My new job that I started yesterday (asset management institutional sales) requires that I pass Series 7 (and 63) within 6 months. I know it’s supposed to be easy, but I’m still nervous about postponing my studies until after the Level 2 Exam. It would be cutting it really close if I were to fail the 7 on my first try (unlikely as that might seem, it is a possibility given that I’m a horrible test taker). I will definitely be terminated if I don’t pass it within 6 months. Should I consider ceasing my level 2 studies? The new job is really taking a toll on my study time, and I really can’t afford to risk losing my position.
definitely not. you can pass series 7 after two weeks of studying, or less.
I thought it was more like a month or two. Do you have the 7? How long did it take you? Or are you basing that statement on what you’ve heard? I thought there was quite a bit of regulatory stuff you have to know…
i used to work on the sell-side so of course i had to have it. took me a couple weeks
They sent us to one of the training courses for a week (kaplan?), that lasted from 9-5, with an hour for lunch. Was a nice break from work, and the stuff was painfully easy. It wasn’t just coworkers there, and some of the people there had already failed it 1-2x, but they just simply couldn’t grasp the material. If you can pass level 1, i don’t think you’ll hav much to worry about. I generally didn’t pay attention in the course, just took a few practice exams. They told me I would pass. I did. End of the day, if you are nervous it is an issue as it will also impair your L2 studies if you are thinking about the 7/63. Why don’t you just take a practice test or two and see how you score? The ones from the test prep centers are more difficult than the actual exam IMO, so if you can score decently on those you will have little/nothing to worry about. The series 63 I blew off completely. It seemed like common sense to me. The night before the exam I did a bunch of questions from their data bank. Still didn’t fail.
If you can pass LI, unless you have some extreme psychological problem with govt regs or something, you should be ableto pass Series 7 in a few days.
My friend passed with 10 days of study while he was in undergrad. Seriously, one question from the test that I remember was, When intrest rates rise, which direction do bond prices move? It is that basic!
I’ll bid one-solid-weekend for the 7; one day for the 63.
Do not delay taking L2 and do not get distracted by the 7/63 while studying for L2 either. 6 months gives you until September. If you are really that nervous about passing the 7/63, hit the ground running the day after L2, study for 2-3 weeks and nail it. I studied for 2 months (2 hrs / day, weekdays) for the 7 just out of college (didn’t know what to expect and company gave us time to study anyway) and that was waaay overkill.
Agree with above posters. You’ll have June, July, and August to study. I could train a chimp (as long as it was from a good family) to pass the 7 within that time frame, and probably within a 2-3 weeks.
Here is a sample series 7 question: blah blah blah blah ? a) something obviously wrong b) something obviously wrong c) something obviously right d) something obviously wrong You answer that question over & over & over for 2-3 hours or so & then you are done. The hardest part is staying awake the whole time cause the test is so long & boring. I was given the stc materials & signed up for the class…I didn’t go to the class, skimmed the book after work for a few hours a night while watching tv for two weeks, really meant to do the practice exams but didn’t cause they were so long & boring, passed easily the 1st try. I thought the questions asked on the 66 were a little harder than the 7 (they were longer in any event), but there was a fraction of the amount of material. My total study time was about 6 hours the night before & passed easily.
Thanks everyone.
If I were you I wouldn’t even think about this issue again until June 10. Postponing level 2 for a full year and foregoing all of the time you’ve already dedicated would be a shame indeed. I agree w/ all the comments here; the series 7 is a breeze, especially compared to CFA. If you are really worries, just get your hands on a question bank CD and spend a couple nights going through it like a monkey- on test day you won’t even need to really read the ?'s bc you’ll recognize the answers… they are often word for word out of the study material. And mh7 makes a great point… they really don’t work at providing you with tricky wrong answers so all you really need is a bit of recollection and you’re golden.
you can take the class mentioned above for the series 7 and take the test the day after and have a helluva good chance of passing with no study, other than the class. If you have passed level 1, it will make those others look like kiddie stuff. Seriously.
Hey, after passing L1, passing 7 should be pretty easy for you. I hope you like and enjoy your new envorinment.
mh7 Wrote: ------------------------------------------------------- > Here is a sample series 7 question: > > blah blah blah blah ? > a) something obviously wrong > b) something obviously wrong > c) something obviously right > d) something obviously wrong > > You answer that question over & over & over for > 2-3 hours or so & then you are done. The hardest > part is staying awake the whole time cause the > test is so long & boring. > > I was given the stc materials & signed up for the > class…I didn’t go to the class, skimmed the book > after work for a few hours a night while watching > tv for two weeks, really meant to do the practice > exams but didn’t cause they were so long & boring, > passed easily the 1st try. > > I thought the questions asked on the 66 were a > little harder than the 7 (they were longer in any > event), but there was a fraction of the amount of > material. My total study time was about 6 hours > the night before & passed easily. So if you take the Series 3 exam, you can nearly pass by using the following strategy: [big question] answers in random order a) loses big money in derivative contracts b) loses little money in derivative contracts c) makes little money in derivative contracts d) makes big money in derivative contracts The answer is almost always d).
i heard series 7 have the easiest GED type questions
This thread must be a joke. April Fool’s Day was yesterday.
No question. I took the 7 after about 3 weeks of 1-1.5 hrs a day studying, nothing on the weekends and passed with an 80%. One of the easiest tests you will take in a long time. The 66 was slightly harder because it was all rote memorization of regulations and rules, although still easy.
pimp Wrote: ------------------------------------------------------- > This thread must be a joke. April Fool’s Day was > yesterday. heh