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

 

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?

 

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?

 

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.

 

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.

  • Preparation. Knopman is great.They know their stuff and materials are very efficient and effective. I kept getting high 70s on the practice tests (thus I was nervous walking into the test) and clearly was very well prepared.

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.

 
straightcreatingvalue:
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.

  • Preparation. Knopman is great.They know their stuff and materials are very efficient and effective. I kept getting high 70s on the practice tests (thus I was nervous walking into the test) and clearly was very well prepared.

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?

 
youngblood:
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.

 
nick_123:
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.

 
BFOX:
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.

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.

 

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.

 

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.

 
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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.

 
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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.

 

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.

 

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.

I think I'm Big Meech - Rick Ross
 
Best Response

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, 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?

 
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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

 
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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

 
TheMilkman:

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.

 

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.

 

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.

 

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.

 

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!

 

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.

 
wanderer:
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.

We've got half a million shares in the bag!
 

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.

My name is Nicky, but you can call me Dre.
 

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

 

this question has never been answered before

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

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.

 

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...

 
[Comment removed by mod team]
 

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.

 
heister:
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.

We've got half a million shares in the bag!
 

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.

 

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.

 

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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"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

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