How much study for Series 7?

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Jun 6, 2005 11:55 am

How much study time does the Series 7 exam require on average?



Ask I was offered a position with MetLife a while back and start date proposed was 30 days.  Now to meet that date I had to pass- Series 7, 66 and 63.  Also, sell $4000 worth of commisions before the 30 days. 


I did not take the job primarily because the recruiter never mentioned the $4000 buy in commision before hand (not till the end of the fourth and final interview) and I found it misleading.


Let me say the whole MetLife interview happened with out much planning on my part as attended a career night and was asked for interview next day.  Just was looking into the field and green to say the least.



No matter, to get back on track  thinking that I would have had a heck of a time working full time, studying for the tests and finding time to let one of thier managers terrorize family and friends.



Thus, what seems to be average amount of time you folks studied for the Series 7?


Jun 6, 2005 12:19 pm
logan:

 
<>

Thus, what seems to be average amount of time you folks studied for the Series 7?





You're crazy to ask that on this forum of ego driven kids who all boast
that they blew through the test in an average of three questions a
minute after studying for a few days.



There are 17,000 questions in a database in Rockville Maryland. 
When you log onto the computer to take your test 260 of them will be
chosen just for you.  There will be 60 bond questions and 40
options questions.  The other 160 will come from all of the other
topics.



PIck up a set of study material--you'll find that it's between 750 and 1,000 pages of college level discussions.



The exam is very difficult--filled with industry jargon and suitability
issues.  The most common comment is, "I had no idea that that
particular topic could be asked in so many different ways....."



It is generally advised that 100 hours be set aside to prepare for the
exam--approximately 40 of them to read the material and another 60 or
so to do sample questions.



There are two vendors of study material that is considered to be
superb--STC and Dearborn--and another, Pass Perfect, that is best known
for its meandering style and sample questions that look very little
like the real test in that they're much more difficult.



Preparing with Pass Perfect can be frustrating because your practice
sessions will result in low scores, but you will be "over prepared" if
you do all of the Pass Perfect sample questions.  But when you go
take the test you'll see questions that, while easier, look nothing
like what you've been working on.



By comparision if you use STC or Dearborn you're going to find that the real questions look a lot like what you'd been studying.



The STC program has thirteen 125 question sample final exams. That is
1,625 sample questions.  If you figure it will take you two
minutes per question you're going to need about 3,300 minutes or
roughly 55 hours to do them.



It is not possible to go somewhere and cram for sixteen hours a day for
three or four days because your brain cannot stay focused for that many
hours.



Ideally you would do an hour or two a day for a month to six
weeks.  The problem is how do you find an hour or two in your day
if you're working and "have a life."



Recently there have been posts made on this forum about the fact that
about 65% of those who take the test in any given period pass it. 
That includes those have taken it at least once before. The first time
ratio is somewhere south of 50% but is a statistic the NASD will not
release.



To answer your question.  The NYSE requires rookies at their
member firms to prepare for the exam for at least 90 days so that they
can learn all that is needed to be known.



Years ago the average score at a wirehouse was close to 90%. These days
it's less than 80%. The test has not gotten harder, the people being
hired have gotten dumber and less willing to make the effort to do
things right.



If you're working full time you cannot find enough time to study for, and pass, Series 7 in a month.



Regardless of what the fools who will now respond to this have to say.

Jun 6, 2005 12:24 pm

I studied and passed in 5 weeks.


I also attended a one week prep course taught by Harvey Knopman.


Jun 6, 2005 12:46 pm
Dewey Cheatham:

I studied and passed in 5 weeks.


I also attended a one week prep course taught by Harvey Knopman.





Those crash courses are an excellent way to cut down on the time
necessary to prepare to do sample questions--but they can't really cut
down on the sample questions.



Who does Harvery Knopman teach for?  Where?

Jun 6, 2005 1:06 pm
Put Trader:
Dewey Cheatham:

I studied and passed in 5 weeks.


I also attended a one week prep course taught by Harvey Knopman.




Those crash courses are an excellent way to cut down on the time necessary to prepare to do sample questions--but they can't really cut down on the sample questions.

Who does Harvery Knopman teach for?  Where?


Harvey is the former head of trading training at CSFB.  He now runs his own financial training school.  Check the inside flap of a Dearborn book.  He co-authored the book.


http://www.knopman.com/about.htm


"Both Dearborn and Financial Training Services have extensive experience training and licensing registered representatives and principals, said Mr. Fiorillo. The project will be staffed by Harvey Knopman, President of Financial Training Services, who formerly managed the sales and trading training for CS First Boston, Janet Wiley, Vice President, Product Development at FTS, previously a product specialist in the MBS department at Morgan Stanley & Co., Incorporated, and Mark Emmons, Vice President at Dearborn, he added. "

Jun 6, 2005 1:49 pm

First of all, look outside of metlife. It is hard to get in this business, so if you need to use them as a stepping stone... go ahead. A better bet would be to get hired as a sales assitant somewhere reputable... if your male ego will allow you to do that. Then you could get licesensed, understand the business, be under less stress and possibly hook up with a senior broker.


Second, it is going to be very difficult to generate $4000 in commissions in 30 days unless you put your friends and family in their less than par "products". Make sure you generate commisions in reputable fund families. Read other posts to get an idea of what these might be.


I recently had to take the series 7 for the second time in my career. The first time I took it I was 22, and it took me 3 solid months to study.I got a 76%


A few weeks ago, I took it after about 2 weeks of solid craming. Granted, I have been in the industry for 13 + years, but I am no book whiz (moderate intelligence and attended a well know private university). So, you could say I am your average "joe", or "jane" if you will. 


Anyway, I got an 80%....but I thought it was a very arduous task. And I took the entire time to finish my test, unlike the many superstars you will read about on this forum. What helped me the most was the 600 to 700 flash cards I made. I actually bought an outline from freeseries7.com... and did not read the book. Memorization was my key to success.


Dearborn has a series 7 test disk that is excellent. It helped me allocate my time efficiently, because it identifed the areas I was week in. You don't really have to buy the book, because the explanations are pretty thorough. Hope this helps.


P.S. memorize the option formulas and then right when you get in the test, put them on the scratch paper for a reference. This was another great "trick" that is perfectly legal.


You can pm me and I will try to fax you my option memory chart.


Good luck!


P.S. excuse my spelling, I don't have time to correct. it

Jun 6, 2005 6:36 pm

Thank you kindly all.


Thinking I will take my P &C test next then take my time and study for the Series 7.


Moneymon, I did not take the MetLife job as it really irked me the way they held back on telling me about the buyin.  Much of our interviews were based on honesty and thier little "oh by the way" did not sit well with me at all.

Jun 6, 2005 9:40 pm
Put Trader:
logan:

  <>
Thus, what seems to be average amount of time you folks studied for the Series 7?



You're crazy to ask that on this forum of ego driven kids who all boast that they blew through the test in an average of three questions a minute after studying for a few days.

There are 17,000 questions in a database in Rockville Maryland.  When you log onto the computer to take your test 260 of them will be chosen just for you.  There will be 60 bond questions and 40 options questions.  The other 160 will come from all of the other topics.

PIck up a set of study material--you'll find that it's between 750 and 1,000 pages of college level discussions.

The exam is very difficult--filled with industry jargon and suitability issues.  The most common comment is, "I had no idea that that particular topic could be asked in so many different ways....."

It is generally advised that 100 hours be set aside to prepare for the exam--approximately 40 of them to read the material and another 60 or so to do sample questions.

There are two vendors of study material that is considered to be superb--STC and Dearborn--and another, Pass Perfect, that is best known for its meandering style and sample questions that look very little like the real test in that they're much more difficult.

Preparing with Pass Perfect can be frustrating because your practice sessions will result in low scores, but you will be "over prepared" if you do all of the Pass Perfect sample questions.  But when you go take the test you'll see questions that, while easier, look nothing like what you've been working on.

By comparision if you use STC or Dearborn you're going to find that the real questions look a lot like what you'd been studying.

The STC program has thirteen 125 question sample final exams. That is 1,625 sample questions.  If you figure it will take you two minutes per question you're going to need about 3,300 minutes or roughly 55 hours to do them.

It is not possible to go somewhere and cram for sixteen hours a day for three or four days because your brain cannot stay focused for that many hours.

Ideally you would do an hour or two a day for a month to six weeks.  The problem is how do you find an hour or two in your day if you're working and "have a life."

Recently there have been posts made on this forum about the fact that about 65% of those who take the test in any given period pass it.  That includes those have taken it at least once before. The first time ratio is somewhere south of 50% but is a statistic the NASD will not release.

To answer your question.  The NYSE requires rookies at their member firms to prepare for the exam for at least 90 days so that they can learn all that is needed to be known.

Years ago the average score at a wirehouse was close to 90%. These days it's less than 80%. The test has not gotten harder, the people being hired have gotten dumber and less willing to make the effort to do things right.

If you're working full time you cannot find enough time to study for, and pass, Series 7 in a month.

Regardless of what the fools who will now respond to this have to say.


OK Put, I'm soliciting your opinion on this one....


I am moving from NY(where the 66 is not required for IAR/RIA business) to another state, so I must take the ser 66 exam in just a few weeks.  How many hours should I set aside. I'm s7 registered for 14 yrs, above-average intelligence-though I'm sure you will scoff at that.  How many hours must I set aside to get at least a 75-80 on the test?

Jun 7, 2005 7:11 am
joedabrkr:

OK Put, I'm soliciting your opinion on this one....


I am moving from NY(where the 66 is not required for IAR/RIA
business) to another state, so I must take the ser 66 exam in just a
few weeks.  How many hours should I set aside. I'm s7 registered
for 14 yrs, above-average intelligence-though I'm sure you will scoff
at that.  How many hours must I set aside to get at least a 75-80
on the test?





First be sure it's the 66 you need and not the 65.  It has been my
understanding that the 66 is for people who don't already have a 63,
while the 65 is taken by "veterans" who already have a 63.  In any
case check with your registration department.



Both of the exams are filled with schidt such as how many clients do
you have to have before you have to register as an RIA with your state
and how many before you have to register at the national level and
they're not the same.  In other words, grunt memory work.



They also have a bit of analysis, that can be learned.



We have found that this is an area where the firm known as Pass Perfect
excels.  Their 7 isn't very good but when we had a string of
failures at 65 or 66 we gave Pass Perfect a try and sure enough the
passing ratio improved dramatically.  It could be because it was a
bunch of repeaters--but in debriefing them we did hear that the Pass
Perfect questions were more like the real thing that what we had been
using.



Time?  However long it takes to do the sample questions--referring
to the textbook for more information than the sample question
explanations provide.  Probably ten to twelve hours--a lost
weekend if you can arrange one.

Jun 7, 2005 11:30 am
Put Trader:
joedabrkr:

OK Put, I'm soliciting your opinion on this one....


I am moving from NY(where the 66 is not required for IAR/RIA business) to another state, so I must take the ser 66 exam in just a few weeks.  How many hours should I set aside. I'm s7 registered for 14 yrs, above-average intelligence-though I'm sure you will scoff at that.  How many hours must I set aside to get at least a 75-80 on the test?




First be sure it's the 66 you need and not the 65.  It has been my understanding that the 66 is for people who don't already have a 63, while the 65 is taken by "veterans" who already have a 63.  In any case check with your registration department.

Both of the exams are filled with schidt such as how many clients do you have to have before you have to register as an RIA with your state and how many before you have to register at the national level and they're not the same.  In other words, grunt memory work.

They also have a bit of analysis, that can be learned.

We have found that this is an area where the firm known as Pass Perfect excels.  Their 7 isn't very good but when we had a string of failures at 65 or 66 we gave Pass Perfect a try and sure enough the passing ratio improved dramatically.  It could be because it was a bunch of repeaters--but in debriefing them we did hear that the Pass Perfect questions were more like the real thing that what we had been using.

Time?  However long it takes to do the sample questions--referring to the textbook for more information than the sample question explanations provide.  Probably ten to twelve hours--a lost weekend if you can arrange one.



Thx for the input.  Every weekend is lost right now, but all for good reasons!


While I find some of your views on other issues to be rather abhorrent, I sense that you have a pretty solid handle on this issue.


I'll make sure to post it for you when I score a 90+!

Jun 7, 2005 11:37 am
joedabrkr:

I'll make sure to post it for you when I score a 90+!





It will be a disappointment if you don't score at least 90, but I worry
that you won't because you don't grasp the gravity of leaving the city
so nice they named it twice.

Jun 7, 2005 12:23 pm
Put Trader:
joedabrkr:

I'll make sure to post it for you when I score a 90+!




It will be a disappointment if you don't score at least 90, but I worry that you won't because you don't grasp the gravity of leaving the city so nice they named it twice.



You mean Bora Bora or Pago Pago?

Jun 7, 2005 2:27 pm
Put Trader:
joedabrkr:

OK Put, I'm soliciting your opinion on this one....


I am moving from NY(where the 66 is not required for IAR/RIA business) to another state, so I must take the ser 66 exam in just a few weeks.  How many hours should I set aside. I'm s7 registered for 14 yrs, above-average intelligence-though I'm sure you will scoff at that.  How many hours must I set aside to get at least a 75-80 on the test?




First be sure it's the 66 you need and not the 65.  It has been my understanding that the 66 is for people who don't already have a 63, while the 65 is taken by "veterans" who already have a 63.  In any case check with your registration department.

Both of the exams are filled with schidt such as how many clients do you have to have before you have to register as an RIA with your state and how many before you have to register at the national level and they're not the same.  In other words, grunt memory work.

They also have a bit of analysis, that can be learned.

We have found that this is an area where the firm known as Pass Perfect excels.  Their 7 isn't very good but when we had a string of failures at 65 or 66 we gave Pass Perfect a try and sure enough the passing ratio improved dramatically.  It could be because it was a bunch of repeaters--but in debriefing them we did hear that the Pass Perfect questions were more like the real thing that what we had been using.

Time?  However long it takes to do the sample questions--referring to the textbook for more information than the sample question explanations provide.  Probably ten to twelve hours--a lost weekend if you can arrange one.



It was suggested to me, by the way, that the 66 would be 'easier' because the 7 is a prerequisite.  Not that I'm looking to skate, but I have to consider these thinsg because I have a full plate right now....

Jun 7, 2005 3:09 pm

Study time depends on how quick of a reader you are and how quickly you can absorb the material.  If you have a financial background and/or education you should be going thru the information more quickly.  Our company uses the Pass Perfect system.  I worked in the financial field AND I have an MBA in Finance and Economics.


I studied for 5 weeks and took the 1 week class.  I passed with a score of 75.  Let me know if I can provide any more information.


Jun 7, 2005 4:55 pm
maybeeeeeeee:

I passed with a score of 75.  Let me know if I can provide any more information.





OK, why didn't you get a better score?

Jun 7, 2005 5:03 pm
Put Trader:
maybeeeeeeee:

I passed with a score of 75.  Let me know if I can provide any more information.




OK, why didn't you get a better score?


And just what would it have been worth to invest the time to score 100%?

Jun 7, 2005 5:05 pm
stanwbrown:
Put Trader:
maybeeeeeeee:

I passed with a score of 75.  Let me know if I can provide any more information.



OK, why didn't you get a better score?


And just what would it have been worth to invest the time to score 100%?





Would you want to go to an oncologist who wanted to do "just enough" to get his MD?



Where is the pride in scoring low on a qualification exam?

Jun 7, 2005 5:09 pm
Put Trader:
stanwbrown:
Put Trader:
maybeeeeeeee:

I passed with a score of 75.  Let me know if I can provide any more information.




OK, why didn't you get a better score?


And just what would it have been worth to invest the time to score 100%?




Would you want to go to an oncologist who wanted to do "just enough" to get his MD?


You DO realize that guy's STILL called "Doctor" and STILL has the diploma. BTW, don't be a fool and suggest that the Series 7 is the be all and end all of being qualified to be a rep.

Jun 7, 2005 5:13 pm
stanwbrown:

You DO realize that guy's STILL called "Doctor"
and STILL has the diploma. BTW, don't be a fool and suggest that the
Series 7 is the be all and end all of being qualified to be a rep.





I agree, but my question was if you would have much faith in a doctor who graduated last in his class?



Suppose you were a hiring manager at a hospital  Are you going to hire the guys and gals who barely graduated?



What about pride in oneself?  Do you think that self image is
important in being a successful broker?  How much self pride do
you suppose there is in a guy who brags about missing at least 62
questions on a qualification exam?



Would you advise your daughter to marry a guy who bragged about scoring low on tests?

Jun 7, 2005 5:16 pm
Put Trader:
stanwbrown:

You DO realize that guy's STILL called "Doctor" and STILL has the diploma. BTW, don't be a fool and suggest that the Series 7 is the be all and end all of being qualified to be a rep.




I agree, but my question was if you would have much faith in a doctor who graduated last in his class?


That's the source of your problem. You think the score on the  Series 7 is somehow the equivalent of the  entirety of Med School, when it's more like a pop quiz in a first semester, first year class…..<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />