Series 24 vs. Series 7 and 66
If you have taken the 24 I am curious to know how difficult it is compared to the 7 and the 66.
Books After I passed the 7 and the 66 I burned the books. The thought of cracking them open for the 24 is not pleasant, but there are worse things.
It's not as bad as the 7 but you still have to take it seriously. If I recall correctly if the 66 the whole fee based stuff and doing biz in other states; it's not as easy as that one. I did a home study and a one day review course and I felt very well prepared when I took the test. I used STC materials.
I took it probably 10 years ago using STC material. It wasn't anywhere near as difficult as the 7, but a little bit harder than the 63. In MO we don't have to take the 66, so I've not taken that one. But from what I've heard I would guess the 66 and 24 are about the same degree of difficulty.
How come you're taking the 24? The only reason I took it was because we had some training classes coming in from some states that required the 24 and they thought we should all get it too.
I thought the 24 was quite a bit harder than the 66. The rumor is that they've been making the 24 harder every time they revise it. Not sure if that is true or not.
I used the STC materials, and took their two day class. The class was well worth it. The guy really inforced things that I would have probably glossed over if I had just been using the notebook. As with all of these tests, make sure you take all the practice tests you can.
In our class, we had one guy who was on his fourth try for his 24. One guy had failed once already, and when he told us that he had scored over 80 on his 7 the first time, we got a little nervous.
There is some pretty heavy memorization (percentages of margin, settlement days, filing days, days before a fine, etc.). I would make a "cheat sheet" with key numbers on it, and review that often.
I don't think it's really harder than the other tests (yes, it is harder than the 63), but the material is very dry and was difficult for me to focus on. That being said, I scored an 80% with maybe 50-60 good hours of prep time. It may have been more...it's been three years, but it didn't seem that I put nearly the effort in that I did on the 7. Of course, I scored better on the 7 also.
...and yes, if you are prepping to be a branch manager, you must be losing your marbles...I'm looking forward to hiring someone to take that over for me so I can focus on taking care of my clients and making money...
No, losing your marbles is taking a test like that because your company thinks it's a good idea. Not a requirement or something that will look good on a resume, just because.
I took the 24 a little over 6 months ago. It was by far the hardest of the securities tests I've taken. (6/63/65/7). The 7 was actually fun compared to the 24. I think it's accurate to say they've made it harder each test.
The Kaplan material I used got me a 68% the first time, and a 70% the 2nd time. It really seemed like the test had change substantially away from the material in the books.
Harder than the 7???? You are the first person I have heard say that.
How many questions are there and what is the time limit?
And to qualify that statement about it being harder than the 7:
I'd would say that you will never use most of the information on the 24, especially if you're working with a B/D who deals with most of the legal stuff anyways. You will rarely need to know the information to explain to a client. You will very, very rarely ever have to use the info during your day to day business with clients or managing other reps The info is about as dry as it gets. Some of it comes off as just arbitrary.
And to top it all off, your B/D will often times have their own set of rules that deviate from what you learned in the 24.
But seriously, it's worth getting; it's just a pain to get.
If I can chime in on the 66 v. 7 thing, I passed the 7 with a 91%, and so far am scoring mid 80's with about 5 days to go to the 66, but I can't STAND the material in the 66. Dry, didactic, and self-contradictory.
At least with the 7, it's written and tested by "our people". You had to know general concepts and their useful applications. The 66 had to have been written by lawyers and not industry guys. It's like trying to pick gnat shit out of pepper.