hey guys. One of the jobs I'm interviewing for requires you take and pass the series 7 exam. Do any of you have experience with this test and what would you offer as advise for someone getting ready for it? Thanks.
series 7 exam
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Pretty sure Adam does.
It's like any other similar test. If you're intelligent and study the material it's not a big deal.
What I was told is that I would have somewhere between 2-3 months to study so imagine anyone could pass a hard test if they have that much time to study. My main question is, is it worth taking? I would be going into a financial adviser position.
Yes, you need your 7 if your going towards an FA position.
First of all... you don't need a series 7 to go for a FA job. You need your CFA if your going to be a financial analyst. The series 7 is just so you are able to sell securities/mutual funds but most places will want you to have the series 6 and 63 at least along with the the 7. you will need the 65 if you want to become a wholesaler. All of those certifications are for marketing/sales positions if you are interested in becoming a finaicnal analyst the CFA is the way to go.
I have both my series 6, 63, 65, and 7.
I completed my CFA last year.
I am currently a equity analyst at a firm in boston.
series 7 is not that hard...just like anything else if you put the time in... you will pass... if you don't put the time in you will fail. The material is not hard there is just a lot of it.
I have both my series 6, 63, 65, and 7.
I completed my CFA last year.
I am currently a equity analyst at a firm in boston.
series 7 is not that hard...just like anything else if you put the time in... you will pass... if you don't put the time in you will fail. The material is not hard there is just a lot of it.
At most firms, FA = Financial Adviser, not financial analyst.
I"ve had the Series 7, 66 and VA Life & Annuities licenses for over 8 years now, and let me tell you, they are no joke to study for, especially the 7.
The best advice I can give you is to not only study the material for the 7, but also take simulated exams. If a firm is sponsoring you, they should have the sim test software ( I can't remember the name of the company that makes it). Those simulated exams will give you a great sample of what the real test is like.
It's a 6 hour exam, so take your time. In this state (VA), they mandate a 1/2 hour break after you're roughly 1/2 way through the exam. I had a laptop in my car, and some food, so went to my car during the mandatory break, and ran the sim test on the laptop, just to stay focused, and maybe see something that would help me.
The irony about the Series 7 is that not that much of it is useful in a pragmatic, day-to-day existence as a FA. In the years that I"ve been doing this, not one single client has ever said to me, 'help me calculate the yield on the 30 year treasury bond,' or 'tell me about the 1934 "Blue Sky" laws.' You just have to know the crap for the exam.
Good luck....as others have said, if you study hard and take it seriously, you should pass.
I"ve had the Series 7, 66 and VA Life & Annuities licenses for over 8 years now, and let me tell you, they are no joke to study for, especially the 7.
The best advice I can give you is to not only study the material for the 7, but also take simulated exams. If a firm is sponsoring you, they should have the sim test software ( I can't remember the name of the company that makes it). Those simulated exams will give you a great sample of what the real test is like.
It's a 6 hour exam, so take your time. In this state (VA), they mandate a 1/2 hour break after you're roughly 1/2 way through the exam. I had a laptop in my car, and some food, so went to my car during the mandatory break, and ran the sim test on the laptop, just to stay focused, and maybe see something that would help me.
The irony about the Series 7 is that not that much of it is useful in a pragmatic, day-to-day existence as a FA. In the years that I"ve been doing this, not one single client has ever said to me, 'help me calculate the yield on the 30 year treasury bond,' or 'tell me about the 1934 "Blue Sky" laws.' You just have to know the crap for the exam.
Good luck....as others have said, if you study hard and take it seriously, you should pass.
not a hard test. Most people struggle on options and munis, although I don't think either are particularly difficult.
Its long, but if you're reasonably intelligent and you study, you'll pass.
Most firms give you one shot on passing btw. Also, make sure this is what you want to do. If you pass, get registered with FINRA, and then quit shortly after, most firms have a clause in your contract requiring you to repay your training costs, which can be upwards of $50k.
I was in the FA program with Morgan Stanley several years ago. Decided I did not care for it, and left before taking the seven.
P.S., you can also be a registered person with a series 6, but thats pretty limited in its scope.
Its long, but if you're reasonably intelligent and you study, you'll pass.
Most firms give you one shot on passing btw. Also, make sure this is what you want to do. If you pass, get registered with FINRA, and then quit shortly after, most firms have a clause in your contract requiring you to repay your training costs, which can be upwards of $50k.
I was in the FA program with Morgan Stanley several years ago. Decided I did not care for it, and left before taking the seven.
P.S., you can also be a registered person with a series 6, but thats pretty limited in its scope.
I used to have a series 7. I took the exam over 10 years ago.
There are some great books out there that prep someone to take the exam.
As someone said, series 7 is for securities. Here is a great website that has online and self study materials to use. A.D. Banker & Company - The Nation's Leading Provider of Insurance Exam Prep, NASD Exam Prep, Insurance Continuing Education, Continuing Legal Education, and Continuing Professional Education for CPA's It's not cheap, but worth it if it furthers your career. I personally have used AD Banker to help me study for my insurance license.
BTW, what part of KS are you in?
I was able to go through the 7/63 exams about 2 years ago and can just reiterate what others have said... Study. I was handed my 7 books and was expected to pass the test within 3 months (had two chances if you needed it), and 3 months for the 63. I recommended that yes read the book but take tests and more tests. This is the only way you get a feel of how the questions are worded. The questions are worded in such a way that you have to choose which answer is more right than the others.
In the end I found my biggest hindrance was my own head. While I did well on practice exams, test day it felt like I never saw some of the questions before.
In the end I found my biggest hindrance was my own head. While I did well on practice exams, test day it felt like I never saw some of the questions before.
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