Series 7 Questions (not test questions)
I am taking this test in 2 weeks and have had only 2 weeks prior to study for it. So I mainly have two questions for everyone here. What are some hints and suggestions to pass this grueling test? Does anyone really care what you get on this test?
Will anyone care that I just passed with a 70 or do they just care that I passed the damn thing?
If you get a 69, it's the equivalent of getting a 5. If you get a 71, it's the equivalent of getting a 99. No one will ever care what you score on the test, you just have to pass.
I got an 82 on mine and got made fun of for studying too hard. You'll be fine, it's just a lot of pointless memorization. I found it really helpful to do one or two sections a night, then take practice tests on that chapter, but I'm sure that's nothing revolutionary.
Good luck!
nobody will care if you get a 70 or a 100. tips and suggestions would be to not use the series 7 for dummies book. whatever books your sponsoring firm provides will be sufficient. (dearborn, kaplan, etc) if you had 4 weeks to prep for it and have been studying then you will be fine. just do lots of practice tests and really understand bonds/options concepts. i took the test in 2005 so i don't know what the weights for each section are now. good luck.
I'm looking forward to the day I get to take the 7! Have fun!!!
Yea the firm gave me Kaplan, I have already read through it once and done all the practice questions. I just started my second run through (taking notes this time) and I plan to do another one before the exam. And it seems that bonds and options are the two heavy subjects to hit on. Should be a fun time haha. I'll let you all know how I did.
Does anyone fail this test?
It actually has a fairly high fail rate. Most people who are smart enough to be going into Investment banking do not fail but I know of 3 people personally that failed it. They are not the brightest people but it is a long arduous test that requires a lot of memerazation. So yes, people fail this sucker but for the most part those with drive and intelligence do not.
a girl/woman in my team failed twice and taking third time next week. I have started studying for this last weekend and planning to take it in the last week of July/Early August and along with 63.
People definitely fail it.
I think I studied 2-3 days...pure memorization and passed .
Just took it less than one week ago. It is not that hard, although I did barely pass (74%). Nobody really cared about the %, but i did feel some hostility that i did not get a higher score, given that everyone i work with did. That said, I have it and that is what matters. BTW i am in ER, which has a relativly more academic feel than banking, or so i have heard. Anyways, I had the STC materials, which are supposedly the best. I read through ~80% of that, which was a pain. I took 8 out of 14 avaliable practice exams, scoring ~68% on new ones and 85%+ when i re-took ones i had taken a week ago. I did not feel confident at all going in, and almost lost it after the first half because i though i was not going to pass. At break i grabbed a red bull and made myself pull it together. I did much better on the second half.
Study hard, it is a pain of an exam. Not hard--but you do have to study. My best advice follows, and you have probably heard it before. On exam day, answer the questions LOGICALLY. I feel like the test is there to see if you are smart and if presented with a situation, you can determine what to do.
2nd best advice: Learn how they do the option problems, really ever other ? had to do with calls, puts, debit spreads, credit spreads, bull spreads, bear spreads, straddles, collars, etc. Learn the ones i just wrote at least.
I know you are likely strapped for time, so really focus on as many practice exams as possible. I probably would have failed if i had taken 7 practice exams instead of 8 and probably would have done 5% - 10% better if i had taken 10 or 11.
Anyone can feel free to ask other ?s, ill check back soon.
Agree with sk8. There is a ton of material on this exam, so do not be fooled by your coworkers cavalier attitudes towards this exam. You see, everybody knows the material isn't difficult. It's just memorization. But it's a ton of memorization, and you'll be quite pressed to find study time once you start your new job at the firm that sponsors you to take the exam.
You will be under tremendous pressure to pass this thing, and believe me when I tell you that your MD won't really give a damn that you need to study. And people will tell you to study on the weekend - but you're in the office til 2am updating models.
Anyway just figure out how to do the option questions cold. And know munis cold. Those subjects are heavily tested and knowing them will put you in an excellent position to pass this test.
Read the book, skimming if it is taking too long. And take as many practice tests as you can. Try to take online questions that allow you to see the answer after every question. This really helps reinforce the memorization of so much arcane trivia. If you are just joining a firm now, you should find out if your firm will help train you. If so this is a huge help especially if you have already taken the time to familiarize yourself with the material in the book.
If anyone has questions about the Series 7 exam, fire away.
Thanks Sk8 and Southernbelle. Your advice is a great help! I am about 2 weeks out from taking the series 7 and though I do not find the material difficult i am a full time student in my final semester and I am studying for the series 7, so I have a huge amount of information floating around in my skull. What i take from your comments is that memorization of key concepts and really understanding Options is vital to passing. I only have the Analysis section of the Pass Perfect guide left before i spend all my time on practice exams.
One comment I would like to make is that i see a lot of people laughing and poking fun of those that have a tough time or fail the series 7, are these people just arse holes or is the exam really that easy? Based upon my practice exams an incredibly thorough understanding of all regulations, options, and mutual funds is required. As i said i'm one chapter away from being done with the guide and I feel as though I have forgotten what i learned in chapter 1. I'm hoping the practice exams will help identify what I really need to work on and what i can brush up on if i have time.
I'll let you know how I got on. =)
I took the series 7 a couple of years ago, failed it. Now I'm at a new firm studying to take the exam again. Does anybody know if this new firm will be able to see that I had previously taken and failed it?
I'm worried that they will find out and will NOT be happy about it.
And for those of you who have never taken the exam, dedicate some time to it! It's not hard but it's mostly memorization. I just did not dedicate myself enough time to study for it before and now I don't want to jeopardize my new job by that mistake.
Thank you!
Know your options cold. There are a ton of options questions on the test, and they will be exactly the same as practice questions you work on. Even within the exam, the options questions will seem repetitive. If you're comfortable with that topic, you can literally get 100% on those questions, and that just gives you more room for error on some of the other mindless memorization sections.
Last-Minute Series 7 tips? #Grind (Originally Posted: 10/12/2013)
I test Monday. I've read Kaplan's book cover to cover over the past 4 weeks and have taken about 10 practice tests in the past 5 days while working full time. I started with high 50's, quickly moved into mid 60's, and now i'm scoring mid 70's with the occasional 68/69.
I plan on taking another 10 practice tests this weekend (qbank tests are 125 questions weighed). I want to be consistently hitting 80's before i test...I hear with Kaplan if you can hit 80 a few times you are good.
ANY input on test day tips, kaplans 7 reputation, the new Series 7 exam, and the possibility of "burning out" is very appreciated. I'm worried that I am cramming/relying too much on the qbank tests? Anyone else just cram tests and pass no problem?
sidenote: I used Kaplan to pass the 63, couldn't beat 76 on practice exams and scored 84% on the actual exam.
Just remember: anything above 70 is wasted effort (I studied my balls off for a month and got an 88).
I'd hit Empire stockbroker's (http://empirestockbroker.com) website and get their online practice tests.
I'd remember that the test is a joke, and in the off chance you fail you can just retake it until you pass...and its a joke.
If you are getting anything close to 70 you are fine. Don't kill yourself this weekend but if you want to take a few more tests on saturday go ahead. Sunday you should just relax. No marginal benefit at this point for grinding it out this wknd. You know the subject matter as much as you will need to know it for the exam and you won't be be making any breakthroughs at this point, besides i'm pretty sure by now you have a handle on how to take the exam.
Don't listen to the guy ^ that says if you fail just take it again. You will become the laughing stock and will start off on a very wrong foot if you fail.
Power through those test this weekend as you planned. Then sleep well, wake up and relax. You'll be fine. Stop over thinking it.
Didn't read the book, crushed all the qbank questions. Started out getting 50s and got 80s by the time I went through them all. You'll be fine.
You'll be fine
I didn't take any more tests over the weekend, partied instead. PASSED BY ONE POINT hehe phewww. Thanks for the help!
You over-studied by one point too much.
Sounds like you're overstudying, 10 practice tests? Get to the point where you're hitting 70s consistently and you'll be fine.
Congrats!
To OP...you should be fine. Get rest and eat before the test.
I have one; don't hash tag your thread like a retard.
Series 7 advice (Originally Posted: 04/24/2014)
Getting ready to take greenlight, actual test in about 45 days. I'm currently using STC and Series 7 for dummies and scoring in the mid 70s-low 80s on STCs with the exception of test 13 which I just scored a 69 on. Based on my timeframe how close am I to being prepared to pass and will these materials be sufficient enough on their own?
You should be fine. Keep taking STC practice tests until you're consistently in the low-80s. The practice tests are harder than the real test. Just keep refreshing yourself on key concepts regularly. 45 days is a lot of time, failing would be pretty embarrassing. No pressure.
Thanks. I'm getting a lot of mixed responses from people in the industry, some saying the actual test is way harder and some saying "some of the questions on the actual are so easy compared to STC it's laughable."
zero pressure...you'll only get canned if you fail
I was scoring around the same on my practice tests from STC. Gave up the tests and went back to the material about 3 weeks before my test as i was starting to memorize the questions and didn't want to be intimidated with a new set of questions. Ended up with a 91 on the Series 7.But it all depends on how you learn, i would rather study the material then the practice tests.
Series 7 Prep Time. (Originally Posted: 06/14/2007)
How much time does a fresh new analyst need to study and take the Series 7? Is 1.5 weeks enough for them to take a class, memorize everything, take a couple practice tests & pass it?
eom
My firm gave us a one week course. The first day they gave us a practice exam; I got a 38%. The teacher told me I should postpone my exam, I disagreed because a 38% on the first day with no studying is fantastic. All I need is a 70%, I'm over half way there already! Anyway, I studied a bit but mostly just took exams and kept reviewing answers and one week was sufficient to get me up to a 74% in practice and an 84% on the real thing. I disagree that it is stuff that you might already know from school - lots of compliance and regulatory stuff.
i couldnt come across one thing i didnt already know, and im a second year undergrad
the series 7 is not nearly as demanding an the CFA. take 2 weeks just to be safe, do a lot of practice tests over the weekends, and you should be fine.
Take all the practice tests (10+) after reading and you'll be fine. Whatever time it takes to do that...
Upcoming Series 7 (Originally Posted: 10/08/2015)
Hey all,
I'm taking the Series 7 next week and have been studying the materials provided by STC. I just took the closed book 12 exam (last one) and got a 75, I'm told that's a bit harder than the actual exam. I've been scoring upper 70's to low to mid 80's on the practice exams and am not sure what else to review before the actual test (I've taken a bunch, and am afraid I've been memorizing questions). Any advice on what concepts to focus on and what to drill down on the last week would be greatly appreciated. Thanks!
It looks like you are in good shape. I did the 7, 66, 86, and 87 and passed all the first time. I don't say that to brag or anything like that. I say that to convey that these are very passable exams, some just take a little more time than others but all are pretty straight forward in my opinion.
With the 7 specifically, I also used the STC material. Did you read the book or use the online slides and recorded lectures? I did not read the book as it is too long and boring. I just used the lectures and the slides, and studied those for about 2 weeks. If you haven't studied the slides or done those lectures yet then I'd suggest you do those for areas you think you need to review.
Getting high 70s to low 80s on the STC exams is a very good indication of success on the actual exam. I'm not promising that you will pass, but if that is what you are consistently scoring then given that I felt, as you mentioned, the STC exams are harder than the actual one you will be fine.
Just relax, don't rush yourself even though the exam is boring and I know you'll want to get out of there asap, and I'd suggest using most of the allotted lunch break to take a breather between sessions.
Thanks! Yeah so my firm only provided a book and an online testing type thing through STC. So I skimmed the book and have just been doing practice tests since, because I heard that was the best method. I'm reading notes on a word doc in between tests.
Series 7 - how many hours of studying? (Originally Posted: 03/26/2008)
Straight out of B-school, how many hours of studying to pass? What are the best study materials? How does this test compare to the CPA, or other licenses?
study a weekend and youll be ok. (20 hrs or so). just buy a book and memorize and take tons of practices. its harder than the 63 (never took CPA so cant compare)
I studied for 2 weekends before the test. I used Securities Training Corporation study materials, they have 10-12 practice exams which are helpful. Read the book and then take as many practice exams as possible. It's a numbers game, there are definitely more questions on option strategies and other sections (this information is in the study material) just make sure you focus on those. Good luck.
speaking of STC, don't take their live online lectures, i'm in one right now and its a total waste of time.
------
"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
at least I don't have to feel as bad for missing all my online classes
You can't do this in a weekend. There is just a boatload of material to cover and unless you can read and absorb the book in 48 hours you're wasting your time. Realisticly, if you devote 8-10 hrs a day, you can do it in 2 weeks. The biggest issue is having so much to cover over such a short time.
STC is your best choice in study materials. They have been doing this for so long, they just excel at securities training. Live classes are the way to go if you can, don't do anything with the online. Nothing beats real interaction for this kind of test prep. Also, read the book before you take the class. That helps too.
That said, the S7 is the hardest Finra test there is becuase of the sheer volume and breadth of the exam. 260 questions (250 counted) broken down into 2 3-hour sections is daunting. I can't compare it to any other license, working on the CFA at the moment so once I finisht that I'll compare the two and let you know what I think is harder.
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