One of my clients wants me to get the Series 7 and 66 licenses so that they can put me in front of their clients on stuff, and so they are sponsoring me. I’ve never taken these exams.
I gather from other sources and comments here that the test length is comparable to the CFA exams but the test difficulty isn’t.
Can anyone offer general advice and pointers as to how much effort or detail is required in order to pass these things? Looking at the Schwesser guide, it so far looks fairly straightforward, and I guess it’s really the regulatory nit-picky rules that’s will be a pain, yes?
Thoughts and perspectives would be helpful here, at least insights on what’s required to study efficiently for these and any “gotchas” that may not be initially obvious. Like a drivers’ license, the real goal is just to pass without taking ridiculous amounts of time to prepare.
Series 7 is 1-2 weeks of studying. It is not at all comparable to the CFA exams, except for maybe the number of questions in the test (which is meaningless). I don’t have Series 66, but all the other Series tests I’ve taken are pretty basic like Series 7.
The series7 is a 6 hour test, but I literally finished the exam in 3hours (had passed cfa L2 at the time). I recall 2 sections are the big ones, muni and something else. But you can literally skim a bunch of the chapters, because they were covered multilple times on the CFA exams like Options, basic financial mkts… etc
I would say 2 weeks would be plenty for any person who’s already gone through the 3 cfa levels. memorizing the rules and regs is probably the only thing that will be new for you.
There’s not really any gotcha’s. they are not like the CFA that tries to trip you up. It’s very straightforward. very basic math like calculation of options and payouts (L1 stuff),
66 I didn’t take. I did the 63, 86 and 87 and those were pretty basic. it’s either memorization or really basic calculations
I used Empire Stock Broker note. pretty straight forward compared to others like Arco.