Just failed the series 7 by 2 points.
Well my worst fear ended up happening, got a 70 on the exam and I really studied my butt off. I won't have another chance at taking this again and unfortunately I will probably be let go because that's basically their rules. I felt really good going into the test, I was scoring 85's+ on the STC final closed books and scored 15 points lower on the actual test. Does not make sense to me. I felt like a lot of the questions were really easy to eliminate the 2 wrong answered but then would be stuck on the other two...
I have a question that hopefully someone can answer. I just recently graduated with a degree in wind energy(I know, not doing anything with it and unfortunately I fell in love with FA career after my college days). I have 0 experience in the financial world so I know that hurts me on the test but if I'm let go by my firm, is there absolutely no way to be able to retake the test being unsponsored? I don't mind paying the fee or anything so does anyone know of a route I should possibly look into? I was told to look at the U10 form.
you sure it's one and done? Most firms will let you take it twice or even 3 times before trying to push you away
100% sure.
Maybe this is a sign that this is not the industry for you. That is an easy test.
Yea, I also heard it was a easy test. Then some FA's looked at a practice test and started laughing that they've never seen half that stuff before when they studied.... I've seen a few people fail it while studying and they passed it on their second time with another firm. Also, I had 0 background in this before I studied for 5 weeks... Thought I'd do well since I was scoring 85's on the practice exams.
If this was for a financial advisor role, i would be grateful. Id find another finance role and retake.
Can you explain why trader? A lot of people bash financial advising and I don't know why. Here I have 2 friends who work for a great firm(only FA firm I know of here). They get treated so well and make over 100k( that's about 50k more than avg house hold here in my city, cost of living is great here!). What other positions would you suggest? My problem is I just do not want to have to go back to school for years... Then get paid peanuts for awhile... Then make good money. It's looking like no financial background = no good entry level jobs in this type of role I'd be looking for. Might look into real estate but hate the sound of no residual income. Commission doesn't scare me.
Keep your head up. May be you can convince them to let you go for round 2.
Don't listen to the haters.
Write an e-mail or call your supervisor / boss and or the CEO of the firm and explain your passion for the industry and how badly you want to work for the firm. Tell them that you'd love to have a second chance to re-take the test.
Worst case they say no, and you find a different firm and re-take. There should be plenty of wealth management firms in your town, assuming you live in an actual city.
I live in a city with about 500k people. I don't know if I can walk into a place and get hired with just a degree in wind energy. It will probably look bad that I couldn't pass the S7 also.
First: Quit moping around. That isn't going to help you do anything.
Second: Quit shooting down everyone's suggestions because they are hard or you don't think they will work. You are a newbie...that means everyone with a star next to their name has more experience than you.
Third: You aren't going to make it as an FA if this is your response to difficulty.
Time to suck it up, put your big boy pants on and find a way to get it done. Here's your plan:
As soon as you read this you should find your supervisor and do as @"CorpFinanceGuy" said: Walk right in there and tell them how much you want this and tell them you would like a second chance. You have to learn how to own your mistakes...especially as an FA. You are messing with real people's money and pussyfooting around isn't a good strategy.
You will never say "I don't know if...." EVER AGAIN about your ability. As an FA you are in SALES...that means you have to sell yourself. So, if you get canned, then you have to put on that suit, walk into every advisory shop in that town and sell yourself as someone that can make them a ton of cash.
The pity party is over. Time to get to work.
GO!
That is some real talk right there.
You sure they won't let you retake it at your current firm?
I wasn't moping around! I did call in and they just said sorry no can do because of how the payroll works out etc., I have 100% confidence in myself. I can sell ice to a Eskimo and I stole my grandmothers necklace once and talked her into buying it back from me WITH a trip to the ice cream store(ok, I made that up). I'm unfamiliar with the wealth finance companies. Especially in my town. Only 2 I know who does advising is EDJ and ML. I checked some banks for some opening and I had 0 requirements for a business,finance, economics degree. That's why I said what I said. I can't turn over a rock without finding the rock. That was my point to ask for suggestions on where to start looking. Only route I have is calling a friends dad who is a president of a bank to see if he will sponsor me. Hell, he might agree but he's the type of person who will make me sign a no compete letter and have me mop the floor everyday.
Ai215 - I had the FA who I was training with laugh that I missed mine by 8 questions until I told him they're going to a 0 policy retest because something happened a few months ago. Never told us the reason but stressed it was 1 chance. The lady who also just took it has a masters in finance and she got lucky. Missed exactly 70 questions and got a 72. We will see, lots of people on here tell me to stay away from becoming a FA and do some other investing but don't give a reason or even a example of what is remotely close to being a FA.
Beatae quisquam in possimus vitae sunt repellat minima. Nemo nam quas totam autem. Error et et et placeat voluptatem ut ea.
Omnis saepe eum maxime nesciunt. Et voluptate illum cum et. Labore omnis quia non unde quia modi. Quos in placeat consequatur amet earum animi et eos.
Aut magni aliquam possimus maiores voluptatem numquam. Totam vitae velit ut exercitationem ab delectus odit. Facilis aut quas sint minus. Tempore adipisci est quo nulla corrupti.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...