Hey folks, So I'm starting FT in BB S&T this fall. I have to take the Series 7 and Series 63 in August and I have two major questions:
Do I actually need to spend a significant amount of time studying to pass? I majored in Finance and Accounting in college and read the first couple chapters of the book my bank sent me to prepare and it all seemed like review (at least for the 7). Should I really read a whole textbook on shit I already know?
Does my employer see my actual score, or just that I passed? I would be a lot more motivated to spend a ton of time preparing if I thought I was actually being evaluated on my performance.
Thanks
It's the regulation specific stuff that's painful. Also, 63 is very regulation and code heavy which is something you definitely didn't cover in undergrad. For both, you should have a quick read through the chapters to make sure you are familiar with the concepts (there will undoubtedly be things you won't know. You will be surprised how little you have learned from your 4 years of "finance" major). And then just focus on the questions.
Both are easy exams. Your employer will see your score. The issue is you don't want to be the lowest scoring kid in your class (people never let things like that go). You especially don't want to be the guy who failed series 7 or 63 (and people definitely won't let THAT go).
Yeah the regulation stuff is what I'm most concerned about. I realize a lot of people may not cover everything in their undergrad curriculum but I did a ton of independent learning and took classes specifically helpful for the test (grad level derivatives class, grad level fixed income class, etc.). You're right though I'm already noticing random vocab I'm not familiar with (Trust Indenture Act of 1939 for instance).
Regardless, if my employer will see my score then I'll definitely try to crush the test just to look better. Thanks for the added motivation.
Most people don't learn about derivatives through their schooling that heavily which is on the test. So that's something you'd likely need to brush up on.
As ^ said, I'd definitely at least go through the material instead of just winging it, especially because the regulations is a big part of the exams.
No one cares about your score. Passing by 1 point or 20 points makes no difference....just pass it.
I would take a practice test and see where you stand. Some stuff will be review from college and other areas will be brand new
Don't read the book, it's useless. Just keep doing the practice questions until you consistently pass. Score doesn't matter, I killed both tests, all I got was a "good job son" from the boss. Did not translate into more money. 0/10 would not do again.
Here's the answer. Spend as much or as little time as you feel like you need to study and pass. I would recommend reading the whole Series 7 book. Despite the fact that you think you know the parts of the book already, the book will have the tidbits of legal and regulatory shit you should be aware of. And yes, your employer gets a copy of the score. They just care that you passed. That's it.
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