Passed the 7

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Jan 27, 2006 2:37 pm

I just got back in from testing.  Thanks everyone for the advice.  I passed with a 75.  I was hoping for a higher score, but I'll take it.  From my understanding, this is where the hard work begins.

Jan 27, 2006 2:52 pm

Almost a perfect score - 70 is perfect in a P/F exam!


You almost divoted the most efficient amount of time to passing the test!


Now what matters is what you do when no one is looking!


Jan 27, 2006 2:53 pm

Congratulations!! 


   


It is not an easy test. You did good.   It doesn't matter what your score was. What matters is how you appy yourself in the future.

Jan 27, 2006 4:54 pm

congrats dude! I just pass my test 2 days ago and I still cant get over it (I got a 76 which basicly, we studied the same way LOL).

Jan 27, 2006 5:05 pm

Excellent work, both of you!


Jan 27, 2006 5:15 pm

You both studied too much.

Jan 27, 2006 7:10 pm

Congratulations! Your low score is actually a good sign. There is a prevalent, but unsubstantiated, belief that the lower your score, the better you'll perform in your new career.


On the surface, this "theory" makes sense. A bookworm-type individual (read: geek) would score high on the test, but lacks the social skills required to connect with prospects. On the other hand, someone more interested in people (than books), would have the social skills to make that connection with prospects.


There are exceptions, of course. But I've heard this theory since the early nineties.


Now get to work, the clock is running!

Jan 27, 2006 7:59 pm

I just got a mail from NASD telling that they've made a mistake on my series 7 exam score. Failing me with a  69 when I really got a 70. I had to retake the exam over again. Well, that was a year ago.

Jan 27, 2006 8:54 pm

I got a 92 on my series seven.  I think I'm great at connecting with people, but have a hard time with the marketing aspect.  As most of you probably can tell I enjoy the analytical side quite a bit.  I think there's some truth to what doberman is saying.  I think I'd be a better fit on the analyst side though, I burn out on cold calling easily.  Well, we'll see what happens.

Jan 27, 2006 10:02 pm

I got a 92 on my series seven.  I think I'm great at connecting with people, but have a hard time with the marketing aspect.  As most of you probably can tell I enjoy the analytical side quite a bit.  I think there's some truth to what doberman is saying.  I think I'd be a better fit on the analyst side though, I burn out on cold calling easily.  Well, we'll see what happens. "


We can all see that you have an unwavering commitment to your computer though, as evdient by the 50 posts per day you write up.....

Jan 28, 2006 4:39 pm

 thnx guys

Jan 29, 2006 1:48 am

Congratulations on passing that exam. I am preparing to take the test
in March or April. The only section that I am worried about is
Options.  Does anyone know of some material that explains it
well?  How in depth does the exam cover options? I've heard that
the exam either focuses on Bonds and Municipals or Options, is that
true?



Thanks for any response.

Jan 29, 2006 9:38 am

The S7 focuses much of the test on Bonds/Muni's and Options. Know them like the back of your hand and you should be fine.

Jan 29, 2006 11:37 am

Mr2Row: The only section that I am worried about is Options.  Does anyone know of some material that explains it well?  


Thanks for any response. 
-----------------------------------


What worked for me, in understanding options, was to look past all the confusing terminology (calls, puts, straddles, etc.) and remember that options are simply the right to buy or sell a particular investment.


An unrelated real life example:


Real estate contracts are a classic example of an option. You sign a contract to purchase (option) a house for a set price and put down $1,000 (price of the option) to seal the deal. Now, you can back out of the deal and only lose the $1,000 (as per Georgia real estate law). But the seller is obligated to sell you this house at the prearranged price, even if oil is later discovered on the property.


Another Example:


A hotel reservation is another example of an option. You put $100 to reserve a room a year from now, at a set price. Fast forward a year from now and you can't take the room, for some reason. You lose the $100.


OR because of a hurricane, the Super Bowl had to be moved to your destination, to a stadium 3 blocks from your hotel room. Room rates have now tripled, except for your room. You locked in the room rate a year earlier. You could sell the right to stay in your hotel room for twice what you're paying or stay there yourself. 


I believe if you can relate how stock options work, to the numerous other examples of options in real life, you'll possess a good, basic understanding.


Anyway, that's how I "got it". Good luck!

Jan 29, 2006 12:52 pm
GreenShoe:

I just got a mail from NASD telling that they've made a mistake on my series 7 exam score. Failing me with a  69 when I really got a 70. I had to retake the exam over again. Well, that was a year ago.



http://registeredrep.com/news/NASDMistakenly_Failed_Brokers /

Jan 29, 2006 5:05 pm

The best way to study options is practice, practice, practice. In the end, options will become the easiest on the exam. You just have to practice it ALL THE TIME. Don't do what some of my buddies did and forget options once you "master" it and focus on other subjects (he failed incase your wondering).


Just practice Options and you will thank god every time an option question comes up on your exam.


As far as debt quotes are concerned. I memorized a formula that you should too. Its a bit complicated to understand but if you put it in practice, you will get it:



1/8 = 1.25
2/8 = 1/4 = 2.50 = 25%
3/8 = 3.75
4/8 = 1/2 = 5.00 = 50%
5/8 = 6.25
6/8 = 3/4 = 7.50 = 75%
7/8 = 8.75
* to convert Treasury quotes (#/32), just divide the # by 4

Now, if you ever see a quote of (for example): 101 1/8 - 101 5/8. Instead of doing the math just PUT IN the number. Here how it will look: 1011.25 - 1016.25. Now you know the spread and you can continue with whatever they ask you.


(I got this from Investopedia.com incase you want more tips but in my opinion, the best tip out of the whole Series 7 article on that site).


Good luck on your exam, I hope I was some help .

Jan 29, 2006 6:36 pm
killerRep:

The best way to study options is practice, practice, practice. In the end, options will become the easiest on the exam. You just have to practice it ALL THE TIME. Don't do what some of my buddies did and forget options once you "master" it and focus on other subjects (he failed incase your wondering).


Just practice Options and you will thank god every time an option question comes up on your exam.


As far as debt quotes are concerned. I memorized a formula that you should too. Its a bit complicated to understand but if you put it in practice, you will get it:



1/8 = 1.25
2/8 = 1/4 = 2.50 = 25%
3/8 = 3.75
4/8 = 1/2 = 5.00 = 50%
5/8 = 6.25
6/8 = 3/4 = 7.50 = 75%
7/8 = 8.75
* to convert Treasury quotes (#/32), just divide the # by 4

1/8 = .125; 2/8 = .25; etc...



Now, if you ever see a quote of (for example): 101 1/8 - 101 5/8. Instead of doing the math just PUT IN the number. Here how it will look: 1011.25 - 1016.25. Now you know the spread and you can continue with whatever they ask you.


(I got this from Investopedia.com incase you want more tips but in my opinion, the best tip out of the whole Series 7 article on that site).


Good luck on your exam, I hope I was some help .


He already took and passed the exam. Perhaps YOU should consult HIM before YOU take the exam.

Jan 30, 2006 4:40 pm
blarmston:

I got a 92 on my series seven.  I think I'm great at connecting with people, but have a hard time with the marketing aspect.  As most of you probably can tell I enjoy the analytical side quite a bit.  I think there's some truth to what doberman is saying.  I think I'd be a better fit on the analyst side though, I burn out on cold calling easily.  Well, we'll see what happens. "


We can all see that you have an unwavering commitment to your computer though, as evdient by the 50 posts per day you write up.....



That had to hurt.  But, you gotta call them like you see them.

Jan 30, 2006 6:06 pm

Jan 30, 2006 7:00 pm
blarmston:

I got a 92 on my series seven.  I think I'm great at connecting with people, but have a hard time with the marketing aspect.  As most of you probably can tell I enjoy the analytical side quite a bit.  I think there's some truth to what doberman is saying.  I think I'd be a better fit on the analyst side though, I burn out on cold calling easily.  Well, we'll see what happens. "


We can all see that you have an unwavering commitment to your computer though, as evdient by the 50 posts per day you write up.....




Oh man...