How to Pass the Series 7 Exam

If you are reading this post, you are most likely preparing to sit for the Series 7 exam. First and foremost, I made this post because I wish it existed when I was studying for the exam. For me, the stakes were very high - pass the Series 7 exam on the first attempt or lose my new wall street job in nyc. When you are in a position where you job is contingent on passing, I highly suggest you take every precaution to pass because I have now seen multiple new guys get fired because they missed passing by a point or two. Regardless, if you are like me and need to pass this exam without any doubt on the first attempt you can do it!

FINRA series 7 exam study materials

I wish I could tell you that there is a simple way to study quick but the only way to ensure you are going to pass is to:

  1. Study relentlessly
  2. Do every practice problem you can - when you have done every single practice, do them a second time, do them a third time, in fact do them as many times as humanly possible up until your test date.

Here is my method for studying for the exam and I am 100% confident that it will work for you if you do it. Many other people on this site recommend shortcuts like skipping the book and going straight to the problems but again if you are like me and NEED to pass on the first attempt this will work for you - even if you have no work experience and minimal securities knowledge. My timeline was 3 weeks, hopefully you have as much time as I did.

How to Ace the Series 7 Exam

Use the STC Study Guides for the FINRA Exam

Step 1: Get the STC materials with the study manual and online practice problems/exams. Read the entire book - yes this is tedious, it is 24 chapters but you will really be prepared. The STC online question bank breaks out each chapter with by specific exam questions. After each chapter - try 20 or so exam problems related specifically to that chapter. If you are getting the right answers easily move on, if not do more problems until you get them. Continue this method and finish the book as soon as possible - you are just getting started. You should put 1/3 of your time towards completing the book and 2/3 towards the steps below.

Practice Series 7 with Practice Book Exams

Step 2: There are 12 open book practice exams - 125 questions each. Start with exam one, it seemed that they get progressively harder as you move from exam 1 to exam 12. The open book format provides you the correct answer and explanation after you do each problem. Be sure to understand the underlying concepts - dont memorize the question or you cant replicate what youve learned on the real exam. Take all 12 exams. Dont worry too much about your scores as you are learning but strive for the 70%+ range.

Step 3: There are 12 closed book practice exams. These are the same exact questions as from your open book problems but in a random format. You may or may not remember the questions answers from before - I promise you that after the first 12 open book questions (1500 questions) you wont remember all of them. Again on the earlier exams dont worry too much about your scores still 70%+. By exam 8 or so you should be scoring a bit higher - around the 80%. Take every exam and learn the explanation behind each answer.

Do not think that because your score is starting to go up that you can stop studying. The biggest mistake people make is getting comfortable and cutting back on studying because their score is going up. If you dont do practice problems every day - you will forget - "use it or lose it."

Series 7 Study Guide for Dummies

Step 4: At this point, I picked up the Series 7 study guide for Dummies from a bookstore. I know it sounds ridiculous but its actually a great SUPPLEMENT. I stress supplement because this highlights some of the major topics on the exam and helps to clarify concepts that were presented the STC book (boring) and explains them in a more easy to understand format. There are more practice problems throughout the reading which keeps you engaged and reinforces your learning. You can google it on Amazon - it has a bunch good ratings on Amazon so dont just take my word for it. Some of the info is a tiny bit out dated but overall it is a great reinforcement of important concepts - and if youre job is contingent on passing you can take all of the help you can get. You can read this during Step 2 or 3 above to break up all of the practice problems you will be doing. I read the whole book in a day - its a very light read.

Kaplan Practice Problems

Step 5: After I had finished open book exam 1 - 12 and closed book exam 1 - 12 from STC. I bought the kaplan practice problem set off of their website for $120. This is a question bank similar to STC of 3000 questions. The kaplan problems are tough - they will over prepare you for the exam - which is good, you want to pass right? The STC problems are more on par with what you will actually see but if you can do the kaplan problems and consistently score in the 80% + you will ACE the Series 7. With my schedule there was no way to do all 3000 problems or anywhere close but I did as many as possible right up to the exam.

Final words of encouragement:

Keep your head up. You will pass this exam IF you study relentlessly. I am sure the wall street oasis community will agree that I over-prepared for this exam but with my job on the line I really didnt want to leave even any doubt at all that I would fail - and I passed with an extremely high score with above 90% in every topic on the exam. If you are like me and want to make millions of dollars on wall street you have to put your time in so suck it up, get out your study materials, turn off your cell phone and do work. Study hard and you will pass. Dont take any days or nights off. If you get discouraged, think about your future vacation home with 4 car garage and yacht - why else would you be in finance? Best of luck to you.

Preparing for the Series 7 Exam?

Be ready to nail it with our comprehensive series 7 guide.

WSO Series 7 Prep Course Here

Comments (109)

Nov 28, 2008

i dont know what could get you up to par that fast
some of the material is tedious (account opening, legal issues etc...) but if you have been on the technical side, you should know most of the option/bond items which cover the majority of the test.

Other parts are basic economics.

Ill pm you some resources.

    • 2
Jul 17, 2009

All you need is the book offered by FINRA, or the cd-rom tests and practice problems. I skimmed the chapters, and took paper tests - passed 1st try. Two of my colleagues just used the cd-rom to take practice problems and exams and both passed. A lot of people freak out about it, and while it is a lot of material, it isn't a terribly difficult test, it's just mentally draining since it is so many hours long. Get the FINRA materials, and rock it.

IBanker
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    • 2
Mar 29, 2010

http://www.passperfect.com/
Dearborn is pretty good also. You can get either on Ebay for a decent price.

This is what the firm provided me when I took mine. Out of curiousity is your firm sponsoring this or are you doing it on your own?

Dec 28, 2010

Skim the material, take as many practice tests as possible, study munis and options. Done

    • 1
Jun 22, 2012

You must be sponsored by a FINRA member firm to take the Series 7, in which case they SHOULD provide you with study material.

Nonetheless, you should check out http://www.investopedia.com/professionals/series7/...

    • 1
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Mar 27, 2013

Kaplan, gives you enough information to pass but doesn't go overboard like PassPerfect

    • 1
Best Response
Oct 11, 2013

lol wut, it's the Series 7 bro...

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Oct 18, 2013

I used STC. Skimmed the reading and did a lot of exams. I felt that the practice exams were good prep and a lot harder (or more confusing) than the actual exam. If you're consistently scoring 78% and above, then take the exam. You'll be fine.

Oct 31, 2013

Success is often achieved by those who don't know that failure is inevitable.

- Coco Chanel

Apr 11, 2014

Can you see how your overall is broken down? For example how did you score on debt, analysis, reg's? I ask because I'm not that familiar w/ stc, and am unaware on the QA part. For example, there are not a lot of options, not a lot of section K5 (order entry/execution) type questions, but extremely heavy on debt (govt/muni), regs, KYC, & suitability (not heavy, but not light either). If you feel really comfortable re: debt, regs & KYC scoring in the high 90's on them, you'll be fine w/ mid 70 scores on everything else. If not, break out the books again.

May 28, 2014

Well, I passed. (!) Didn't think I would. Clicking that Exit button on the test screen was the most panicky moment of my life, though.

Aug 27, 2014

Hi, I have previously passed my Series 6,63 and 65 with Kaplan in past years and have recently been hired at ML to get my Series 7. I have to use a software program known as Firesolutions and am finding that the method of study is not working for my retention as did Kaplan. I am reaching out for advice on any suggestions anyone may have on the best material to prepare for the 7. I have been studying a solid 8 weeks and have struggled to get a green light at Fire. I find its subconsciously natural to memorize questions with Fire, even though you may not realize it, where Kaplan, the Q bank is so large its impossible to memorize. That being said, Fire is great as the final exams feel like and mimic the actual exam, I don't feel I am retaining the concepts as I need with this program and am concerned on the next step to move forward. Please advise with any suggestions or has anyone had this same experience? I want to go back to Kaplan as I know that has worked for me int he past, but I am forced to use Firesolutions by my company. I called their trainer and she didn't say much other than your scores show your good, but when you take the proctor, you are shy 5%. Feeling frustrated as everyone retains info differently....any suggestions greatly appreciated!!!

Apr 27, 2015

You're fine. You only need a 72 to pass and most people I know do better on the actual test than their practice tests.

I would agree with you, but then we'd both be wrong.

May 28, 2015

I think it's a bad move. You do NOT want this to happen to you, you can miss out on MILLIONS. When you start your career at a major firm like JT Marlin, you'll be sat down in a room with a bunch of other trainees. The firm's head recruiter will ask "has anyone here passed a Series Seven exam?" You'll raise your hand and say "I have a Series Seven license." The firm will say "Good for you. You can get up and leave. We don't hire brokers here, we train new ones. That's it Skippy - pack your stuff, let's go. Okay, here's the deal, I'm not here to waste your time. I certainly hope you're not here to waste mine, so I'm gonna keep this short. Become an employee of this firm, you will make your first million within 3 years. Okay, I'm gonna repeat that, you will make a million dollars, within three years of your first day of employment here. There's no question as to whether you become a millionaire working here. There's no question as to whether you become a millionaire working here. The only question is, how many times over"

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Nov 28, 2008

Just to be certain, your company has approved your sponsorship to take the Series 7/63 right? To register, you need to have your firm fill out the U4 form for you to apply to be a registered rep. A lot of the material is specific to the Series 7/63 (many holders never use the account opening or state specific investment advisor questions in the rest of their career). A week or two of dedicated study is sufficent to pass the Series 7/63. A month of part-time studying should be fine. If you study too early, you will forget much of the material when it comes to test day.

Jul 17, 2009

My primary concern is that most people have a far greater understanding of finance than I do when they initially start studying for this test. I'm an econ major, and as such, I don't have quite the finance educational background that most have going into this test. To be completely candid my knowledge of the finance industry is based primarily off what I can glean from my internships, cnbc, the WSJ, investing for dummies, and my phantom portfolio. With that said, I'm concerned about learning the underlying fundamentals, not just the advanced concepts present on the exam.

Mar 29, 2010

Don't you have to be sponsored to take the exam?

Dec 28, 2010

how long if i really push it? hoping under 3 wks, how many pg. is your manua? mine is 800 and 9 yrs old. is this bad?

Jun 22, 2012

hey thanks for the reply, but I was looking for some specifics in regards to the test material. I'm sponsored by the RIA I work for to take any of the exams but they dont have their 7's and dont know much about test materials. I want to get the 7 to add to my credentials so I was looking for some people who have taken it and could tell me what their firm supplied them with and if they liked it OR other people who bought material to study and then later got a job and sponsored for it. I appreciate the response though.

Mar 27, 2013

Better question: how do you practive IB?

Oct 11, 2013

Can't tell if serious

Oct 18, 2013

I agree with m90m28. Also used STC here, but I don't expect Pass Perfect or other companies to be all that different. The Series 7 exam has been around long enough for companies to model it pretty well. If you want additional comfort, check out Investopedia's Series 7 prep.

Oct 11, 2013

I failed most of the STC practice exams and just barely passed the 7

Aug 27, 2014
scott12:

How do I know If I am truly ready for the series 7 exam?

Have an IQ above 60 and study the night before the exam.

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May 28, 2015

a) Not sure why a hedge fund manager is pushing you towards FINRA licenses.
b) You need to be "sponsored" (aka employed) by a FINRA member (ie a broker-dealer) to take the test; are you?
c) I don't think having passed the Series 7 is really viewed as a differentiator; In my experience most employers just assume that new grads who need licenses will take the exams once they start and it's generally viewed as a pretty easy test
d) Taking practice test after practice test and then studying the sections/content where I had wrong answers was my preferred method of preparation; the content is not really all that difficult and the better preparation books mimic the question format very closely.

Mar 27, 2013
DaisukiDaYo:

Better question: how do you practive IB?

Haha. I don't know how i missed that

  • Anonymous Monkey
  •  Nov 14, 2015

Lol phantom portfolio

    • 1
Jul 17, 2009

advanced concepts on the seven...

/lol

Mar 30, 2010

Yes, I am firm sponsored. You've got to be sponsored by a FINRA firm to the write the 7.

Any others out there with an opinion?

I used pass perfect for the series 66, it was alright.

I have read on another site than many people prefer STC for study materials.

Dec 28, 2010

I can't say 100% any more, but when I took the test every question was a matter of public record. So you could buy a study guide with every possible question they could ask in it and just memorize the correct answers.

Jun 22, 2012

Theres gotta be people on here who have taken the 7 and used a particular study guide.....come on guys a little help!

Mar 27, 2013

Honestly just read the pass perfect book straight through, do all the questions and then look at the ones you did wrong and understand them and you are all set.

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Oct 11, 2013

Who the hell negged me? This kid spent more than an hour writing up a post about a retarded test that you can pass if you read the damn book and take a few practice tests. Absolutely no reason to go out and spent money on study material; your firm should provide you everything you need.

Oct 18, 2013

At this point just take the test. The practice exams are very very close to the actual one. I know that STC has people who take the exam contact their STC teachers and regurgitate as much as possible so they can further try to map out exactly what to expect.

Apr 11, 2014

Your scores should be sufficient to pass the exam. You might think you're failing during the exam, but all my colleagues and I scored highest on the actual exam itself. You shouldn't worry and good luck!

Feb 27, 2015

I scored a 91 on the Series 7 exam. The material on the exam is not difficult but there is a lot of material to get through and you need to know how to use your time. Make sure you are using solid review materials (not all are created equally) and have a good strategy for how to study for it.

There's not enough room to write all my thoughts about the exam here, but in case anyone finds it helpful, I've shared in great detail my approach to preparing for the exam on the website Personal Finance Insider dot com. I believe anyone could pass the exam on their first try by following a similar approach. Best of luck to everyone on their exam!

May 28, 2015

Thank you for your answers. I guess my boss telling me to get the license to have a job easily in other firms in general finance industry. I really don't understand how things work out to get a job in finance industry here as a foreign student. Since he says it might be a good opportunity to let myself be more qualified to get a job, I decided to study Series7. It seems like you guys are quite critical though. Since I have not much time for taking a test ( almost 3-4 months left), do you think studying with a book "Series 7 Exam for Dummies could be an enough material? I am not sure what other materials I have to have and study.... Anyone can give me advice for this? Thanks in advance.

Oct 11, 2013
HFer_wannabe:

Who the hell negged me? This kid spent more than an hour writing up a post about a retarded test that you can pass if you read the damn book and take a few practice tests. Absolutely no reason to go out and spent money on study material; your firm should provide you everything you need.

Agreed, that's a little ridiculous.

Jul 17, 2009

Advanced relative to my current stage of education/experience =)

May 25, 2010

is there some sort of bank where all series 7 questions come from or is the test different every time?

Dec 28, 2010

My advice to you is to read the STC book from cover to cover, not skim it. Pay close attention to the Muni and Options sections because those will be the most covered topics and know them inside and out. The Series 7 covers alot of material and the difference between passing it and failing it is knowing the breadth of knowledge they ask. While you may not know all the details about different account types and account opening procedures, actually thouroughly reading those sections will pay out in spades with the smaller topics that don't have as many questions to answer between both sections.

After you've read through the book, do every question in the book and then take all of the practice exams 3-4 times a piece and you'll be fine for the exam. When I took the 7, on my third pass through of the prep tests, I was scoring in the high 90s (95-98%) and was completing the exam in about 2 and a half hours. This definitely helped me for the real thing, which I ended up finishing in 2 hours, had no break in between (Long story short, the testing center was late to open, so they started us late and said we could skip the break if we wanted. I started the exam at 9:30 and was done entirely by 11:15 am), and got a 97 on it.

This exam is all about being able to read the questions and understand exactly what they want. The wording can be a bit tricky, which is why I highly recommend STC, as their exams are most like what you would find on the exam.

Mar 27, 2013

stcusa is good, read the textbook and take the practice exams. Also you dont need series 7, you need Series 79 + series 63. You need to be sponsored by a firm in order to take most of the finra series exams. no point in studying until you land that FT offer.

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Oct 11, 2013

If you can fog a mirror, you should be able to pass the 7 with little effort.

Oct 18, 2013

I used Fire Solutions when I took it and probably 25% of the questions were identically worded with identical answer choices. The series 7 is a joke and 3 weeks is plenty of study time, just sit for it.

Apr 11, 2014

Thanks for the input. Really my biggest problem is just SMV type of stuff... I know the basics... Just adding the reg t + CR = actual credit. I have a program that I break down the test by chapters and it's random on tests where I miss the most. Some on KYC, then won't miss any on the next but maybe the worst is margin... Then neither on the next and then trading non equities... That's why I'm getting nervous. I was told if I can score above a 80+ don't worry but easier said than done. Also was told not to study at all over the weekend and just take the test Monday but that just sounds like a really bad idea. Probably will do a practice test Saturday an review, then Sunday an review then call it good. Sorry for the bad post. Can't proof read since I'm on my iPhone. Appreciate the input.

May 28, 2015

First- HF's dont usually require Series 7's.
Second- Interns almost never are required (or even permitted) to take the Series 7. You have to be an employee of a FINRA sponsored firm- and as an intern, you are not considered an employee.

I would take a look at what type of firm you are getting yourself into. It appears that your English is not the strongest, so the 'boss' may be trying to take advantage of you- with promises of hedge fund experience.

And I agree with KPowers- the series 7 will not be a differentiating factor at the junior level.

Oct 19, 2013

Thanks all!

Just out of curiosity when did you take the test? They changed the test in 2012 right?

Oct 18, 2013
SMHA:

Thanks all!

Just out of curiosity when did you take the test? They changed the test in 2012 right?

Yes, they changed it Nov. 1st or something. I took it on Nov 7th, having studied with what was now outdated material, and still a quarter of the questions were exactly the same. There was a bit of stuff I'd never heard of, but even a lot of that was intuitive.

Studied about 4 hrs a day for a few weeks beforehand. 95%

Good luck

Jul 17, 2009

In that case, get the full FINRA materials - books and cd. Read through the chapters in the book, take the mini tests at the end of each chapter, then take some full length practice exams, and then move to the cd and start taking problems in your trouble areas - options, for example.

Dedicate a little bit of time each night to studying so that you don't completely burn out, and give yourself ample time to study all of the material. After you start going through the material and get a feel for your capacity, then set up a test date. You will be just fine - again, finance background or not, it's not a hard test, just a really long test with a lot of material (by hard, I mean trick questions, thought-invoking problems, etc - this exam is straight-forward).

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May 25, 2010

http://www.kfeducation.com/securities/series-7
kaplan always has good study materials

Dec 28, 2010

good advise but seems a litte extreme. my firm would be most impressed if i made a 71%. it would show good time mgt and there's no benefit from being an overachiever on the series 7

Mar 27, 2013

CBSWannabe: Thanks for the clarification

Oct 12, 2013

The intended reader is for someone who has NOT yet passed the 7, and as one of those I appreciate the info. Once I pass I'll come back and talk about how easy it is and how window-lickers can pass it blindfolded, but until then thanks OP

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Apr 11, 2014

Also, graduated with a wind energy degree a few years ago and 0 back ground in the finance world.

May 28, 2015

Once you're ready to sell, get the 7. You got the prospects comin' in; you think they came in to get out of the rain? Guy doesn't walk on the lot unless he wants to buy. Sitting out there waiting to give you their money! Are you gonna take it?

    • 1
Jul 17, 2009

Do not worry too much about your "current stage of education/experience." The Series 7 exam is all about self discipline and patience. The key is to sit down, read materials, take tests, go over your mistakes, and re-take tests until you start getting >70%. Make sure that you know all material related to options and munis. Back when I was taking the Series 7 exam -and that was 2 years ago - I had a lot of questions on municipal securities. At the same time, my friends had to figure out puts, calls, and option straddles. Shouls ya have any questions, send me a pm.

Good Luck.

Dec 28, 2010

The test is something like 70% options, so have them down pat. Also, the mechanics of the treasury market and different stock exchanges. I highly suggest the Kaplan study book/program. It's something like 400 dollars, you get a phenomenal study book and an infinite amount of practice tests online, which I found to be very similar to the actual test. 2nd above, you're not well-served killing the Series 7, just get the 70 and move on.

Jul 4, 2011

hi,
i am also giving my series 7 exam in a month.
wanted to knw, how much time is good enuf to prepare for the exam.
and also is there any question bank from all the questions come , or is it different every time.
also wat is the best study material, i should opt for?

Apr 11, 2013

I havent read Kaplan so I dont know much about it, but everyone speaks quite highly of it. I studied with STC material, and although it gave the basic framework, it felt short when it came to suitability of investors. The exam is HEAVILY positioned towards investment decisions. The questions in STC are quite old and not updated. I got two or three Muni questions, 70 investment decision questions, and about 10 or 15 options questions. Understand the material. It is no longer just about memorization as people suggested to me before I took the exam.

Apr 24, 2014

Just out of curiosity, what exams do new graduate analysts have to pass nowadays to start working in IBD? Series 7 and 66?

Feb 27, 2015

I scored a 91 on the Series 7 exam. The material on the exam is not difficult but there is a lot of material to get through and you need to know how to use your time. Make sure you are using solid review materials (not all are created equally) and have a good strategy for how to study for it.

There's not enough room to write all my thoughts about the exam here, but in case anyone finds it helpful, I've shared in great detail my approach to preparing for the exam on the website Personal Finance Insider. I believe anyone could pass the exam on their first try by following a similar approach. Best of luck to everyone on their exam!

    • 1
May 28, 2015

Okay, guys. Thank you so much for your comments. I just want to know how to prepare the exam. I am working in a hedge fund but there is a way I can take the exam. So I would like to know the right material I can have and study efficiently. I have "Series 7 for Dummies" book and old version textbook by NASD. Would these two books be enough for getting the license? Is there any other recommended materials? Thanks! :)

Oct 11, 2013
Matrick:

Just out of curiosity, what exams do new graduate analysts have to pass nowadays to start working in IBD? Series 7 and 66?

I thought it was just the 79 now for IB folks. I had to take the 7 and 63 for S&T, while I knew a few who also had to take the 55 since they were trading

Apr 24, 2014

I have no idea....anyone?

Jul 17, 2009

In my opinion, the Pass Perfect textbooks were pretty good.

Dec 28, 2010

Are you also taking a class for this? I took an STC class (as part of training). If you're taking a class, I suggest studying the class handouts as they're succinct. Also take 6-7 exams. Make sure you know options inside and out since a large portion of the exam comes from there. When taking the practice exams (my version had open book and closed book), do an open book exam first and read the solutions. Then take the closed book exam immediately afterwards to help with retention. DO NOT READ THE BOOK (maybe except to know options).

If you're not taking the class, do the practice exams and read certain parts of the books where topics are more heavily weighted towards.

Apr 22, 2013

Both STC and Pass Perfect are very good. Pass Perfect is more comprehensive than STC and has an excellent product called Smart 7 on the Web. This program includes all of their notes as well as their data bank of questions. The question bank uses a system that tests you on concepts until you know them.

Apr 24, 2014

I never hit 70 on any practice test for the 7 and 66 and passed both on exam day. Actually managed to get a 80 on the 7 despite not scoring higher than 68 on the practice tests.

May 28, 2015

To answer your question: Yes, those will be sufficient to pass the test. It is not hard. When I took it (15 years ago) I had no financial background, education etc.. just the book, and I got a 92. It not hurt you and you'll learn a lot in the process. However, if you pass, your employer would need to carry the license, if you work for one who doesn't, it will expire in 2 years...

May 28, 2015

I have an old version STC material published in 1998 and have most recent Series 7 for Dummies book.
Since I am a foreigner has a language barrier and have zero background knowledge about finance, is Series 7 for Dummies good enough for test preparation? I am studying by myself with the books by the way...

May 28, 2015

Thank you so much for your comment. I understand what I will need for exam and what step I have to take after. Since I found so many other materials such as a book by Kaplan or STC, I was not sure if I have the other books or not. My most purpose to study this is to get more knowledge about this industry and maybe have potential opportunity after. I have a fear about taking a test with zero knowledge of this industry and no finance background at all. But I think it is still worth to try :) Thank you!

Jun 17, 2015

No, the dummies book is meant as a supplement and not as a replacement for study materials.

May 28, 2015

Then what about the old version of STC Book?

Jul 19, 2009

Just passed this two weeks ago. My suggestion would be to ask around to see if you can get the STC study materials from someone working as an intern/analyst who recently took the test.

They provide some solid study material, but the key was to do a ton of the practice exams. I think the STC study materials provide you with 14 exams (7 full exams), whereas some of the other study materials look like they only give you a few.

Dec 28, 2010

I think Frieds advice is a bit extreme. When I did STC with the class, I didn't read the book. I took 6-7 exams and studied the class handouts. I got mid 80's. Your firm won't care if you get a 70% or 90%...maybe unless someone's placing bets.

Apr 22, 2013

All you have to do is buy the Kaplan questions bank and do practice tests until you're consistently getting over 80% correct. A lot of the practice questions are the exact same as the real test questions.

    • 1
Apr 25, 2014

I think most places are 63 and 79 for IBD. The whole purpose of the 79 was to focus the test on more relevant topics (M&A, cap raises, etc)

Dec 28, 2010
Alpha-Resistant:

All you have to do is buy the Kaplan questions bank and do practice tests until you're consistently getting over 80% correct. A lot of the practice questions are the exact same as the real test questions.

This is literally all you have to do. I can't believe people pay hundreds of dollars for classes to help them pass this test.

Apr 24, 2014
ai215:

I think most places are 63 and 79 for IBD. The whole purpose of the 79 was to focus the test on more relevant topics (M&A, cap raises, etc)

Are you sure that they killed 7 entirely?

Jul 17, 2009

Any chance you want to ship me yours? Hahaha

Dec 28, 2010

Over 50% of the test is Options, Debt, and Regulations. I only read the debt (took options in school) section and just took practice quizzes and exams for the rest. Granted I had the class where they went over material.

If you're taking STC or any of the other two major exam prep classes, I'd take quizzes in those three sections until you were scoring in the mid to high 80's on average (you should be able to score 100 on the options) and take a few quizzes on customer accounts/trading markets/new issues (so you have a baseline of about 60ish%) and then just take practice finals until you were scoring above 75. Skip analysis, equities, etc. If you have some sort of finance background you should be able to get the majority of those questions right anyway.

I took about 7 practice exams and my actual score (85%) was just about the average of my practice scores. I had some questions that were identical to my practice questions, and the majority were extremely similar. If you put in a weeks worth of solid studying (studying in the night, class in the day) you should pass easily.

Apr 22, 2013

Not sure why someone threw monkey shit at CBSWannabe because his information was perfectly accurate, though I would recommend Knopman over STC. Knopman has far superior prep materials to anything else out there. This is speaking for bankers who need to simply pass the tests to get their licenses without any bias as a preparation provider. Knopman is what I used when I took the 79...

xoxo

Dirk Dirkenson:

Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.

Apr 25, 2014

don't stress, your scores are fine. the 66 is tougher because of all of the odd regulations, the 3 is tough as well.

Jul 19, 2009

Took it + Passed it

I had the Kaplan book, read it over a couple times, google anything you are unsure of, and just use your common sense and think everything through.

I agree its not a hard test but I was ready to pass out after sitting there for so long....

Studied for appropriately 2 months.

Mar 30, 2010

STC for sure

Apr 25, 2014

Not 100%, i worked at a relatively small boutique and all we needed was 79 and 63. I can't speak for BBs and other places, but from what I understand, that is why they created the 79.

Feb 27, 2015

I scored a 91 on the Series 7 exam. The material on the exam is not difficult but there is a lot of material to get through and you need to know how to use your time. Make sure you are using solid review materials (not all are created equally) and have a good strategy for how to study for it.

There's not enough room to write all my thoughts about the exam here, but in case anyone finds it helpful, I've shared in great detail my approach to preparing for the exam on the website Personal Finance Insider dot com. I believe anyone could pass the exam on their first try by following a similar approach. Best of luck to everyone on their exam!

Apr 24, 2014

Interesting, thanks

Jul 19, 2009

I would if I could, but I passed my stuff to someone else already. Check craigslist or something:

http://newyork.craigslist.org/search/sss?query=STC...

Dec 30, 2010

The best series 7 tip I can give you is get a series 3. J/k

I used the STC when I took mine. The "take quizzes until you score 90's and above" might lead you to success. I dont know what your like under pressure because you can score 90's on quizzes and still fail the real thing if you choke. How the test is timed blaze thru all the questions you know right of the bat then go back and work the questions you need to think about.

Good Luck

Apr 27, 2014

You should be fine as long as you know options and know the rationale of why an answer is right not just rote memorization.

Jul 20, 2009

Took it this weekend and passed it. I also had the STC training materials. I thought it was benefitial to read through the material once over and then crank away at the practice exams.

Dec 28, 2010

what's the time limit/# of questions?

Jul 20, 2009

Take the STC tests. Use the first few to learn the concepts. That is, read the question, then the explanation and answer before moving onto the next question. The first tests are easier and the 6/7th one is probably close to the difficulty level of the actual exam. Use the middle and later tests as practice. You'll be fine.

It's not a hard test. It's easy to score in the 90s without working all that much. Just don't fail it. Failing it will put you behind the eight ball with many senior bankers, even though we know it has no bearing on your abilities as an analyst/associate. In tough times, failing the 7 can put your job on the line right away.

I actually had one junior banker fail the 63 once, an achievement I had previouly thought that was impossible, but he managed it. It confirmed in my mind everything bad I ever thought about him. Don't be that guy.

Dec 28, 2010

First of all, I do realize my approach was a bit extreme, but when you have 3 weeks to take and pass it or get handed your walking papers, a feast or famine mentality really sets in. By the way, both STC and FINRA have independently suggest that about 100 hours of real studying is required in order to understand the materials and pass.

All you need is a 70% to pass, and there is margin for error. There are 260 questions on the exam, of which only 250 are counted. Given the length, there are 2 sections, each with 130 questions with a maximum time limit of 3 hours for each section. You need to get a total of 175 questions right in order to pass.

Jul 17, 2009

Ah.... unfortunately none are for sale in my area (LA/Orange County).

Are there any cheap alternatives to the STC study guides? $260 is a little out of my price range. I was really hoping to put that $100 gift card to Barnes and Nobles to good use

Jul 21, 2009

GenghisKhan is back, YAY!

Jul 20, 2009

Thank you for the warm welcome back. The last year has been a bit... interesting shall we say. While we're hardly back to normal, I will try to poke my head in more regularly, although I may have to pick my spots.

Jul 20, 2009

If I were a bit closer to you, I'd be happy to have lent you my binders. Over the years, I managed to accumulate 2 sets for the 7 and 63, and one for the 24.

Dec 2, 2009

Where does one get the the FINRA materials as mentioned by BankonBanking?

Dec 2, 2009

Securities Training Corporation puts out a good Series 7 book....The exam is really easy, don't waste too much time studying for it

Jan 24, 2013

Im currently studying for the 7 and have an insane amount of resources. full online data base, unlimited tests, books, notes, videos.... I feel like they almost gave me to much material... my worry right now is that i am trying to learn everything on every page of this textbook. I want to make sure that i pass first try yet, am i possibly over-thinking every issue? Do i need to really know everything in the text books or is it more important to understand general issues and know the formulas? I have a month to study and I feel that, although i am putting in 4-6 hours per day of studying, I feel that i may not be using the time to the best of my advantage. Any suggestions? Thank you.

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