Series 7 percentiles

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Feb 4, 2008 9:25 pm

hey im wondering if anyone knows where to find percentiles for the nasd exams. i scored a 91 on the 7 and though it may sound conceeded, think it would be nice to know my percentile that i might nicely position myself for nicer positions in the future.

Feb 4, 2008 9:45 pm

Please learn to spell, capitalize, punctuate and form coherent sentences first.

Feb 4, 2008 10:11 pm

i didnt realize that this is a formal... i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability??????????????

Feb 4, 2008 10:17 pm

thanks icecold, i ll probably never come back here again but its good to know that theres at least one chill person here

Feb 4, 2008 11:21 pm

I don't want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success.  This is a 100% true fact.  But it makes sense.  Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.

Feb 4, 2008 11:45 pm
pregoman:

hey im wondering if anyone knows where to find percentiles for the nasd exams. i scored a 91 on the 7 and though it may sound conceeded, think it would be nice to know my percentile that i might nicely position myself for nicer positions in the future.

 
Do you really think it freakin matters?????
 
If you need an ego boost for your "knowledge" on securities, get your CFA credential.  THEN you'll have something meaningful to brag about.
Feb 4, 2008 11:58 pm
pregoman:

i didnt realize that this is a formal... i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability??????????????

 
Giving out insults won't build you much respect around here.
Feb 5, 2008 1:12 am

...I got a 96 (241/250) on the series 7, an 86 on the 63, a 93 on the 65 and an 80 on the 24.  Really, it's not that big of a deal...just shows that I was anal and studied too much/prepared too long for my first test.  You use very little of what you learn on the seven to be successful and I don't recall any instance where my high score helped me land an account.  By the time I got to the 24, I'd finally figured out how to study efficiently and get the damned test passed so I could get to work on something that really mattered (helping clients and making money).

 
...and there's some truth to the theory that high test scores often mean low success rates.  Don't try to impress people with your intellect.  Show them you care and give them excellent service and they won't give a rat's ass what your test score was.  With some of the idiots in this business, I'm convinced that the test is too damned easy anyway.
Feb 5, 2008 2:17 am

Scores are meaningless -- unless you don't pass.  Clients & firms don't care what your score was.  I scored a 98 on my S7 -- it didn't do jack for me.   The only thing that matters is ink on paper.  Congrats, but now it's time to get to work!

Feb 5, 2008 8:07 am
pregoman:

i didnt realize that this is a formal... i thought it was a forum. please get a real name v-tech. is this how you compensate for your personal lack of ability??????????????







Yes, I'm sure that's it.

Feb 5, 2008 10:21 am
rankstocks:

I don't want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success.  This is a 100% true fact.  But it makes sense.  Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.

 
 
You are right, and the high percentile analytical brokers are generally contrarian.  My mentors have been 6 month ahead of the trend.
Feb 5, 2008 10:35 am
Broker7:
rankstocks:

I don't want to freak anyone out here, but there was a study done on this topic, and it turns out the higher your series 7 score, the lower your likelihood of success.  This is a 100% true fact.  But it makes sense.  Those that are too analytical are great at tests, but usually poor at the social skills it takes to attract clients.

 
 
You are right, and the high percentile analytical brokers are generally contrarian.  My mentors have been 6 month ahead of the trend.
 
Let us know when it's time to get back into the market.
Feb 5, 2008 10:41 am
Indyone:

...I got a 96 (241/250) on the series 7, an 86 on the 63, a 93 on the 65 and an 80 on the 24.  Really, it's not that big of a deal...just shows that I was anal and studied too much/prepared too long for my first test.  You use very little of what you learn on the seven to be successful and I don't recall any instance where my high score helped me land an account.  By the time I got to the 24, I'd finally figured out how to study efficiently and get the damned test passed so I could get to work on something that really mattered (helping clients and making money).

 
...and there's some truth to the theory that high test scores often mean low success rates.  Don't try to impress people with your intellect.  Show them you care and give them excellent service and they won't give a rat's ass what your test score was.  With some of the idiots in this business, I'm convinced that the test is too damned easy anyway.
 
That's it Indy1.. From now on... you take my exams!
 
Miss J
Feb 5, 2008 11:05 am

the highest S& scorer in my class lasted literally one week of phoning and he was gone

Feb 5, 2008 11:05 am

I'm in and making money! short it now if you haven't been.  iSM 41.9  WOW.  Thats an indicator!   Big bank news to come this week.


The feds are already talking about another emergency rate cut.    Ben has only a few bangs left in his gun...afterwards....click, click, click
Feb 8, 2008 6:17 pm

skippy is DEAD on.  And the irony of it is, the CFA Institute doesn't even tell you what your score on the three levels of the exam were, basically because people were doing what you suggest - reporting to people what you got on the test. 

 
I know someone in my training class who scored higher on the 7 than I did - she had ZERO experience in financial services; and the funny thing is, I wouldn't trust her to mow my lawn let alone manage my money.
Feb 9, 2008 9:07 am

I know a big producer (he does like 850K) in my region, and it took him 4 tries to pass the 66 last year. And this guy is good. He is not just a good salesman, he really understands markets, economics, and investments. Been doing it over 15 years. Just cuz he doesn't memorize how to trade a butterfly option (or whatever the heck was on the 66), doesn't mean he doesn't know how to succeed.



Honestly, I think the most successful brokers are the same guys that didn't finish high school, but ended up building a multi-million dollar business from scratch (in ANY field). It takes initiative, perseverance, people skills, and desire. Knowledge does help a little in the beginning, but after some time in the biz, it's all irrelevant.

Feb 9, 2008 11:21 am
iceco1d:
" the h.s. dropout, that doesn't know diddly, but still "makes it," does so by being all about ME ME ME ME ME ME ME ME!"   
 
It has been my experience that "ME ME ME ME" is not just practiced by high school drop outs. It is practiced by All who don't have the clients best interest at heart.
Feb 9, 2008 1:17 pm

I'd say that Jones's training is 95%-5% sales training versus investment training, and I think that's why I still have such a problem with charging people as much as we do for the services we provide.

 
The vast majority of my investment knowledge has come from my own self-study (books, the internet, etc.), and I sit behind a desk and call myself an investment professional. It's comical, actually! 
 


Jones has tried recently--due to constant requests from the field--to implement more product-oriented training classes, but after an hour or so, the classes always drift back to selling and prospecting.


 
I shudder at the thought of some of the portfolios I put together my first couple of weeks in the business. I literally had no clue as to what I was doing. Now, thanks to the internet, I know enough to realize that passing my clients' money on to a good mutual fund company is the only real chance they'll have at making any money.
Feb 9, 2008 3:13 pm
iceco1d:
Broker24:

I know a big producer (he does like 850K) in my region, and it took him 4 tries to pass the 66 last year. And this guy is good. He is not just a good salesman, he really understands markets, economics, and investments. Been doing it over 15 years. Just cuz he doesn't memorize how to trade a butterfly option (or whatever the heck was on the 66), doesn't mean he doesn't know how to succeed. Honestly, I think the most successful brokers are the same guys that didn't finish high school, but ended up building a multi-million dollar business from scratch (in ANY field). It takes initiative, perseverance, people skills, and desire. Knowledge does help a little in the beginning, but after some time in the biz, it's all irrelevant.



I think there's something to what you are saying for sure...those people definitely aren't afraid to stick their neck out and work for it...whereas a lot of college grads, MBAs, PhDs, etc. think that because they graduated summa cum laude and have an advanced/terminal degree, they are "owed" something by the industry...which they will soon discover, one way or another (by turning it around, or failing out), that they are owed nothing.



Now on the other hand, here is my "gripe" with the h.s. dropout FA...true, finance isn't genetic engineering...after a few years of exposure you are going to "get it" for the most part. The problem is that the first few years, the h.s. dropout, that doesn't know diddly, but still "makes it," does so by being all about ME ME ME ME ME ME ME ME! Do any clients end up paying the price? Maybe, maybe not. I agree this is sales, and no one is special or priviledged...but I disagree with "learning the business" with other peoples money.



Training programs are what? 80/20 towards sales (if not more)?

If you mentor with another broker...what will they teach/expect? Prospecting? Closing? Cold Calling? Cold Walking? Networking? Or whether you know CAPM? MPT? Efficient Market Hypothesis? Currency Arbitrage?



Just my .02...flame away if needed.





Oh, I agree. I do not advocate the high school dropout thing. My point was sort of along the same lines as what you said. They do it through hard work, etc. The proverbial MBA, though doesn't necessarily feel "owed" something, but thinks that their "brains" will somehow project onto new clients/prospects through osmosis or something.