Series 79 - Nearing the end of my first year as an analyst
I'm nearing the end of my first year as an analyst at a bank and we're required to pass the Series 79 by June 30. What has everybody's experience been who has taken it? I'm studying the STC materials / doing the practice tests. Hopefully that will be enough. It's really hard to cram studying in between work though, so I'm a little worried. Any advice for studying / getting ready that anybody has I'd appreciate.
Thanks
they should of grandfathered you in through the 7
anyhow if you passed the 7, then getting high and passing the 79 shouldna be a major prob.
They didn't have us take the Series 7
there are numerous threads regarding the 79 -- search for it
79 study guides are avalia, but still in development. your firm should provide you with classes (STC, etc)
it is a mini version (made investment banking specific) of the 7. govt exam - bankers shouldn have a prob w it - study the exam questions should b fine
I have yet to see a good thread on this with someone commenting on what it is like actually studying for this exam / how many weeks you had to prepare / how many weeks or months into the job did you have to take the exam. I know what is on the syllabus etc. but can anyone please give an in depth review of how difficult this exam is and how long did it take you to study for it. Anyone fail it and does failing result in firing?
BUMP - appears to be missed
This exam.. let me start by.. the STC practice exams are not as relevant for the test as they should be!
I took the test today...and did not make the cut. The test - expect to see many tough questions in the exam...and I dont get it.. why the hell is this test score curved???
I studied crazy over the last week..sleeping on average 4 hrs a day! and still got screwed.
The STC pactice exams are 5hrs, 30 mins - the exam is 5hrs.. While taking the practice exams, your pace and style get used to the 5.30 mins and then your screwed in the end. And this is what screws you over the most, as the questions are hard, and then you spend a lot of time just thinking on them...I randomly chose around 10-15 to answers, as I was running out time on the test like CRAZY!!!
Anyone else, please throw some light on this test - especially if you took it and compare it to the other series, in the sense the materials on the test Vs provided and the exams and such.
The proctor at test center.. while I was walking out I asked her what has been the average result on the 79.. and she replied .."from what I have seen, most people are failing it "
Disclaimer: This is a personal experience, and don't mean to deter anyone's intentions or emotions or cause harm to anyone
I've taken it and passed it, but definitely is harder than people seem to give it credit for. Regardless of how hard you think you make it rain at work, a significant chunk of the exam is regulatory garbage that no one will know prior to the review sessions, and ultimately, will never give a fuck about.
Example-type Q: How long must a firm wait to issue a research report on a firm that it just participated in an equity issuance for?
a) 5 days b) 10 days c) 15 days d) 20 days
The answer is... I forget. And for this discussion, is irrelevant. The important thing to understand is that each possible answer is a correct answer to a different question, meaning the SEC doesn't give any answers that are obviously wrong. Apologies if this is confusing, maybe someone else wants to jump in and re-word or else I can try again at a different time. But you absolutely need to know the details on EVERYTHING, down to the exact number. Don't assume that because you know the answer for something is either 15 days or 20 days that youre good, because without a doubt both those are going to be possible answers to pick.
Also - STC material is overrated. They are in a unique, and fortunate spot, of being one of the few companies offering training on this. I searched a while ago for other study guides and came up blank. So regardless of what you have heard about them, get over it and just make the most of what they offer. The classes can be tough because the guys make things seem somewhat simple, so you leave them feeling confident, then take a practice exam and realize you didn't learn shit. Best bet - read the materials, word for word. Its slow, it sucks, there are few things that are more boring, but its what you need to do. Anyone smart enough to graduate college and get a position at an investment bank should be able to pass, but definitely do not take it for granted. Good luck.
Thanks buddy! that was really uplifting.. my compliance team is sending in a complaint, and I have asked for an update on the materials too.
Lets see how that goes, until then another 30 days of studying.
Great info guys, thanks. How far in advance would you recommend starting to study for the test? I've got the prep materials already from the bank but won't be taking the test until mid-August - on one hand there's value in starting early but on the other hand I feel like I'd forget it all by August if I started looking at it now.
Give it a month..3-4 weeks.. I didnt follow the calendar provided by the online system - which is to take the Practice Quiz first (on a Q&A format - allowing you to see answers after every question) Then take the Actual tests, and then do the tests, on each subject (chapter)
I did the subject test first, and then the practice quiz, and then the Final Tests.. can that be a reason I screwed up, I dont know.. but I think that sounds more logical..if someone can comment?
hows the knopman financial training guides for the exam? are the practice ones like the real exam?
Knopman is a stud for the series 7 and everything he taught was on the exam. Not sure how things will be for the series 79 given that it is pretty new..
Knopman makes S79 materials as well. I've found them to be thorough and well organized. And they seem to apply overarching energy to each individual client. No, i'm not affiliated. I've used the STC materials and I'm quite confident Knopman is the better route. I took the exam in Jun and missed by 1 question. After applying the kind of energy that should have had me passing, I saw questions on the test on concepts that I'd never seen before. That was unacceptable - and is a function of the materials I was using. Not suggesting a person won't pass with STC materials - but if one doesn't have base knowledge in certain areas, they likely will not pass without having seen the great bulk of the key concepts. I'm finding Knopman more on point. I read their book and recall that topics I'm now reading were on the test, but not in their competitor's materials.
For you that did not pass the first time, how did your group/bank react? Do you get to take it as many times as you need to pass it?
bump
No, you have 3 attempts or a certain date, whichever comes first, to pass the exam. That's the case at my bulge bracket, anyway.
i just spoke with some ppl from BB from harvard and upenn and both barely passed (
Has anyone actually been terminated for not passing the exam? When does the 2010 analyst class have to take the exam?
Yes, you will be terminated if you don't pass it by a certain date or after a certain number of tries, whichever comes first. Analysts will be taking the exam within the next month or so.
Masterg, how was the exam? I have to take it next month.
Just took the 79 and passed by a comfortable margin (high 80s compared to the passing score of 73%).
Key facts to know: - Passing score: 73% (this technically fluctuates since the exam is relatively new, but I've been told by a reliable source that the passing score has been a 73% almost every single time except once when it was 71%) - Question breakdown: 1. Collection, Analysis & Evaluation of Data - 75 questions 2. Underwriting, New Financing Transactions, Types of Offerings & Registration of Securities - 43 questions 3. M&A, Tender Offers & Financial Restructuring - 34 questions 4. General Securities Industry Regulations - 23 questions
Anyone who studied, knows, or has worked in finance should be able to nail Section 1 (>90% correct). This is also probably the part most uniquely relevant to the job of an Analyst or Associate (as opposed to your VP, MD, Compliance officer, etc.). Likewise, Section 3 might be new material for most, but is also very relevant to the job and is mostly intuitive. On the other hand, Section 4 is the toughest as the material is not intuitive (it's the specifics of various laws). The same is true of Section 2. Memorization is probably your best bet with these, and if you're like me and that's not your learning style...well, tough.
Overall, I'd say the test material is moderately tough (because of the number of securities laws and policies one has to learn) and the test logistics are somewhat tough as well. What I mean by that is that it's 185 questions (175 actual + 10 experimental, but you have to answer all 185 and you won't know which ones are real and which ones aren't) in 5 hours with no water or food. That's 37 questions per hour or 1 minute 37 seconds per question. Most people take the full time, though some people do finish in 3-4 hours. Bathroom breaks are allowed. It's taken on a computer GMAT style and the text can be hard to read at times because the whole interface has that old school software program look. The provided calculator is a dinky 4 function calculator and your "scratch paper" is a dry erase board with corresponding pen and eraser.
The exam, (like the job of a financial analyst, I suppose) has little to do with actual intelligence and everything to do with being thorough and well-informed. You could be the best and brightest at a top university and still not know that FINRA Rule 2810 covers DPP (Direct Participation Programs) underwritings and unlisted REITs sold to the public, and limits total organization & offering expenses to 15% of gross proceeds. I didn't know it before 79 training, and yes, I'll probably forget it in 24 hours. The material isn't hard per se; it just requires your time. Failing the exam may not get one fired, but for all those out there wondering about consequences, definitely think about what message failing the 79 sends to your senior bankers (assuming they don't know you very well already). My own conjecture: at a BB, I don't think one should reasonably expect to be considered for a top tier bonus if you fail the exam.
If you do fail, you can take it 30 days later. If you fail again you can only take it 6 months later. My thought is they'll fire you by then but who knows.
Also, I've never had to take the Series 7 or any other Series exam, so I can't speak to the relative difficulty or the specifics of how to navigate Compliance with regards to grandfathering etc.
I have to take it soon, but am wondering the proper amount of study time I need to devote to it. Did you take longer than a week for study prep before the test?
A week is plenty if you're focused. If you have a reliable textbook such as Knopman's, you're fine.
That's great info, thanks.
What kind of quantitative questions did you get? Were there any tricky ones or is it all pretty straightforward?
The quantitative questions aren't tough. The most complex one you'll have to do is probably a Fully Diluted Shares Outstanding calc using Treasury Stock Method. There's also WACC calcs, calculation of trading multiples, calculation of proceeds and fees from a public offering, back and forth between enterprise value and equity value.
I just failed my exam by no more than 3 questions I assume since I got a 72%. I am pretty dissappointed since I studied my ass off for it and new the material fairly well. A word to the wise....pay attention to your pace! 5 hours seems like a lot but I got distracted in a few tricky questions and ran out off time at the last minute. I ended up guessing about 15 questions which I assume hurt my score.
To straightcreating value, how do you assume that it will send the bankers the wrong message or you won't get a top tier bonus? I'm a bit concerned about that myself. I was hoping in the best case scenario the fail scores would be sent to HR only, they give you another try, you pass it, work your ass off at work and people forget about it. Can it really hurt your reputation/bonus as you say? If so, that's pretty discouraging since I heard almost half of the class from two other BBs failed. Thanks for the answer.
Almost half? Um wow...Seriously?
I'm really sorry to hear that. I'm sure you'll nail it the next time.
My statement was based on something said by someone in HR to a group of us privately. The policy of my firm is not to fire anyone due to the result. However, we were also encouraged to understand that it sends a bad first impression to fail an exam that tests material highly relevant to one's job. I have no data, statistics, or even anecdotes to support my statement about bonuses, but considering that it's given to a very select group of people among a population of talented, bright people, I imagine they're happy to utilize any selection criteria that reduces the size of the choosing pool.
to BFOX,
how were you doing on the practice tests?
I did fairly decent. Got high 70s and low 80's.
BFOX, what study materials did you use? and how relevant do you think they were for the test?
I used STC. The materials were mostly helpful IMO. The class was not as useful as most of what the instructor did is read off the slides he gave us for three days. We could've taken those days off to study instead. Some ppl in my class did. I agree with papertrail, in that no matter what you hear about them just make the best of what they offer. If you read/nderstand the entire book and do all the Q&A tests you should be able to pass even if some questions on the actual test are not covered in the study materials.
That is my one takeaway, I wish i would've taken all the Q&A tests, and most of the non Q&A tests to get comfortable with the applications of the regulations. You may memorize the rule/regulation from the book and realize you didn't get it when applying it to a situation, specially if there are dozens of situations and dozens of rules AND their exceptions/exemptions and your brain is fried after the 100th exception you've memorized. Practice is key IMO, specially to keep up with the pace and answer questions in about 1 min 40 seconds or so. Sounds simple but I understimated the need for it.
Also, I spent waaay to much time on the calculations/valuations section both studying for it and on the actual test. From the STC book, focusing more on Chapter 7,8,9,1 and 2 would've been better at least for me.
BFOX, is one full week enough time to start studying for the exam? Considering the rest of training, I don't know if I'll have time to start reading and studying the exam material until the licensing class begins, which happens to be just a week before the test.
I would say it depends on how efficient you are studying. At least read the chapters before the licensing class since the material is so dense. They are not a quick read. You can literally form 5 questions out of 2 sentences of a page. At least on the weekends, read the regulations chapters 7,8,9 and 1,2 so at least you have a general idea of what it is about. During the licensing week, I would focus on taking the exams and reading the answer explanations carefully. Allow plenty of time that week since the tests are 5 hours each and take a long time if you read every answer explanation. There are total:
Q&A tests - 5 (five hours each) Close book tests -5 (five hours each) Chapter tests -(five hours each)
You don't have to take all of them to pass, some of my classmates took 1 and passed. But as for me, I wish I would've taken as many as possible.
Take it with a grain of salt. I heard from another classmate at one of those BBs. Don't know where they got their info from.
Which training material do banks use? Do all use STC? Does any BB use Knopman?
a good portion of my analyst class failed and even a new associate hire failed...this test is fckn ridiculolus and has very little to do with actual intelligence and mostly to do with how well you can memorize the most ridiculous rules. Also STC sucks! They throw every bit of info at you even though you won't see half of it on exam. From what I hear from friends Knopman is a lot more focused and better
I started studying this week and will be taking it in 2 weeks. I feel like there's so much material to absorb...after going through a chapter in STC, I feel like I have completely forgotten about it. Any tips on studying the material?
Also, how much should I focus on the quantitative stuff? I'm on chapter 6 now which deals with valuation and I feel like I will easily mix up the different methods on the test.
Thanks whateverittakes for the advice.
Yeah, I majored in finance and most of the chapter 6 material is review since I haven't seen that material in over a year. I just want to make sure I don't lose points on stuff I know already. I'll be sure to memorize the regulation / law material as much as I hate studying that way.
Should I wait to take the exams until after I've gone through all the chapters? Also, are there questions based on the chapters for STC? I want some testing material to see how well I understood the chapter after going through it.
New analyst at a BB that was trained by knopman. Passed last week in the mid to high 80s.
Knopman is absolutely the way to go. If you do the work (putting in appx 100 hours to read the textbook, study, and take appx 1000 practice questions) there is very little chance you fail. I would not start reading/ studying much more than a few weeks before the test because you wont retain it anyways, especially all the securities laws.
Even if you don't do as much of the work as you should, you will probably still pass because the knopman people are all over this test.
@ijs1: unfortunately, my bank is using STC instead of Knopman. From what I've heard on these boards, STC is terrible for preparation...
My incoming IBD class just took the 79 earlier this week. While it was a difficult test I think we all felt very prepared. In fact everyone I've talked to passed, and most had scores well into the 80's. Our bank used Knopman Financial Training. I would definitely recommend going through them. They did a good job of highlighting the relevant areas to concentrate on and the practice tests were extremely helpful. My recommendation is to take as many practice tests as possible.
Anyone who has Knopman material from their training open to sending me theirs for a small fee? haha
Hey took the 79 last week and passed. I am a starting 1st yr at a BB and we used STC - they suck. If your bank uses STC, I suggest reading up on information about the regulations from outside sources. STC tends to focus on somewhat general rules and rely too heavily on previous test takers experience and this exam is too new for that information to be valid.
My bank uses STC too, but I didn't really like the content order of their handouts, so I typed my own notes based off their powerpoint slides, did about 2.5 practice exams and copied some of the practice test answer explanations into my notes, and passed in the high 80s. I also transferred my notes to my phone so I could study on the go.
Knopman may be more successful because I heard they make you do around 4 practice tests in class, so you get better with practice in answering questions. If you put in as much effort in taking the STC sample tests, you might do as well as someone using Knopman.
I think it just takes practice answering questions to pass the test. I didn't do a single timed practice exam (did Q&A mode for all my practice tests) and I was done with the actual exam in ~3 hours, and spent 1.5 hours going through my answers.
Chanky-
How far in advance did you begin studying and reading the STC material? Our bb is set up so that we have about a week in between normal training and the 79 exam. Do you think a week is cutting it close in terms of having enough time to sufficiently study for a passing score?
Chanky, did you go through all the handout materials before doing the Q&A? I feel like if I did the Q&A, considering there are 5 different exams...that trying to answer them and then reading the explanations would be more beneficial than trying to memorize the lengthy handouts.
I have the Knopman study material and STC. Originally I found that the Knopman material was a bit elementary compared to the STC. However, I am now taking practice exams with the Knopman material and am finding it is harder than I thought. A lot of the explained answers reference a chapter in the manual - but when I reference back to the book, the data does not appear to be there. There are a lot of questions regarding material that is never discussed in the book. Has anyone else had that issue?
I am struggling to figure out which material to use. I am the first analyst at my boutique bank that has to take this test and have no one to discuss it with. I did not pass the first time becuase there was no material available and I was forced to take it. Now I am stuck in a situation where i NEED to pass the test this next time. It is in two weeks, any suggestions on which material to focus my time on?
knopman stuff is legit. If you read the text and do the practice exams, you are guaranteed to pass. Also have a ton of supplementary materials they provide beyond that
I just took the series 79 exam a week ago- I passed but definitely thought it was tough. I had the Knopman training course the week before and that helped so much. The practice tests they give you really get you ready for the random questions that you would have no idea about otherwise. it was a really good course- efficient use of time and the instructor, Brian, is really entertaining, especially considering the content
does EVERYONE eventually have to take this?
even quantitative analysts, quant traders, or quant developers?
Hey guys.. so I take the exam this weekend and we've been using STC.. would anyone be willing to share Knopman's login info? probably a long shot.. but I'd like to get another perspective and don't feel like paying 350 out of pocket... alternatively, are there any practice questions anyone has that are non-STC in pdf or other electronic format?
Thanks
Solomon or Knopman for 79? If so, why? Any study materials for sale?
Selling knopman books if any of you are interested. Low ball me cause I need to get rid of these things.
Milkman, $100? - lima73 is my username
Guys, does anyone know if those Series79 exam also applies to Europe, especially Germany/France/Switzerland/Austria?
Since Europe has different regulatory bodies I would assume that those exam won't be applicable.
No... FINRA is for the U.S. Those countries would abide by something different (either thru the EU or country specific).
hi does anyone have Series 79 practice tests available with answers? much appreciated, thanks a lot
Just took the S79 this past week and scored a 86% on my first attempt. I went through a week of Knopman training, where I was given a 500+ page textbook, a spiral notebook to fill in during the class, a 57 page class summary, 4 diagnostic hard copy tests and a knopman online database which had 6 online practice tests, extra math and unit challenge questions. I read the entire text book 2 weeks before my start date, as I was required to take the exam my second week of work. I then sat through the training class for a week going over everything relevant. My practice exam scores started in the low 60s and gradually moved up to low 70s by the middle/end of the training week. The weekend before the exam my last two practice tests were passing and those are supposed to be harder than the actual test.
Would definitely recommend going over the chapters in the book that will contain the most questions, brush up on the other chapters but don't spend your entire day in the textbook. The practice exams were the most useful as they allowed me to gain a knowledge of the types of questions as well as a data bank to memorize before the test. Very little math, maybe 10-12 out of 185 questions. When taking the practice/actual exams do not go back and change your answers because chances are your gut instinct was right originally. Looking back, I probably did overkill preparation but wanted to be sure to pass the first time to avoid the embarrassment of coming back to the office having failed as well as the anxiety surrounding the second (and final) attempt. When in doubt, just choose 30 days.
Series 79 - Is it hard? (Originally Posted: 04/05/2010)
Hi guys I just found out that I will need to take the Series 79 (New Investment Banking exam) and Series 63 when I come on board shortly. Has anyone taken the Series 79 and is it a difficult exam? Is it worth preparing for prior to starting work? I am just keen to pass these exams as I know failing these could very easily result in termination!
if you fail, yah you may eventually be terminated. there was another thread about this.
no the test should be easy - its a govt test
Test is not easy.. I just replied to one of the other threads on this.. check it out if you want and add it to it..
I just took the 79 and passed. There was less valuation material/quantitative calculations than I had wished. Lots of memorization of regulations/filings, etc which makes it hard. Perhaps the hardest part of the test is the fact that it is 5 hours straight with no scheduled breaks. No food or water allowed in the testing center. Eat plenty before the test.
mbaba, what would you say was the breakdown between finance/accounting stuff vs. regulatory stuff. Also, what's a passing score usually like?
Hmm.. it is tough to remember exactly but I would say there was more regulatory material than finance/accounting material. I only went through the test once so I can't give an exact breakdown but I can say it was definitely less quantitative than I had wished. This can all change depending on the test though. Its best to prepare all the material. STC does a great job at covering a majority of the material.
My passing score was 73, but it can fluctuate from 71-74 depending on the difficulty of the questions. I would shoot for 75 when taking practice exams to be safe.
Though they claim the passing score fluctuates, it seems to be settling around a 73.
I would agree with mbaba: there was more regulatory material than calculations. With respect to the regulatory material, the wording of the question tended to be tricky, so the answers themselves were tricky, too.
I think it's mostly rote memorization. So you can interpret that as being easy or hard, but definitely annoying.
I have a buddy who works at a BB, finance major, got his MSA in accounting, and still took him 3 tries to pass. I haven't taken it yet, but have heard it is definitely not easy.
Series 79 plateau (Originally Posted: 08/22/2014)
I need to take the Series 79 in a couple of weeks. I've put in a lot of time, but seem to have plateaued in my practice tests at a 70-75 percent average using Soloman practice exams. Anyone else have this experience and figure out a way to push through it? It isn't a particular section that is giving me trouble, I'm pretty equal in each. I can't decide if I should push the test date back or chance it. Nervous to chance it since sometimes I score an 85 and sometimes I score a 65, so I have no idea what is going to happen on test day. Also curious if someone has insight into how the actual exam compares to Soloman exams in terms of difficulty. I've searched through old forums, and lots of info on Knopman but less on Soloman. Thanks.
Used Knopman, but I was scoring low-mid 70s on the practice and hit 88% on the real thing. I found Knopman's tests to be more difficult.
you have a couple of weeks..what is there to worry about. i have a couple days and i'm scoring 50% on STC...
Just passed yesterday, and my firm used STC for training. I think starting at 50% isn't so bad, especially if you don't know anything. My suggestion to you is to learn everything you can about the regulation aspects of the test (ie Given the information, the issuer can file exemption because: XYZ. All of that is fair game). A lot of questions on the in's and out's of each issuance, and not so heavily focused on the number crunching, though I'd estimate it's about 15-20% of the test involved a calculator (be prepared to use a really old school one) and if you're like most in IBD, that will come the easiest and will require less prep.
Good luck everyone!
I used STC and got a good score on the real thing (don't remember what it was exactly). Also, the STC practice tests are harder than the real thing and I remember not liking my scores on the practice tests. Do all the STC practice tests and use caffeine as a PED, really helped me.
same experience with Knopman, was getting mid 70's and got a 95 on the real test
Knopman = Pass (100% pass rate at my bank)
No need to look at Knopman exams, STC's are much closer to the actual exam and their detailed explanations allow you to avoid reading the study manual.
This is false. Knopman is by far the best. Questions from their practice test came up exactly as is on the real.
don't think I passed a single STC practice test, but managed to barely pass the real thing. Just studied enough #yolo
Regarding the debate on 79 prep materials: I utilized the Knopman materials, scored an average of 75 on all of the practice tests and got an 80 on the test. There were several questions that were almost word for word from the Knopman practice tests. The majority of the 79 questions were vastly different in form and several were regarding information and regulations I had not seen before; that said, I only invested 4 days worth of study time to pass the test... not bad. Chalk another up for Knopman.
Regarding the debate on 79 prep materials: I utilized the Knopman materials, scored an average of 75 on all of the practice tests and got an 80 on the test. There were several questions that were almost word for word from the Knopman practice tests. The majority of the 79 questions were vastly different in form and several were regarding information and regulations I had not seen before; that said, I only invested 4 days worth of study time to pass the test... not bad. Chalk another up for Knopman.
Used STC - failed. I studied really hard, but I guess my English was not good enough for twisted questions from FINRA...
Realistically how long does it take to study for Series 79? (Originally Posted: 06/21/2014)
Have it mid august. BB sent me materials a couple weeks ago. Haven't really read much.
3 weeks, 2 days, 8 hours and 43.2 minutes
If you're taking it in BB training like most of the other monkeys taking it in mid-august, I wouldnt worry. If you have to self-study, budget about 50-60 hours of serious prep time. It's all very basic stuff, but the amnt of material makes it daunting for those already working FT.
Series 79 THREAD (Originally Posted: 08/28/2011)
Unsure if the forum would be interested in such a post, but given the helping nature of these forums, I thought it would be beneficial for some of us to have a compiled thread of useful information about the series 79.
While I understand those who will be posting helpful information about the test have already taken it and haven't much to gain, I am sure it would be of great use of those to us who have not taken it.
Anything regarding advice, study materials, study guides, areas of concentration, etc would be great.
Thanks
To start it off here are some tools I plan on using myself.
Flashcards: http://www.flashcardmachine.com/finra-series-79exam.html Iphone App: http://itunes.apple.com/us/app/series-79-practice-quizzes-l/id397126904…
Your employer should enroll you in an STC program. Hnds down the best material to study and pass the test.
I think Knopman is better than STC for sure. Either will work just fine though.
Yeah, Knopman all the way.
It really just boils down to memorizing regulations, as everyone does well in the analysis sections. Just power through it and forget everything a few days after the test. Take as many practice exams as you can.
This is completely false and off base, please dont listen to this guy. Its a hard test and it covers a ton of topics, and its not at all about memorizing easy regs.
my roommate works at a BB that is taking the 79 today with his analyst class. apparently some people took it in the morning and a lot of them scored in the 80's. they did training through knopman, who apparently has a 97+% pass rate this year
If you use Knopman, they will boil everything down into the things you do need to memorize and the things you don't need to memorize, which is why they can boast a 97%+ pass rate. That is not false or off base at all.
I personally thought I was going to pass barely and blew the test away.
If you're studying independently, then Knopman is worth the money. If your firm is back and forth about what they want to use, ask that they use Knopman. You can't argue about the results.
Thanks for the info.
My firm provided STC but i was able to get knopman materials / online login from my roomate.
With these materials, and if one were to come from a non-financial background (lack of experience with valuation etc.) would I be able to suffice with 2-3 weeks of practicing without the classes?
The classes would make me take 3 days off of work, which wouldn't fare too well considering analysts on my desk last year did not need the extra time.
Additionally, for anyone that has had experience with both knopman and STC, was the test more like the knopman (short and succinct) or the STC questions (long, winded out, calculating pro forma eps etc)
Thanks
I just took it an hour ago and pass (thank god). I got a 77% and passing score was 73%, a little too close. My firm used the STC materials.
I cant really tell you about my study habits because they were literally completely random. I started working three months ago and our firm has been really busy so I literally just get in a few questions once in a while when it is not busy at my firm, I didnt take any days off or take any classes. Plus I relied on my finance background from school to carry me through the financial analysis and that was still tough.
I would say about the STC materials, yes there are some questions that are very similiar to the test, but for the most part, you can get a lot of different wording between the STC materials and the actual test, small differences that really throw you off on the test and make you unsure which one is the correct answer.
My advice for studying for test with STC.
1.) Read the whole book once. You won't understand most of it, and you think you will be wasting time, but this is important just go get the juices flowing.
2.) Go throw all the exams by TOPIC and read every explanation answer regardless right or wrong. Then you get a better understanding.
3.) Read book again, you will realize you already read alot of stuff but now it actually makes sense.
4.) Take practice exams, make sure you get to the point of 85% on these to be safe.
Overall, I recommend overstudying vs trying to find the most efficient amount of time to spend. The risk of looking like a complete dimwit is too great to face if you fail the test.
You have to be sponsored to take the 79 right?
If so, what are some ways you can demonstrate on your resume that you have the necessary knowledge or skills required in IBD without having an undergrad internship?
I would love to be able to study for and pass the 79 on my own as a way to break in, but sadly I don't think that is possible.
Series 79 help needed (Originally Posted: 04/16/2013)
Guys, I'm a 2nd year analyst taking the 79. I lateralled shops and my former wasn't licensed through a BD.
Was wondering if anyone could recommend any tips going into the exam. I'm taking it tomorrow in Chicago. I passed CFA I with no problem, but seem to be scoring between 67-73 on practice exams through STC.
I skimmed the material and made a study guide and have taken all but one of the practice tests. What am I doing wrong?
The two areas I've struggled with are memorizing the time periods (i.e. 2 business days vs. 10 calendar days) and the all of the following are x except for?
I've got SB for whoever can give some tips. Appreciate it in advance.
Anyone? FWIW, I did read through some of the posts on the subject, but nothing was very informative regarding the actual exam.
if you took practice exams with STC, then you are most likely fine. You could take the entire Series 79 and fail EVERY mathematical question and still pass the exam, so what you need to really recognize are the finra rules. and yes the finra questions are somewhat tricky, the only way to really pass is brute force memorization, there are no short cuts. if you have the STC book, it outlines the sections and how many questions are from each item. The biggest thing i remember is quiet periods for IPOs, and it differs depending on who the person/org is. I would start there
as well, i strongly believe STC preps you the best, for reference i passed the series 4, 7, 24, 55, 66 and 79 on first try with stc.
good luck
Thanks CBS. Appreciate it. Are you able to skip around at all? I was thinking about answering the non-math questions first, then going back to the math for time efficiency.
Yes you can skip around and flag questions for review at the end
Series 79 - What prep materials do you guys recommend? (Originally Posted: 10/12/2011)
I am taking the 79 soon. What prep materials do you guys recommend? STC, Knopman or Solomon.
Thanks
this question has never been answered before
Well I was one of the unlucky ones. STC practice tests; mid 70s-81... exam iteself a 69. The testing center calculator went to 8 places which I had to truncate many of the numbers; rechecking etc... so I ran out of time. I felt, for my exam, much of the information was not covered by the STC materials. I will being doing Knopman out of my own pocket for the next round. I have 5 other licenses including the 24 and this one was by far the hardest (or that the study material as this is a new test was the least helpful).
I would suggest you spend as much time as possible going through the material and if possible take the course as it helps to reinforce the pure memorization aspect of it. I had to cancel the course due to travel and I regret the decision. Also, you want to be able to finish the exam in 4:30/4:45 so you have time to review at the end. As it is a 5 hour exam I would also highly not recommend taking it at the end of the day.
Knopman.
Had a similar problem with STC... got high scores on the practice tests and didn't pass on the actual exam, switching to another prep. STC works for some but might not work for others.
Series 79? (Originally Posted: 02/02/2010)
Can somebody that works in IB comment on this New Series 79 Investment Banking Representative exam? Some of my friends that work at BB say that they are required to take it. Is it just among a few banks or industry wide? If anyone has taken it, how hard is it?
here is a link that i found http://www.nibanet.org/files/Memo-Series-79-Investment-Banking-Represen…
The way our compliance guy explained it, if you have had series 7/63 for an established amount of time (1 year maybe) then you can sign up for the 79 without taking the test, you have until may or june to do so. You also have to be able to prove you're involved with IB activity, so if you've been on a trading desk w/ series 7&63 it would be tough to sign up and get the license as the activity is different. Otherwise after june I think you have to take the test, I believe he said it was 5 hour test. I know that's vague but honestly, who pays attention during those long compliance meetings...
What if you work in another part of business? I work in PWM for a FINRA sponsored firm. Am I eligible to take the 79 if I want to?
I just took the Series 79 today and it was a tough test. They weren't kidding when they said it was a comprehensive exam. Though I may not have an appropriate benchmark since I never took the 7, I would recommend that you indeed make a commitment to study if you take this test.
Anyone taken this yet? I have to do it in May, whats it like? How much to study for, ect...
Who in their right mind would want to take this test if they didnt have to?
What do you mean? I dont think anyone has ever taken a test they didnt have to in order to get a degree, cert, ect, that they needed/wanted.
Some one posted earlier asking if they could take the 79 even though they were in PWM.
Series 79 Prep (Originally Posted: 06/30/2013)
For those of you who took Series 79, did you read the entire textbook (I have STC) or simply went through the practice questions online, reading answer explanations? Thanks.
gotta do both. test is a bitch
Series 79 Exam - Best prep course (Originally Posted: 04/19/2011)
What's the best prep course for the Series 79?
I would love to find something similar to Schwesser for CFA, too bad they don't have one.
Knopman
I have a copy. How much for them? I also have notes and presentation for them
How detailed is Series 79? (Originally Posted: 05/21/2015)
For example, I know to study what sec 10b-5 is etc, but do we need to know what types of offices need to have OSJ principals on site?
These details seem overwhelming and I do not know if the test goes that deep. I am using STC and do not have a choice.
Thanks!
Out of all the things to worry about before starting an IB analyst stint, this is really not one of them. My class had like a 95%+ pass rate, and it's not like we were better than any other IB class out there.
Series 79 - Studying and realize that the material is dense (Originally Posted: 08/08/2011)
hi guys,
i've been studying for the Series 79 and realize that the material is a bit dense with much information. I was wondering if anyone had useful studying tools (i.e. flashcards or outlines?).
anything will be of great help!
bump
adderall is the most useful tool for passing 79, hands down.
there is an iphone app for Series 79, only found out today minutes b4 taking my series 79. gonna get the one for series 63
i was in k-mart the other day, and saw some audio books you can play while you sleep; heard that helps
how to study for the Series 79 (Originally Posted: 06/26/2012)
Hey guys,
I'm currently reviewing my study materials (Securities Training Corp) for the Series 79. There is a shitload of regulations, particularly the individual rules in public and private offerings. For those who have taken the exam -- how would you recommend someone study for all of this? Rote memorization or just know enough to get by? Flash cards?
Thanks all.
It's really not that bad of a test. Just know enough to get by.
I used class notes from Knopman Financial and did their practice tests and qbank. Was pretty straightforward. Never opened the STC book.
Series 79 - Sharing thoughts? (Originally Posted: 09/11/2011)
Hello,
Can someone who took the Series 79 this summer and share their thoughts on how to attack this. My bank gives us a three day class and exam. Please share any tips.
Make sure you know chps 1.2.7.8.9 because those are the most important
its a shitty, shitty test. Agree with the above, and you will need to know the granular details in the chapters. Take the practice tests and as many as possible. Also read the chapters, if possible before your class
How do the Stc exams compare with the actual exam?
I used STC the tests are pretty similar, but just make sure you are not memorizing the material from the tests and not just the answers because a lot of the questions repeat themselves a lot in STC. I was scoring in the mid - high 80's on the STC practice tests and scored a 78 on the real test. The way the STC questions are phrased are very similar to the way the tests how up on the actual test, so all in all, pretty helpful, but be sure to memorize the info, its very easy to start recognizing the correct answer. Also, the valuation quetions on the real test are much easier than STC.
yeah deff wont have time to do the qa questions from topic. I can prolly only do the practice tests since its friday, were the questions similar? of how much was it similar. was the valuation hard on the exam? its killer long on the stc tests
Series 79 tips (Originally Posted: 08/29/2012)
Hey everyone! I read this site all the time, but this is my first post. I am in a Quant program, and I already passed the Series 7 and 63 last year. I now need to take the 79, and I am having a hard time finding time to study for it. Any tips of how/what to study, things to focus on, etc? I have the STC book and online tests, but I'm not taking a class or anything since I am already working full-time.
Thanks! Any advice would be greatly appreciated!
PM me your email, I can send you some highly useful stuff.
Ahh damn, you need 15 silver bananas in order to PM? I am clearly new at this... lame.
^^ Do you really?!
I know, right?! You would think they would give girls instant PM privileges... haha
Why do quants take the 79?
Just read through the books or just do all the practice questions instead if you dont have time.
It is a rotational program, and my new group does underwriting
I took this exam 5 days ago (passed) and what definitely helped was typing out a list of all of the regulation length requirements.. It's a real pain in the ass, but when you get a question eg: "A non-managing syndicate manager effects a stabilizing bid when must they notify the manager": 3 cal days, 3 biz days, 5 cal days, 5 biz days... it helps to memorize the mindless shit that FINRA loves to quiz you on and be able to nail these questions.
GL
Read through the guide, then get an outline of notes so you can easily look things up (best if you make your own outline, but understand that you may not have time if already working).
Then just take practices tests; if you've got a free couple minutes, then work through 10 questions at a time instead of browsing the web or whatever mindless things you normally do in your down time.
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