7 tips for the Series 7

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Mar 20, 2009 2:52 pm

Just passed the series 7 yesterday with a pretty good score. Some advice from a recent test taker....and before you think I am a know it all for posting this, read Tip 1 first.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Tip 1) Don't look on the internet for advice on the Srs 7! I got a bunch of advice from people about what topics are getting tested more these days. For example everybody told me that they were testing CMO's And REIT's much much more in light of recent events. I had two questions on CMO's and one on REIT's (two if you count the one question where REIT's was an incorrect answer in the multiple choice selections) The test has a computer bank of questions, the questions are selected based on how much weight certain topics have. The questions are not quite "random" but they are certainly not predictable. You cannot second guess specifics. The people who think they can...well they are the same people that thought buying AIG at 22 was a great move.


 


Tip 1 is most important. So with that in mind take Tip 2-7 with a grain of salt. But here are some observations from my experience.


 


Tip 2) Get a syllabus from a good training firm and follow it to the letter. (I used STC). I made it so much more difficult on myself by going my own way a lot of the time. They know what they are doing more than you do. I could have spent a lot more time with my family rather than locked away studying.


 


Tip 3) Everybody I talked to said before their test they were worried that they had memorized questions rather than learned material. Although that is a danger, it is also natural to feel that way. Most people do.


 


Tip 4) Night before. If you feel like you need to put more than a one hour review into the test the night before, you should have pushed your test date, you aren't ready. I passed on my first try, not because I am so damn smart, but because I pushed back the first date I had reserved because I was not ready. Night before, do a one hour review, have a good meal, hang out with your spouse/significant other or friends, relax, get some good sleep.


 


Tip 5) DON'T TRY TO GRADE YOURSELF WHILE TAKING THE TEST. Nobody told me this before hand, but when I talked to people after they all said they had the same experience. I got a 90 on the test, with that score you would think that I was very very confident in most answers. WRONG. On most questions that did not require a calculation of some sort I was able to eliminate one or two possibilities and felt maybe 60/40 between the two others. Once every 7 or 8 questions I would get one that I was absolutely certain. Personally I would not use the “mark for review” at all. It jsut encourages you to second guess yourself.


 


Tip 6) Speaking of calculations, I was amazed at how few questions I had that required me to actually apply numbers to a formula and come up with a solution. I think I used the calculator twice.  However, like I said in Tip 1 that could have just been due to the "randomness" of how questions are generated. 


 


Tip 7) Do not pay attention to how many times you are using a certain selection. No exaggeration here, I would say 35% of my answers were the same selection. I was beginning to doubt answers because I had selected that same letter so many times. Again randomness.



 
 
Mar 20, 2009 3:00 pm

Tip #8 - If you're going to learn anything well, make sure it's the options and municipal bond stuff.  You really need to understand options in your sleep.  You may never use them in your practice, but you'll do a ton of them on your test.  The muni bond stuff is memorization, but that's OK. 

 
Tip #9 - EDJ has the BEST S7 study materials out there.  I've seen STC, Dearborn, and several other.  The Jones stuff rocks.  There's a reason we have a 90% pass rate.  If you're looking for good info and have a Jones friend who is new to the biz, see if he has his materials still.  Fair warning, he might have burned them after he passed. 
Mar 20, 2009 4:08 pm

Spiff, its all on lap top now.  Tip #10-Have a few scotches the night before.  Had no troubles falling asleep...

Mar 20, 2009 5:04 pm

Thanks for all the advice!

Mar 20, 2009 5:21 pm

Tips 8, 9, 10 are SPOT ON PERFECT!!!!


As For Tip 10...Glenmorangie Port Barrel!!!

Mar 21, 2009 9:07 pm

Tip #11


If you have a little bit before you begin a company's S7 prep course I would highly encourage the purchase and usage of the Kapalan Financial S7 prep book with the practice question CD. I went through the Kaplan book before going through the EDJ SFS program and it gave me a HUGE head start. I scored an 88%.  

Mar 23, 2009 12:12 pm

Witt King, When do you sit for the exam?

Mar 23, 2009 1:54 pm
Hank Newbie:

Spiff, its all on lap top now.  Tip #10-Have a few scotches the night before.  Had no troubles falling asleep...

 
That would make sense.  At least they're putting that internet thing to good use. 
Mar 23, 2009 2:35 pm

Actually, they preload all the material onto a Tablet PC. Quizzes, Tests, everything. Only needs to connect to the internet to send HO all the scores. It's pretty neat, but riddled with typos. Although the material seems to be current, the quizzes and tests are mostly out of date (by approx 2 or 3 years).



For the most part I think it's a good program. I take the 7 in a week, so I'll let you know if it's as good as I think it is.
Mar 23, 2009 3:06 pm
dcj3831:

Witt King, When do you sit for the exam?


I have no idea when I sit.  I don't start studying until May 11th.

Mar 23, 2009 10:34 pm

If you can get the Kaplan 7 study materials I would.  And spend a lot of time on the computer quiz software.  I took the 7 about a year ago and did very well.  I attribute that to the test prep software... I saw many questions almost word for word from what was on the study questions.  Good luck!

Mar 24, 2009 7:31 pm

The only thing I might add, (Other than the scotch...mandatory), is that if you have a finance background and/or a finance degree, as Spiff said, the EDJ program should be more than enough to get you through.  I used it exclusively, and scored a 96% on the exam (not that that means much going forward).  I honestly think that I might have gotten worse with more info, towards the end information overload/overlap/migraines/study fatigue could have been a real issue.  Remember, you are going to go through a full time study program that spans 8+ weeks, covers 39 chapters with 40+ tests (not including the quizes and video worksheets), just to sit for the 7.  Who really wants to do that on top of a parallel study program?

Mar 24, 2009 8:04 pm

I'm proof dat anyone can pass da 7

Take da tess as if ya gots nuttin' ta lose...nahh reason ta give yourself mo' pressure

Ya'll is mad stupid.