Hi, I have a question for you guys who have completed both CFA level I (or more) and series 7. I have taken level I and am exploring the idea of taking the series 7 exam while waiting to take level 2 next June. I was wondering how much materials overlap between the two test and if series 7 exam would be as difficult and time-consuming as the CFA level I. any advice or suggestions is greatly appreciated. thank you!
Series 7 is a joke compared to the CFA. The pass rate is probably above 85%
Any retard can pass the 7. Just make sure to devote at least 7 minutes to exam preparation. You do need to be working for a firm that will sponsor your license though.
I should mention that I have very limited experience in the investment field (less than one year). it can’t be that easy, can it?
In that case, make your study time 30 minutes and you should be fine.
Eh, I wouldn’t recommend just 30 min of studying for someone not in the industry. If you did 2-3 practice exams and read through all the answer justifications, you’d be fine.
As far as difficulty goes, there is no comparison. The S7 has about a 70-75% pass rate, and you do need a 70 to pass. There is a lot of material for the seven that can be confusing (especially Municipal bond underwriting rules)…but the technical detail is no where close to CFA Level 1. Read the book cover to cover…do a few practice exams or take the 5 day class and you will be fine.
BTW, you need an employer to sponsor you to take the Series 7. You dont take it on your own.
Do you receive an actual score or just P/F?
You get a score, but it doesn’t matter as long as you pass. People at my brothers firm get made fun of if they score too high because it means they wasted too much time studying.
I got ripped on for my 92%, which if someone like me can score a 92% then anyone can pass the thing. Spend an hour on muni bonds, an hour on options, and an hour on practice problems. Then take it, pass, and start realizing how easy and worthless(other than necessary) it is to have.
thank you for your inputs. i think my firm does sponser the series 7 although we are on the buy side. i don’t really plan on becoming a broker but just thought it is something that will help me learn more about the industry and something i can put on my resume. if it is that easy, and you guys, it seems, don’t think too highly of it at all. should i even bother to take it if i don’t need to?
Don’t take it unless you NEED to. Not a good use of your time.
what should i take instead then? a certification/exam that will take less than 3 months to prepare for (before I need to start studying for level 2 in December-Jan), something not terribly difficult and time-consuming, and beneficial for someone who just enter the industry a year ago.
calpon3 Wrote: ------------------------------------------------------- > what should i take instead then? a > certification/exam that will take less than 3 > months to prepare for (before I need to start > studying for level 2 in December-Jan), something > not terribly difficult and time-consuming, and > beneficial for someone who just enter the industry > a year ago. Wall Street Prep VBA Skills Series 7 is not a bad exam, but it has marginal credibility. Personally I found studying for it enjoyable.
if you wanna take something try taking a break…its almost friggin football season!
calpon3 Wrote: ------------------------------------------------------- > what’s VBA?? VBA is Visual Basic. I would like to learn it myself but basically it is a computer script/code that is great for building automated tasks in Word, Excel, Access, etc. I’ve seen it in plenty of job requirements.
The series 7 is only useful for particular jobs, primarily in sales. That’s not a bad way to go if that’s what you want, but it’s not something to do for fun. If you’ve already passed level 1 of the CFA, you could get your 7 with an hour’s study time. If you get it, get the series 66 too.