knopman practice exams/benchmark exams?
I knew one analyst who didn’t pass the 79 back when I was an analyst. He didn’t study much and failed the second time. He was fired that day from our BB bank. Couldn’t believe how careless he was. In hindsight investment banking wasn’t for him probably.
Depends on if this is actually indicative of anything about you as a person, whether that’s intelligence, work ethic, etc. If there’s any merit to that idea, then it’s naturally easy for people to try to draw parallels and identify patterns so this could compound some notion that you’re not good at the job. However, if you prove to be a great analyst I’m sure that’ll be quickly forgotten. Anomalies happen, and are pretty easily identified and discounted.
I graduated with a 4.0 it is definitely not indicative, I was just so nervous for the test that I blanked, hopefully they don’t see it as more than a fluke
Not trying to put you down, but please don't assume people will think you're smart just because you graduated with a 4.0. It really means very little in my experience. (title is out of date btw, currently working in FO at a bulge bracket).
Are people saying this is bad because he failed BOTH 79 and 63, or because he failed an easy exam in general?
I am in a similar boat except I failed 63 (already passed 79 and SIE) and have my second attempt scheduled in 30 days. I had created a thread about a week back and people seemed to think that it was alright as long as I passed the second attempt - but seeing the expected reactions based on comments here is making me worried again.
I thinking failing 1 is whatever, failing 2 shows you don’t care because you didn’t learn from your mistakes.
Honestly if you fail one but pass the other it's not a huge deal. Failing both is more concerning and will reflect poorly on you when you start.
It’s not the worst thing, but definitely isn’t positive. Failing the test, it’s mostly memorizing material so if asked people will assume you slacked off or didn’t study. You can just say something happened the night before which caused you to not be able to focus at the exam. For the next exam, study extra hard (or else obviously, and you’ll be fine.
Good luck!
To answer your question in a roundabout way....I'm not your manager so I can't speak to whether he/she will think you're dumb. I'm just happy I'm not your manager.
Joking aside - not a great first impression but your work on the desk counts for more so make up for it there.
It’s not a great impression but time heals all wounds.
I had a buddy in my analyst class fail the 7 twice and he was terminated so study like the world is coming to an end.
Ideally your group makes that the priority as studying while working these hours is awful
How much you pull in a year big dawg?
I failed the 79 the first time I took it but another guy also failed it and we were both being crushed on deals so we kind of got a pass from everyone as it was understandable, mind you this was also before the 79 was broken up with the SIE and the 79 was a 5 hour torture fest, so failing the 79 might be less excusable today. Failing the 63 is pretty bad though, that's generally considered to be a very easy exam.
If you have a non-financial background (majored in something totally unrelated in college), people would get it as you might need more time & preparation. 
If you do have financial knowledge, that just means you didn’t study or didn’t manage your time to study well. Looking bad either way but would not kill you.
Don’t fail the second time tho. Do the Knopman practice tests and only take official exams when you are ready (meaning you scored way higher than benchmark). Don’t rush it - not worth it.
Getting 90% on practice tests and then failing both is kinda nuts to me. Are you using Knopman Marks materials? If not, use them. Even if it comes out of your own pocket.
You are far from doomed to a life of mediocrity because of this just don't fuck it up twice or else you will be put in a super tough spot (for a short time - but you'll figure it out).
My recollection of the 63 is that you should easily pass if you know that fraud is bad.
Currently preparing for the S63 and from just taking the practice tests, I feel like it's really based on what my 'gut' is telling me the right answer is and some common sense. Is this what it's like for the real one? Using Knopman but they seem to be using Kaplan's QBank. Would appreciate any insight here. Thanks!
Failed the 63 and going to a MF. Nobody cares lol. If you actually studied hard for it and failed, that's a different story..
Not the end of the world but expect everyone in the office to know, the word spreads fast unfortunately. Just don't fucking fail the second attempt. It's also hard to believe that you were testing in the 90s and failed... what test prep are you using? I found that materials like Knopman has harder tests, which made the real test look like a joke. In terms of the bad first impression part, it will last for couple of months, but as long as you have good work ethic and deliver good deliverables, you'll be fine. Just keep your head up but also bust your ass to recovering your reputation within the team. Good luck!
Yeah I’m also gonna call cap on that 90+ scoring— it’s actually quite hard to get that high on the practice tests and if you do you’re gonna pass. Unless OP had some sort of mental breakdown at the testing center which would be more important to address than studying. If that’s the case OP, I recommend the mindset for your second test of “it’s just a job and if I fail this maybe it’s the cosmos giving me a sign that banking isnt for me. The hours suck anyways.” Which will keep your head even and stop you from hyperventilating. You just need to keep your mind rational for these tests and you’ll pass. If the 90+ scores were cap, and it was more 70s range, then yeah you just need to study dawg.
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