Stupidity or Ambicion? A fine line

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Dec 6, 2004 10:40 pm

I am going on 25.  I graduated with a BS in 03 and decided I want to become a broker.  I am told I have the personality and the persistence.  But I can’t pass the 7.  I took the test two times and I think I am going to give it one more shot. 


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I am taking this test with the hope of getting hired at one of the major wire houses as a trainee after I am licensed.  I found a sponsor via the internet and tries two times earlier this year.  This time I am getting help from a tutor. 



If I failed twice, is it stupid to take it a 3rd time?  after this 3rd exam I will have dropped $2500 on books, registration fees, tutoring, etc…  Maybe I am not cut out for this industry.  I know one thing, I can’t take tests.  It took me 2 times to break 1000 on the SATs, and 4 times to get my learners permit when I was 16. 



What do you think?          

Dec 7, 2004 9:01 am

do 300 practice questions a day on the dearborn test simulator.  That is what i did.  And I passed.  If you don't have dearborn's drill and practice, throw out the book and get it.

Dec 7, 2004 10:34 am

And people say that a degree shows intelligence...(laughter here).  Perhaps you are just a bad test taker but it is not that hard.  Of course I don't have a degree and I have passed every state and federal licensing exam that I have taken on the 1st attempt and scored over 1200 on my SATs.


My sister has an MBA and my dad has  PhD and I make more than either of them.  Your degree (much like my sister's 3 degrees) means nothing.  Of course some people would have you believe that the degree will help you...it won't.  Just take practice tests, read the rationale for the questions that you missed and/or are unsure of the answer and it will work out.

Dec 7, 2004 11:25 pm

Do yourself a favor...give serious consideration to trying to ally yourself with an older and experienced advisor once you get past the 7(and you will!).  I've watched so many younger guys try and fail because it's sooo hard to get started in this business as a young guy.

Dec 9, 2004 10:58 pm

Focus on the areas you are doing poorly in.  Keep doing the
practice questions and keep re-doing the ones you got wrong.  The
exam is not that hard if you have a fundamental understanding of the
business.

Dec 11, 2004 3:08 am

I don't know guys, the guy has already failed it twice. I hate to sound
discouraging, but its not a very hard test, and he's going to have to
wait 6 months before he is even able to sit for the exam again.



Results of the S7 have no bearing on his ability to be a salesman
except for the fact that he can't be a broker without getting a 70%.



So I'd say try another route. If you are dead set on being in sales,
get your feet wet somewhere else. Maybe sell insurance for now and then
try to transition over into brokerage.

Dec 17, 2004 8:46 am

I also failed the S7 two times. I had a tough time with the test as well. I passed on my third try by a few points. Like fender mentioned, the test is not so hard but you must concentrate on very questions careful for 6 hours. Thats the hard part.


Get off the internet, do 300 questions per day. The ones you got wrong, READ it OVER..go back to the chapters. Read the whole chapter over if you have to. Another method that helped me was flash cards. Write down words that you don't know..strategies like options and bonds. This method is not recommended but it actually helped me pass the S7. I remember I went back after I finished my S7 exam to double check my answers. I corrected at least 5 to 7 careless mistakes that I was sure about. Hope that helps. Good luck

Dec 17, 2004 11:00 pm

Shmer33,



what are your previous scores on the 7? are you even close to 70%?

Dec 27, 2004 8:44 pm

Fender:


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Sorry it took me so long to get back to you.  I scored a 68 and a 64.  this is trying to study on top of working 60 hours a week. 



Chris

Dec 28, 2004 8:35 am

Shmer...You are pretty close from passing, You only need a 70.Concentrate on munis, regulations and options and have confidence. You will pass.

Dec 28, 2004 6:18 pm

sure you want this job?


I don't think the 7 is a measure of knowledge, but a measure of how bad you want it.  I don't understand how it's possible to do 2000 practice questions and fail it.  You've got to have the attitude that if you fail the 7, your girlfriend will leave you, your car will be repoed, and your penis will never be erect again. 


That said, study munis and options, munis and options until you're sick to death of them.


Jan 5, 2005 9:57 am

The S7 is 250 questions divided into 2 125 question tests.


There are roughly 50 questions each on options and munis (if I remember correctly! someone correct me if I am wrong.)


So do the math 175 right to pass, and there are 100 questions on options and munis.  Nail these two sections and you have the test nailed.


Oh and in case you need even more reinforcement on the value of those Dearborn practice exams. ===>  Get a Dearborn Cd and take the practice exams until you pass out.  Then wake up and get back to the questions again.

Jan 13, 2005 9:30 pm

Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.


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Thanks:



Shmer33    


Jan 13, 2005 10:18 pm

Good Luck Man!

Jan 29, 2005 12:28 pm

My friend, for you to achieve your ambitions, you should start with spelling it correctly..........

Jan 29, 2005 1:30 pm

If you pass your torture and pain have just begun. Get ready for a tough 5 years. Chances are you won't make it. Sorry, but that's just the statistics.

Jan 30, 2005 2:10 am
Shmer33:

Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.




Thanks:



Shmer33    






Would you like fries or an apple pie with that? 

Feb 6, 2005 2:15 pm

Don't think of the S7 as your ticket to riches. Its not a life or death situation. As a broker you can make a lot of money, but the chances are heavily stacked in favor of you failing miserably in your first year. The 7 gives you the opportunity to find out, nothing more.

Feb 7, 2005 12:00 am
Shmer33:

Ok boys…. I have been a little bitch about this lately.  Tomorrow I am dropping $615 on the cost of the seven, and 2 other tests.  Window will be open soon.  If I pass I get job as a broker…if not I will find something else…I will post my results.


<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 



Thanks:



Shmer33    





so.....did you take the test yet?

Feb 7, 2005 3:24 pm

You think the 7 is hard try the CFP exam