Stupidity or Ambicion? A fine line

do 300 practice questions a day on the dearborn test simulator.  That is what i did.  And I passed.  If you don’t have dearborn’s drill and practice, throw out the book and get it.

And people say that a degree shows intelligence...(laughter here).  Perhaps you are just a bad test taker but it is not that hard.  Of course I don't have a degree and I have passed every state and federal licensing exam that I have taken on the 1st attempt and scored over 1200 on my SATs.

My sister has an MBA and my dad has  PhD and I make more than either of them.  Your degree (much like my sister's 3 degrees) means nothing.  Of course some people would have you believe that the degree will help you...it won't.  Just take practice tests, read the rationale for the questions that you missed and/or are unsure of the answer and it will work out.

Do yourself a favor…give serious consideration to trying to ally yourself with an older and experienced advisor once you get past the 7(and you will!).  I’ve watched so many younger guys try and fail because it’s sooo hard to get started in this business as a young guy.

Focus on the areas you are doing poorly in.  Keep doing the
practice questions and keep re-doing the ones you got wrong.  The
exam is not that hard if you have a fundamental understanding of the
business.

I don’t know guys, the guy has already failed it twice. I hate to sound
discouraging, but its not a very hard test, and he’s going to have to
wait 6 months before he is even able to sit for the exam again.



Results of the S7 have no bearing on his ability to be a salesman
except for the fact that he can’t be a broker without getting a 70%.



So I’d say try another route. If you are dead set on being in sales,
get your feet wet somewhere else. Maybe sell insurance for now and then
try to transition over into brokerage.

I also failed the S7 two times. I had a tough time with the test as well. I passed on my third try by a few points. Like fender mentioned, the test is not so hard but you must concentrate on very questions careful for 6 hours. Thats the hard part.

Get off the internet, do 300 questions per day. The ones you got wrong, READ it OVER..go back to the chapters. Read the whole chapter over if you have to. Another method that helped me was flash cards. Write down words that you don't know..strategies like options and bonds. This method is not recommended but it actually helped me pass the S7. I remember I went back after I finished my S7 exam to double check my answers. I corrected at least 5 to 7 careless mistakes that I was sure about. Hope that helps. Good luck

<span =“bold”>Shmer33,



what are your previous scores on the 7? are you even close to 70%?

Fender:

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Sorry it took me so long to get back to you.  I scored a 68 and a 64.  this is trying to study on top of working 60 hours a week. 

Chris

Shmer…You are pretty close from passing, You only need a 70.Concentrate on munis, regulations and options and have confidence. You will pass.

sure you want this job?

I don't think the 7 is a measure of knowledge, but a measure of how bad you want it.  I don't understand how it's possible to do 2000 practice questions and fail it.  You've got to have the attitude that if you fail the 7, your girlfriend will leave you, your car will be repoed, and your penis will never be erect again. 

That said, study munis and options, munis and options until you're sick to death of them.

The S7 is 250 questions divided into 2 125 question tests.

There are roughly 50 questions each on options and munis (if I remember correctly! someone correct me if I am wrong.)

So do the math 175 right to pass, and there are 100 questions on options and munis.  Nail these two sections and you have the test nailed.

Oh and in case you need even more reinforcement on the value of those Dearborn practice exams. ===>  Get a Dearborn Cd and take the practice exams until you pass out.  Then wake up and get back to the questions again.

Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.

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Thanks:

Shmer33    

Good Luck Man!

My friend, for you to achieve your ambitions, you should start with spelling it correctly…

If you pass your torture and pain have just begun. Get ready for a tough 5 years. Chances are you won’t make it. Sorry, but that’s just the statistics.

[quote=Shmer33]
<p =“Msonormal” style=“margin: 0in 0in 0pt;”>Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.

Thanks:

Shmer33    

Don’t think of the S7 as your ticket to riches. Its not a life or death situation. As a broker you can make a lot of money, but the chances are heavily stacked in favor of you failing miserably in your first year. The 7 gives you the opportunity to find out, nothing more.

[quote=Shmer33]

Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.

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Thanks:

Shmer33    

[/quote]

so.....did you take the test yet?

You think the 7 is hard try the CFP exam

You think the CFP is hard try the CFA.

I took CFA level I after studying my butt off for 6 months.  It was tough but I passed.  Then I thought 6 months was enough for level II…not even close.  Not only did did I get destroyed on the exam but they sent out a note to the 70% of us that failed it and said basically that too many of us tried to take a short cut by reading exam prep materials instead of methodically working through the 7000 pages of assigned material and associated problems.  So I got my butt kicked and my hand slapped by one exam.

Nova-

Did you eventually pass level II?  how long did it take?

I passed Level II last year.  It was a bear.  I came into it with a decent knowledge of statistics and a strong background in accounting and equities, and it was still tough.  Level III is in June and hopefully that will be it.  I’m looking forward to spending less time in the books and more time in front on clients and prospects. 

Old,

The CFA is a fine background, but is it really appropriate for a retail broker? Sounds off target, imho.

stan - My firm is an RIA that does it's own portfolio management.  That means I have to be both the broker ( sales, bringing in the assets, relationship management) and the portfolio manager (CFA, asset allocation, security selection, etc.).  A portion of the asset management is outsourced, but U.S. equities we do in house.  The bulk of our clients are retail, so I compete with brokers everyday.   

I wouldn't recommend the CFA to a new broker, as it takes too much time and your job is to sell, not manage portfolios.  My world is a little different just from the structure of our operation. 

Old,

Makes great sense. Thanks.

Enron,

I take Level II in June.  I will pass this time, but only because of the hundreds of hours I've spent studying.  A agree with Stan, it is a little off target for my specific situation.  Also, I won't jump into the brokerage business until after the June exam (and after wife has baby #2) because i won't have time to study 10 hours per week once my new life begins.

The advantage to me was in the breadth.  Going into the program i didn't even know what soft dollars were.....but by the time I finished the 500 pages assigned for the ethics section I did.....and ficudiary responsibility, fair dealing....etc.  Then there is lots of asset valuation, financial analysis, futures/options, and portfolio management material too.  I was outside the securities industry, looking in and this was a program i could jum into on my own without broker sponsorship...and I have no regrets.  I'm within striking distance of the job i want because of it.

By the way, even if I get killed again by level II the course work was well worth it.

Joedabrkr:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

No…..March is the exam….I will post the result   

[quote=Shmer33]<p =“Msonormal” style=“margin: 0in 0in 0pt;”><span =“bold1”>Joedabrkr:<o:p></o:p>

No…..March is the exam….I will post the result   

okay, you’re gonna take the test in March.  How well are you
studying now?  Are you studying to your strengths?  I’m more
of an audio/visual learner, so the STC videos really helped me to get
it all to “sink in”.  (This was after reading the STC series 7
book for 2 weeks.)



Gotta take 3 practice tests daily - until you think they’re STUPID to
even ASK the question!  You just gotta KNOW it and know it well.



The test then won’t be so hard - if you’ve learned it according to your
strengths.  I passed my first time with an 80% - and it took me
less than 2 1/2 hours total time.

[quote=D.H.K.]okay, you're gonna take the test in March.  How well are you studying now?  Are you studying to your strengths?  I'm more of an audio/visual learner, so the STC videos really helped me to get it all to "sink in".  (This was after reading the STC series 7 book for 2 weeks.)

Gotta take 3 practice tests daily - until you think they're STUPID to even ASK the question!  You just gotta KNOW it and know it well.

The test then won't be so hard - if you've learned it according to your strengths.  I passed my first time with an 80% - and it took me less than 2 1/2 hours total time.
[/quote]

Yeah, I passed first time too and it took me 2.5 hours as well.  I was sick of taking tests.  I got an 87%.  I knew options and bonds really well, and regulations were pretty easy.

I then moved onto the 66 after passing the 7, had a week to study for the 66, which is harder than the 7 imho, and I got a 76% on the 66, 71% is passing.  The 66 is all legal mumbo jumbo.

Yeah, I failed the Seires 66 twice.  The first time I got a 70%



The second time, I got a 67%.



The third and final time, I got a 72%



It’s a FREAKIN HARD TEST!

THE KEY IS TO FOCUS ON THE AREAS YOUR GETTING WRONG AND SKIP OVER QUESTIONS YOU'RE GETTING RIGHT. IF YOU JUST TAKE THE PRACTICE TESTS AD NAUSEUM YOUR BRAIN WILL FOCUS ON THE CORRECT ANSWER. I.E. QUESTION 3 ANSWER IS B.

GET INDEX CARDS. THE BIG ONES. WRITE DOWN THE QUESTION AND ANSWERS YOU'RE HAVING PROBLEMS WITH ON THE CARD AND ABSORB THE CONCEPT NOT THE ANSWER. ALSO FIGURE OUT WHY THE WRONG ANSWERS ARE WRONG INSTEAD OF WHY THE RIGHT ANSWERS ARE RIGHT. IF YOU STILL DON'T GET IT GO BACK TO THE TEXT AND READ IT OVER AND OVER UNTIL IT SINKS IN. YOU WILL HAVE TO WAIT UNTIL YOU TAKE THE TEST AGAIN SO YOU SHOULD HAVE ENOUGH TIME TO USE THIS STRATEGY. I GOT AN 87.

DON'T TAKE THE TEST AGAIN UNLESS YOUR SCORING 90'S OR BETTER ON THE PRACTICE EXAMS AND AT LEAST AN 85 ON THE GREEN LIGHT.

TAKE YOUR TIME ON THE ACTUAL TEST. DON'T TRY TO STUDY THE MORNING OF THE TEST. BREATHE DEEP ON QUESTIONS YOUR HAVING PROBLEMS WITH AND STAY CALM. YOU'LL DO FINE.

[quote=D.H.K.]Yeah, I failed the Seires 66 twice.  The first time I got a 70%

The second time, I got a 67%.

The third and final time, I got a 72%

It's a FREAKIN HARD TEST!
[/quote]

Yes, the 66 is much harder....

I agree with the index card thing also.  I find that I remember more things by writing them down and creating my own "cheat sheets" rather than just reading.

I am a CFA charterholder.  I am proud of the effort I put into it.
People who know the business know what is means, and respect us who
have it.

[quote=OldSchool]You think the CFP is hard try the CFA. [/quote]

You think the CFA is hard try the Bar Exam.

After passing NY's bar, I got 91% in 2 hours on the 7, and 86% in 20 minutes on the 63.

RLYesq-

I've concluded through transitive logic that I would have no problem on NY's bar exam--smoked you on both counts without trying that hard.

Who said anything about trying hard on either of the exams?

Take the NY bar exam and let us know how you do.

Why would I want to live or even practice law in that toilet bowl?  I love living in the wild, wild West.  I’m not attacking you, but I know plenty of lawyers who THINK they’re real smart.  Most of the time, I’m not all that taken.  If I really wanted to be a lawyer, I’d set my mind to it, probably get into most any school in the country, get out with good grades, and pass any freakin’ state’s bar exam.  The way I look at it, thousands of people have done it before me.  How tough can it be?  For the record, I currently work full-time (rn my own practice) and am working towards a Master’s full-time.  I have three small kids.  I’m pretty damn sure if I quit working and went to law school only, it would feel like I was on an extended vacation.

 Man, I love what I do.  I'm starving, but I love it.  Perhaps you should do as a couple of posts have suggested: I used Dearborn as a supplemental training guide for the Series 7, paid for it myself, as well as the firm study material.  Use Dearborn.  Secondly, perhaps you should go get your Insurance License first, sell Insurance for a year.  Some states insurance licenses have as high a failure rate as the Series 7, or so I've heard.  Besides, if you get a Series 7, you MUST Get your insurance license in order to work at most firms.  Think about that Insurance license.  Don't give up.  Turn off the tv when you study.  Make time for quiet.  If you must, utilize a library.  If you can get a college degree, you can pass the 7.

Good luck to you, see you in the trenches,

 ED

[quote=OldSchool]You think the CFP is hard try the CFA.
[/quote]

just remember, once you pass then your persistence and personality can go to work for you and your test taking days will be just about over

I originally posted this message over 2 years ago. 

Now I am a rookie at a wire. 

Hopefully, in another two years I can post that I have 30 mil AUM.. 

<span style=“font-size: 12pt; font-family: “Times New Roman”;”>DirtyDelta  

Man you need to memorize the theories. I am sure you know them now… A few points is based on confidence. It is possible you were not ready after test 1 and now you just have lost your confidence…



Man just think and say, "I have never failed and I will pass."



I know 80% of those who fail, think they could or will fail. Obvoiously one knows when they studied enough.



Keep the faith and increase the KARMA!

Airforce:

Bro I wish it was that easy!  Thank you for the support.

I have not lost any confidence.  In fact, the ***T that I have been trough the last two years is motivation enough to keep going.  STRONG!!!

If I go down, GD, I am going to go down swinging and break some faces!!!

DirtyDelta…

I just took the 7 yesterday and was unfortunate to score a 68%. I was told to study options and muni’s until I was sick of them. I did so and scored 90% on both those sections, but failed to spend enough time on the other sections (MSRB rules, etc.).  One question I do have…my firm provided me the Kaplan material, is this a disadvantage, or will Kaplan get the job done?

This subject has been discussed over and over. 

My opinion, is that Kaplan is garbage- too many long stories and excessive information.  I used STC for the 66.  I liked this program is much more efficient. 

But I could be wrong.  I really believe that the 7 was much harder than the 66- which is not the general consensus.   Everyone basically laughed when I told them I failed the 7 two times and passed the 66 on the first try. 

Must have been psychological…

<span style=“font-size: 12pt; font-family: “Times New Roman”;”>DirtyDelta…   

<span style=“font-size: 12pt; font-family: “Times New Roman”;”>Please excuse the typo.  Its been a long day!!