Series 7 percentiles
hey im wondering if anyone knows where to find percentiles for the nasd exams. i scored a 91 on the 7 and though it may sound conceeded, think it would be nice to know my percentile that i might nicely position myself for nicer positions in the future.
Please learn to spell, capitalize, punctuate and form coherent sentences first.
i didnt realize that this is a formal… i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability???
thanks icecold, i ll probably never come back here again but its good to know that theres at least one chill person here
I don’t want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success. This is a 100% true fact. But it makes sense. Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.
Do you really think it freakin matters????? If you need an ego boost for your "knowledge" on securities, get your CFA credential. THEN you'll have something meaningful to brag about.hey im wondering if anyone knows where to find percentiles for the nasd exams. i scored a 91 on the 7 and though it may sound conceeded, think it would be nice to know my percentile that i might nicely position myself for nicer positions in the future.
Giving out insults won't build you much respect around here.i didnt realize that this is a formal… i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability???
…I got a 96 (241/250) on the series 7, an 86 on the 63, a 93 on the 65 and an 80 on the 24. Really, it’s not that big of a deal…just shows that I was anal and studied too much/prepared too long for my first test. You use very little of what you learn on the seven to be successful and I don’t recall any instance where my high score helped me land an account. By the time I got to the 24, I’d finally figured out how to study efficiently and get the damned test passed so I could get to work on something that really mattered (helping clients and making money).
...and there's some truth to the theory that high test scores often mean low success rates. Don't try to impress people with your intellect. Show them you care and give them excellent service and they won't give a rat's ass what your test score was. With some of the idiots in this business, I'm convinced that the test is too damned easy anyway.Scores are meaningless – unless you don’t pass. Clients & firms don’t care what your score was. I scored a 98 on my S7 – it didn’t do jack for me. The only thing that matters is ink on paper. Congrats, but now it’s time to get to work!
i didnt realize that this is a formal… i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability???
Yes, I'm sure that's it.
You are right, and the high percentile analytical brokers are generally contrarian. My mentors have been 6 month ahead of the trend.I don’t want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success. This is a 100% true fact. But it makes sense. Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.
You are right, and the high percentile analytical brokers are generally contrarian. My mentors have been 6 month ahead of the trend.[/quote] Let us know when it's time to get back into the market.[quote=rankstocks]I don’t want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success. This is a 100% true fact. But it makes sense. Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.
[quote=Indyone]…I got a 96 (241/250) on the series 7, an 86 on the 63, a 93 on the 65 and an 80 on the 24. Really, it’s not that big of a deal…just shows that I was anal and studied too much/prepared too long for my first test. You use very little of what you learn on the seven to be successful and I don’t recall any instance where my high score helped me land an account. By the time I got to the 24, I’d finally figured out how to study efficiently and get the damned test passed so I could get to work on something that really mattered (helping clients and making money).
...and there's some truth to the theory that high test scores often mean low success rates. Don't try to impress people with your intellect. Show them you care and give them excellent service and they won't give a rat's ass what your test score was. With some of the idiots in this business, I'm convinced that the test is too damned easy anyway.[/quote] That's it Indy1.. From now on... you take my exams! Miss Jthe highest S& scorer in my class lasted literally one week of phoning and he was gone
I'm in and making money! short it now if you haven't been. iSM 41.9 WOW. Thats an indicator! Big bank news to come this week.
The feds are already talking about another emergency rate cut. Ben has only a few bangs left in his gun...afterwards....click, click, clickskippy is DEAD on. And the irony of it is, the CFA Institute doesn’t even tell you what your score on the three levels of the exam were, basically because people were doing what you suggest - reporting to people what you got on the test.
I know someone in my training class who scored higher on the 7 than I did - she had ZERO experience in financial services; and the funny thing is, I wouldn't trust her to mow my lawn let alone manage my money.I know a big producer (he does like 850K) in my region, and it took him 4 tries to pass the 66 last year. And this guy is good. He is not just a good salesman, he really understands markets, economics, and investments. Been doing it over 15 years. Just cuz he doesn’t memorize how to trade a butterfly option (or whatever the heck was on the 66), doesn’t mean he doesn’t know how to succeed.
Honestly, I think the most successful brokers are the same guys that didn’t finish high school, but ended up building a multi-million dollar business from scratch (in ANY field). It takes initiative, perseverance, people skills, and desire. Knowledge does help a little in the beginning, but after some time in the biz, it’s all irrelevant.
[quote=iceco1d]
" the h.s. dropout, that doesn't know diddly, but still "makes it," does so by being all about ME ME ME ME ME ME ME ME!" [/quote] It has been my experience that "ME ME ME ME" is not just practiced by high school drop outs. It is practiced by All who don't have the clients best interest at heart.I’d say that Jones’s training is 95%-5% sales training versus investment training, and I think that’s why I still have such a problem with charging people as much as we do for the services we provide.
The vast majority of my investment knowledge has come from my own self-study (books, the internet, etc.), and I sit behind a desk and call myself an investment professional. It's comical, actually! Jones has tried recently--due to constant requests from the field--to implement more product-oriented training classes, but after an hour or so, the classes always drift back to selling and prospecting. I shudder at the thought of some of the portfolios I put together my first couple of weeks in the business. I literally had no clue as to what I was doing. Now, thanks to the internet, I know enough to realize that passing my clients' money on to a good mutual fund company is the only real chance they'll have at making any money.[quote=Broker24]I know a big producer (he does like 850K) in my region, and it took him 4 tries to pass the 66 last year. And this guy is good. He is not just a good salesman, he really understands markets, economics, and investments. Been doing it over 15 years. Just cuz he doesn’t memorize how to trade a butterfly option (or whatever the heck was on the 66), doesn’t mean he doesn’t know how to succeed. Honestly, I think the most successful brokers are the same guys that didn’t finish high school, but ended up building a multi-million dollar business from scratch (in ANY field). It takes initiative, perseverance, people skills, and desire. Knowledge does help a little in the beginning, but after some time in the biz, it’s all irrelevant.
I think there’s something to what you are saying for sure…those people definitely aren’t afraid to stick their neck out and work for it…whereas a lot of college grads, MBAs, PhDs, etc. think that because they graduated summa cum laude and have an advanced/terminal degree, they are “owed” something by the industry…which they will soon discover, one way or another (by turning it around, or failing out), that they are owed nothing.
Now on the other hand, here is my “gripe” with the h.s. dropout FA…true, finance isn’t genetic engineering…after a few years of exposure you are going to “get it” for the most part. The problem is that the first few years, the h.s. dropout, that doesn’t know diddly, but still “makes it,” does so by being all about ME ME ME ME ME ME ME ME! Do any clients end up paying the price? Maybe, maybe not. I agree this is sales, and no one is special or priviledged…but I disagree with “learning the business” with other peoples money.
Training programs are what? 80/20 towards sales (if not more)?
If you mentor with another broker…what will they teach/expect? Prospecting? Closing? Cold Calling? Cold Walking? Networking? Or whether you know CAPM? MPT? Efficient Market Hypothesis? Currency Arbitrage?
Just my .02…flame away if needed. [/quote]
Oh, I agree. I do not advocate the high school dropout thing. My point was sort of along the same lines as what you said. They do it through hard work, etc. The proverbial MBA, though doesn’t necessarily feel “owed” something, but thinks that their “brains” will somehow project onto new clients/prospects through osmosis or something.
ask your boss if he will increase your payout since you scored so well on the 7. see how he/she responds. it doesn’t matter. graduates not valedictorians.
I agree that your scores on things like the 66 and 7 are almost meaningless. Your reward for doing well is that you get to keep your job and your BM gives you a pat on the back. That should be more then enough.
I got a 83 on the 7 while being blindfolded and both hands behind my back using my nose to press the keys. The NASD said it was the highest score ever with the exception of the chimp that took the test with pregoman......
My initial training class there was a guy from Kansas who got a 98 on the 7. He flamed out in a week but then again he was from Kansas.......
Had a recent hire score 90 on the 7. He almost was fired before he could get into production due to his inability to know how to talk to people. Only time will tell whether he is a dead man walking.
Did well on 7,6,63 and i am not a great test taker. I was just like I am going to try for an A that way I know i will at least get a 70 LOL
You're right on, iceman. There are far too many rookie FAs out there gathering assets who have no idea what to do with the money when people start showing up at their offices with statements in hand.
I can only speak for Jones, but I'm amazed at the minute amount of time they spend teaching money management compared to the time spent on teaching new FAs how to convince people to roll over their $1 million 401ks and essentially put their lives in the hands of a guy who was selling tractors for a living four months ago.[quote=Borker Boy] I’d say that Jones’s training is 95%-5% sales training versus investment training, and I think that’s why I still have such a problem with charging people as much as we do for the services we provide.
The vast majority of my investment knowledge has come from my own self-study (books, the internet, etc.), and I sit behind a desk and call myself an investment professional. It’s comical, actually!
Jones has tried recently–due to constant requests from the field–to implement more product-oriented training classes, but after an hour or so, the classes always drift back to selling and prospecting.
I shudder at the thought of some of the portfolios I put together my first couple of weeks in the business. I literally had no clue as to what I was doing. Now, thanks to the internet, I know enough to realize that passing my clients’ money on to a good mutual fund company is the only real chance they’ll have at making any money.[/quote]
Got an MBA in late 2003 from one of the top schools in the region. I went straight through from undergrad without any work experience with a 3.8 GPA.
Got offered a job at Axa and contemplated taking it and I even paid for my own Series 7 fees even though they sponsored it; got a 91. I found out that it seemed to be a lot about product pushing and I didn't get the feeling they really even wanted to teach me anything about the business. They were real excited about my natural market. The one thing my MBA taught me was to RUN away from that type of situation and get your foot into the door of a company that is interested in my abilities and not to exploit me and churn me out. I got some good advice from a mentor to go work on the phones of an investment company for a few years. He said you would learn much more doing that to start than anything because you have to answer calls from brokers and clients all day. I took a job making 32k per year at a retirement plan company which was quite a humbling experience given my background. I did learn SO much taking this route and I did have to give up a lot of potential income but I got a lot back in return with regard to training and knowledge. My training allowed me to get product and industry knowledge so I could speak intelligently about the products and was not geared for selling or prospecting. My salary has now more than increase 100% since that time, thankfully. I think the reason that so many people wash out in this business is that they don't have the background or the knowledge to really provide a valuable service. The other reason is that they can't prospect and relate to clients. While I had an MBA and I wasn't affraid to prospect, having an MBA by itself still didn't make me qualified or confident regarding what I would be selling. It is a bit scary that a HS dropout who is a good salesman can be successful in this business even if they don't have any skills or education. I really think that some of these people give our profession a bad name. The horde of kids fresh out of college swarming like locusts on your town after every new training class really is my impression of some firms in this industry. There are too many inexperienced people out there pushing product. I really think that it would be great if some of these companies would have a development program where the trainee could spend 18 months in a back office/support role on a salary and then slowly transition into being the face of the company after they actully know what they are doing and have obtained all their licenses, etc. Would so many people wash out of this business if they were properly trained? I do know that prospecting is key to success but I think many large account are not going to be impressed by someone where this is their first real work out of college. Am I wrong to say that success will determined by tenacity + knowledge (or at least the preception of the advisor having knowledge)? Anyhow, not that I am totally qualified to pass judgment on what it takes to be a professional FA since I am currently thinking of moving over to being a FA after being with a retirement plan recordkeeper in a service role, but that is my take on the industry from a quasi-insider. Anyone have any good suggestions on a firm for me? I am probably going to avoid Edward Jones, Primerica, Axa, Ameriprise. I need to make sure that I can offer products through all the major 401k vendors--I think that is going to be one of the primary determinants. I am used to dealing with plan sponsors that have anywhere from $1-100 million in assets. I need a good base salary to start. Gotta pay the mortgage!My practice test scores are still low. It is very discouraging and I can’t afford to fail. I am considering a tutor to help me since my employer is not offering additional help. Any suggestions?
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