Series 7

G

gsoda3

250+ Posts
I'm taking the Series 7 soon. does anyone have any experiences they want to share, good or bad?

more importantly, i'm studying using the PASSTRAK series 7 study guide, and i wanted to know if the practice questions are the same ones that show up on the exam?

any input is appreciated, thanks.
 
do you have any kind of financial or math background at all? if so, minimal studying is enough. that test is not hard.

the firm i was working with at the time sent me to dallas for a review class. we were talking about options one day and this middle aged woman raised her hand (there were only about 15 of us in there) and asked "how do i turn one eigth into a decimal on my calculator?" she didn't know it was one.....divided by......eight. i left at lunch that day.
 
Johnny's correct. If you are good in math you should be fine. The Passtrak questions are very similar to the actual test. A good portion of the test is Options, so if you can master that concept you should be OK.

I would suggest taking one of those week long classes that are designed specifically to help you pass the test. I was a little unsure about things before I took the class but afterwards I felt a lot better.

Just don't rush through it and you'll be fine. Good luck.
 
thanks for the respones.

hearing what you guys said is surprising - it's the total opposite of what i had been expecting, from the practice exams. i was really worried about regulatory laws and such.

i think i should be ok with the math. i have a degree in finance, so i'm hoping it won't be too hard.
 
Saying you'll be fine if you have good math skills is absurd. There's a specific body of knowledge you need to master until 5 minutes after you get a passing grade; a degree in finance or a comfort level with algebra is largely tangential.

Do all the practice questions you can. Take practice exams. No matter whose material you're using, there should be a pretty good correlation with what you'll see on the exam. I didn't have a problem with options, but they are tricky for a lot of people. Study it. As someone else said, you definitely need to have a good handle on the rules et al. A review course is probably time well spent if your firm offers that option.

My goal was to only take the damn thing once. I'm guessing you're working for a firm now, otherwise you wouldn't have been sponsored; it's pretty bad form if you don't pass. They gave some serious thought to letting go of the guys in my rookie class that didn't pass (we were all going into institutional sales or trading). They did run one guy off pretty quickly, and the others were in the hole when we got out on the trading floor. You also get on compliance's watch list.
 
Exactly, you only want to take thins thing once so do the work and pass the damn thing. The practice questions are not only similar (or exactly the same) to the test questions, they will also help you spot tricky questions. This was important for me since I took the thing after I'd been out of school for four years and was a little out of practice.

Anyway, good luck!

RR
 
NYHETER-23s00-michael-98.jpg
 
Gotta memorize the muni stuff. It's just pure rote memorization. You can't get by on math skills alone. Just work a bunch of questions and you'll be fine. But most people study too hard.

You only need a 70 to pass. In my associate class, we had a pool going to see who could get closest to 70 and still pass. One guy scored in the 70's. Most were in the 90's and there were a few 80's.
 
I by no means said that math skills are enough. I said that math skills and minimal studying are enough. Which, for me, was.
 
know the rules, know them well ,or you will fail, ive seen it many many times, you take it too easy , you dont study much and boom, 65 will be your score and youll be fired or have to wait another 2 months to take it again. big bummer. it is just memorization so if your good at that you will be ok with just a week or so of good cramming but dont take it too lightly.

and remember A, B C . always be closing, always be closing! you son of a b...
 
wow thanks for all of the advice - i took it this morning and passed. it's on to the 63 and 55 now for me.
 
yay. The hardest parts are teh rules about client relationships if i recall
 
63 might be a bakesale but ive seen so many people blow it off and flunk it. I just lost all my licenses in march, thats over 16 hours of exams gone, although im pretty sure i can petition to get most if not all of them all back.
 
talking to the people at the test center, they said statistically speaking, more people fail the 63 than the 7.
 
A larger percentage of people fail the 63 b/c they hear it's really easy compared to the 7, so they barely put any work into it and fail. If you study for a weekend for the 63, you should be more than prepared though. Most of it is common sense...what you can/cannot say to clients.
 
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