**new** series 7 exam 11/7

I took the revised test yesterday and passed with a 74. It was my first attempt, so I don't have any basis for comparison. That being said, make sure you know options and munis. My score would have been higher if I'd focused more on those areas.

Congrats snowjamas! What training program did you use and how many hours did you put in? Did you take lots of practice exams? Did you focus on reading material, or reviewing questions that you missed on practice tests? I'll be taking mine in three days.

I took the new test today and got an 80!!! I do have a finance background and that certainly helped. I'll tell you what I did and didn't have to do while it's still fresh in my mind. I have no experience with the previous version and I used STC to study. My highest grade on the practice tests was a 75% & I read the addendum they give out for the new materials twice.

What I knew but didn't do once:

Calculating interest accrued on bonds, record/ex-div date, when securities settle. Corp - 3 Muni 3 Govt 1 Option 1 Paydate T + 5, T, T, T + 5. -- yeah, didnt do that once. I didn't need to know the order of steps for opening accounts. STC focused a LOT on the ROP..no questions on that. There were no questions regarding the concession, takedown, total takedown, etc..only one question about what the spread is, but just the bid ask spread.

I had all these sayings in my head to help with things that I could mix up, the only 2 that actually helped for the test were:

I have no interest in Bill Clinton -- T Bills = no interest; Bernanke wants to save us by selling me securities  == selling securites on open market reduces M1 and therefore inflation. Everything else I didn't need to know about.

There were some things I remember from the test that weren't covered in depth on the STC stuff - DK orders, little stuff here and there. If one thing was going to mess me up it was the complexity of the muni questions vs what the practice materials said.

The stuff that you DO need to know that will be new is: ETN's, heavy focus on variable annuities, 529s, coverdell savings, tax treatments of all of the above.

Hope that helps!

Cool deal. I take mine tomorrow, so we will see how it goes.

Unfortunately I did not pass. I scored a 61. Luckily I still have my job and have another chance to improve my score and pass in 30 days.

This was my breakdown:

Seeks business for the broker-dealer through customers and potential customers - 37/68
Evaluates customers other securities holdings, financial situations and needs - 11/26
Open Accounts, transfer assets, and maintains appropriate account records - 19/28
Provides information on investments and makes suitable reccomendations - 47/70
Obtains and verifies customer's purchases and sales instructions, enters orders - 37/58
Totals - 151/250 - 61%

fwiw

When I first took the 7, 63 and 65 about 8 years ago I used a tactic suggested by a colleague, and that to take the practice exams over and over again until you score in the upper 80’s, low 90’s. About 8 years later and I had to go through the process again after letting my licenses lapse due to managing private money. So I once again took the same approach.

Unfortunately the results weren’t very good at first, I barely squeaked by one exam, and had to retake 2 others. I decided to switch study materials from the widely used STC to Kaplan. I purchased their Qbank questions online and downloaded the software. I was shocked how many questions on the practice exams where almost identical to the real exam. The method I used (take, retake, retake, etc  the practice exams until I score high) was effective with STC material years ago, but apparently STC has been surpassed by Kaplan.

Anyway, just thought I would share this because I wasted many hours having to retake 2 exams (shoving useless information in my head over and over again). I wouldn’t normally push a product on a board but I highly recommend spending the money on the Kaplan Qbank questions. The questions and explanations are definitely superior to STC (and the software is very user friendly)

I took the Series 7 yesterday and scored a 70!  I did a week long cram school plus I had studying with STC materials for 7 weeks.  I was scoring 85-90 on my practice exams.  On the exam the stuff I knew I knew well... options, variable annuities, account set up... however there was A LOT of stuff on there I had never heard of.  It was a lot of theory questions.  None of which was discussed in my class or study materials.  I am concerned now about what approach to take in studying for my re-take.  I am schedule to take it on December 19th.   The study material is not updated and I can't remember what was on the exam.  I know the STC material like the back of my hand so I am now searching for somewhere that has the additional study information.  Any suggestions?

[quote=Kcox]

I took the Series 7 yesterday and scored a 70!  I did a week long cram school plus I had studying with STC materials for 7 weeks.  I was scoring 85-90 on my practice exams.  On the exam the stuff I knew I knew well... options, variable annuities, account set up... however there was A LOT of stuff on there I had never heard of.  It was a lot of theory questions.  None of which was discussed in my class or study materials.  I am concerned now about what approach to take in studying for my re-take.  I am schedule to take it on December 19th.   The study material is not updated and I can't remember what was on the exam.  I know the STC material like the back of my hand so I am now searching for somewhere that has the additional study information.  Any suggestions?

[/quote]

Yea, read my post, use Kaplan. Buy the qbank and thank me later.

For some reason the STC material stinks now. My experience was very similar to yours.

Sounds to me like you're working at a good firm.  I passed my seven twelve years ago... I'm sure you know the best way to succeed is to take the tests over and over again!  My licensed recently expired, and I'm retaking the 63 next month, but need to be sponsered to take the seven.  I reside near NYC, so if anyone knows of a great place to work, I'm all ears!

took my exam today and passed with a grade of 88%.

I have been on the industry for around 1 year, and my advice to you, that have not taken the exam yet is to use Kaplan. I had the opportunity to use STC and STCs material is OUT OF DATE. I was getting 85-90 on the STC exams....  when I logged on and checked this website and read some of the reviews, i decided to switch to Kaplan. It was the best decision I made, and on my first practice exam i took on Kaplans i got an 68%.  It was a wake up call!!

The new exam does have a lot of suitability questions, you should know variable annuities, everything about it..!. at least 10 questions. I saw a bunch of questions on preffered stocks(parity, differences between common,etc..)....  a few on CMOs.  current yield questions, balance sheet, t bills...  everything always related to suitability.  The questions are very complex but Kaplans will get you where you need to be. The questions on the Qbank are harder....  before i took my exam, i was getting around 80% on 250 questions practice exams. Put the time on it and you will get there.

Good Luck and lifes great!

I am taking the STC class in 2 weeks, testing in 4...I am scoring in the 60's on the practice tests, but in the 80-90 range on the by topic exams. Looks like taxation is going to be a big part of the exam. Failed by 3 the first time I took it. Felt good until I read this topic...

does anyone have the hardcopy stc tests.  iam signed up for electronic version but i think it would be helpful to take them by hand than on my laptop.  can't seem to find pdf's anywhere.

Have taken 3 practice exams for STC in three days. Have scored a 68%, a 72% and an 89%. Not sure how to judge my level of preperation. Still a few weeks to go before I test though. Need to be more consistent thats for sure. Seems like there are a lot of practice questions that ask about options, when you own the underlying stock simultaneously.

I am now taking the practice test and scoring in the 60-70% range. Reading through the test and the explanantions, and retaking and scoring in the high 80's. Taking the test just before xmas and am putting in 3-4 hours of study a day. In a NO FAIL type of situation here. Starting to sweat a little bit. Still have yet to go over the addendum materials.

Mike, keep plugging along.  Your scores will jump once you review and go through everything.  Things will click all the sudden.  I used STC and got a 92 yesterday.  Did exams 1-13 in QA mode scoring in a range of low to high 70s, reviewed for a week, went back and took them again in closed book and scored low 90s on all of them and then a 92 and 93 on progress exams 3 and 4 (what they call the "green light" exams)....I hammered a few of the topic specific tests...munis, options and annuities in QA mode and made sure I could get mid 90s.  I was a little paranoid after reading this and didn't want to lose my job over this test but in previous life I had taken level 1 of the CFA exam and now looking back that test is about a million times harder.  If you study this stuff you can pass.

The exam has some easy layup type questions but there is also a lot of suitability type questions where you need to just apply logic and the answer doesn't jump off the page at you sometimes like some questions.  My experience was similar regarding the content previously mentioned.  Some of the stuff STC stressed didn't show up and some stuff was more heavily tested.  Know the options, munis, annuities...I didn't get hardly anything to do with margin or that annoying calendar find the settlement, ex date...

Go through everything thoroughly.  Don't just take the same few tests back to back to back...you aren't really learning it that way.  Do QA mode and then read the description slowly and take it in...even for the ones you get right.

I didn't think I was doing as well as I was when taking it since the questions were a little different but obviously I ended up knowing what I needed to know....good luck

Thanks for the insight. I am getting litteraly sick thinking about not having a job if I fail. I have the review class after next week and then the test the week following. I am trying to do at least 4 hours a day of testing, and reading the answers and explantions.

JA MS

Wanted to get more of your thoughts on the new exam.  I have been getting in the 80's on all the closed book exams for STC but am still feeling a little on edge.  I read that FINRA changed this exam to focus more on the actual day to day activites of the RR and limited a lot of questions on municipal securities.  I am taking the exam next Monday and wanted to see what you think I should try and focus on for my final week of preperation.  Any insight you have have would be great.  Thanks.

Took the exam yesterday and got an 80.  I used STC and was getting between 80-85 on the q&a exams.  I felt the STC material did a good job preparing me for the real exam.  I randomly had like 10 questions on Auction rate securities that suprised me.  My second section also had about 30 option questions, some of which I actually used the claculator for.  People using the STC material should be fine if your scoring in the 80's.  Good luck!

jjp...How similar are the structure of the questions versus what is on the materials in the STC questions? I take my exam in 4 weeks and am starting to really scramble and grow concerned. In conversation with my STC instructor he says I know the material well enough to pass the test, but need to work on comprehension of questions. And the new format of the questions makes me nervous a bit.

Passed the 7 yesterday with an 80%

Have the 7 on Friday.  Scoring 74-82 on the STC quizes. 

[quote=PEDROARCHER]

took my exam today and passed with a grade of 88%.

I have been on the industry for around 1 year, and my advice to you, that have not taken the exam yet is to use Kaplan. I had the opportunity to use STC and STCs material is OUT OF DATE. I was getting 85-90 on the STC exams....  when I logged on and checked this website and read some of the reviews, i decided to switch to Kaplan. It was the best decision I made, and on my first practice exam i took on Kaplans i got an 68%.  It was a wake up call!!

 The new exam does have a lot of suitability questions, you should know variable annuities, everything about it..!. at least 10 questions. I saw a bunch of questions on preffered stocks(parity, differences between common,etc..)....  a few on CMOs.  current yield questions, balance sheet, t bills...  everything always related to suitability.  The questions are very complex but Kaplans will get you where you need to be. The questions on the Qbank are harder....  before i took my exam, i was getting around 80% on 250 questions practice exams. Put the time on it and you will get there.

Good Luck and lifes great!

[/quote]

Your STC score is exactly what you got on the exam = Not out of date.

I am studying to take my series 7 again (didnt do so well the first time.) Started the Kaplan study guide and wanted to see if anyone has any advise. 

thanks, 

[quote=Hopelessdreamz]

I am studying to take my series 7 again (didnt do so well the first time.) Started the Kaplan study guide and wanted to see if anyone has any advise. 

thanks, 

[/quote]

Which material did you use the first time? I have not gone through the Kaplan book but I know alot of people use it.  I like STC's material.  My advice is to know options very well.  

I used the STC version and alot of the stuff was out of date, including the SIPC amounts, etc... 

[quote=Hopelessdreamz]

I used the STC version and alot of the stuff was out of date, including the SIPC amounts, etc... 

[/quote]

"

Dollar Limitations

SIPC coverage is also limited to $500,000 per customer, including up to $250,000 for cash. For purposes of SIPC coverage, customers are persons who have securities or cash on deposit with a SIPC member for the purpose of, or as a result of, securities transactions. For example, if a customer has 1000 shares of XYZ stock valued at $200,000 and $10,000 cash in the account, both the security and the cash balance would be protected. SIPC does not protect customer funds placed with a broker-dealer just to earn interest. Insiders of the broker-dealer, such as its, owners, officers, partners, are not customers for SIPC coverage."

Exactly what STC says.

I have noticed that some tax related content can be a little out of date.  IRA contributions and limits seem to change every year.  I don't this this is always reflected in STC's materials.  I would hope that FINRA would not test on the exact amounts.  I also noticed that content regarding Build America Bonds should be updated.  The program expired in 2010.  In February, the administration propsed to reinstate it.

BAB's are a good portion of the Addendum. 

Kyza-

I took the exam in January, passed, not one question about BAB's on mine.

How much from the Addendum? 

I know the feeling Kyza... Good luck this friday and let us know how it goes. 

I dont have the addendum any longer, but it was not heavily tested if I recall accurately. I would pay more close attention to the addendum questions, because it reflects how the questions on the exam are formatted.

Passed.

Heavy on:

ETFs

ETNs

CMO's

REITs

Annuities - everything about them.

Auction Rate Securities

529s

Muni's still

Options - maybe 5 computing - 15 suitabillity

Everything relates to suitability, but requires to know all detail of items available.

Hope that helps!

Kyza....However, will your specific exam have the same emphasis as someone else's exam?  

The answer to my question above is no.  In its content outline, FINRA provides you with a percentage break down of what will be on the exam.  However, this breakdown does not correspond to investment topics such as options or munis.  Questions are chosen randomly from a question bank  to fill their breakdown.  One exam could test heavier on options while another test might be lighter.  You have to know it all.

Well...it was pretty close to the first time i took it.  I didn't study ETNs, CMOs, REITs, and annuities my first time.  Obviously study everything, just pointing out some tips.

Kyza, I know you are trying to help everyone.  Why didn't you study CMOs, REITs and annuities the first time?  Everyone seems to be commenting on suitability but it really is only the aplication of the content.  However, it probably suggests that one needs to know the material very well to answer some of the questions.

I studied a week and a half the first time.  Month n a week the next, 4 hours a  day.  Study everything.  Print off the questions you get wrong from the online tests and learn why.  I created a 'wrong' bank and probably had over 250 sheets of paper to go back over and over til i knew everything.

Okay.  That is a good approach and that is what I tell people to do.  I think it is a good idea to read the material cover to cover more than once and for the questions, the focus should be on the ones you get wrong (and ones you got right but guessed).  While one is reviewing practice exams results, you should be noting which questions you got wrong and then read the explanation and then re-read the relevant part of the chapter.  If you still don't understand it, Google it.

Four hours of studying a day is awesome.  Many people don't have the time or the motivaton to put in that level of effort.

Yes, it was a commitment - and it sucked! :) 

To the 66 and CFA I in December - call me crazy.

kyza, did you use STC or Kaplan to study? 

STC.  If you're scoring 75-80 on the quiz, greenlights, supplemental, and addendum you'll be fine.

[quote=kyza]

Yes, it was a commitment - and it sucked! :) 

To the 66 and CFA I in December - call me crazy.

[/quote]

The 66 is not so bad but wait until you see the content on the CFA program's level 1 exam.  You should set aside about 6months of at least 4 hours per day, including weekends 

I really need to pass the Series 7. I took the test in 2008 and passed with a 70% after studying using RegEd materials and an online class. I was out of the industry for too long and my license lapsed. I am redoing it all with PassPerfect and I am trying to get through all of the material before my five day class begins next week. Does anyone have any pointers? A lot of this material seems very new to me, though some of it is coming back. I am reading the books, taking the chapter quizzes and also listening to a completely other Series 7 book on tape in the car for an hour a day. I have not had much experience using the 7, but my new position requires it. If I study and get through the material this week, atend a 5 day 8am-5pm class next week and study and take tests the week after, is it reasonable to take the test three weeks from now?

Thanks for your help

I have a few thoughts: first, find another prep provider.  Pass Perfect is not one of the better ones. Also, reconsider taking the five day class.  40 hours is alot of time to spend in a class that is not tailored to you.  With that time, you could be studing subjects that you are weak in and be additional questions.  

Unfortunately, I have already committed myself and seven other future RRs to the materials and class. What is a good next step? Should I invest in another product? What is the best system? Will it be a problem to do both? What options do you see that may work better? I do feel a class could really be beneficial, as I learn well from lecture. Thanks for your assistance.

It is definitley not a problem to do both.  It helps to see questions from more than one provider.  You might want to try Training Consultants if you have some extra money that you want to spend

Which one?

Training Consultants

http://www.trainingconsultants.com/series-7-exam.aspx

or 

STC

http://www.stcusa.com/

The first one, "Training Consultants." I don't have experience with either TC or STC. I am currently use Fire Solutions. Even if I pass my 7 with a 90%, I would not recommend Fire Solutions to most people. I certainly will not use them for the 66 even if I pass.

I'm trying to find suitability questions on Kaplan but can't find anything direct.

Hello. I am Javaughn from the Bahamas. I took the series 7 exam November 26, 2011 and failed with a 67%. I saw that the exam changed November 6th, 2011. I had alot of questions thrown at me that i didn’t know about especially on ETF’s. I ordered the material from STCUSA, the Qbank questions from Kaplan and material from PassPerfect. I feel like i am going insane. Can you please help narrow this down for me as which one of these materials i need to focus more on because i am in desperate need of passing.

Thanks.

I just passed my Series 7 and got an 89, and here are my thoughts. First off, the firm I am with uses FireSolutions exclusively. For the 7 I thought it was pretty bad. I thought that Roy’s lecture’s were terrible. I went through the entire firesolutions curriculum and still didn’t feel prepared, so I purchased Kaplan’s QBank. I think that made a huge difference for me. There were at least 10-15 questions on the QBank that were almost verbatim on the actual test for me.
I have recommended Qbank for any other person who will be taking the test. On my last 3 tests with Kaplan, I scored a 91, 88, and an 87…So, after passing with an 89 I feel that the Qbank is the only way to go.

I am now taking the Series 66 and will be purchasing the TC bank of questions as that seems to be the best from what I have read here.

Good Luck!

I used STC’s book for the series 7. I followed their training program almost exactly. My average exam score for the closed book final exams was 83% the second time I took them. When I took the real exam I made sure I read the question in its entirety, chose my answer, re-read the question, and made sure my answer still made sense. A lot of questions you can narrow down to two answers and pick the best one. Started my exam at 8am and finished by 12. That was the longest 10-15 seconds I have ever experienced in my life after hitting submit. PASSED - 92%. I must say STC was dead on the money. Just make sure you follow their program exactly.

I took the exam on July 2, 2012 and got a 71%. Failed by 1 question. I know I got a question wrong regarding IRA contributions. The STC numbers weren’t correct so I guessed. I also had a question about the wash sale rule. I remember my instructor mentioning 61 day rule, but i selected 31 days. After going back, I realized he was right. Also, there were a TON of questions on ETNs that threw me off. I’m just upset i failed by 1 question! BTW- I was getting 75- 80s on the STC exams. I’m back to studying. Currently getting around the same scoring 75-80.

ATM, That is too bad. Some people say they would rather get a 41% rather than a 71% (This is obviously ridiculous). Keep at it. With some extra studying you will probably pass the next time. Make sure you have the most recent study materials. Some people try to get by with materials that are a year or two old. If you are still using STC, check their website for any updates to materials. Also, it might be worthwhile to take a look at the series 7 content outline on FINRA’s website. This should give you a good idea as to whether all of the subjects are covered in any prep providers materials. ETN’s are in the content outline.

Mike
http://www.series7examtutor.com
http://www.series65examtutor.com

I took Series 7 this morning and passed with an 81. Not gonna lie, I don’t know how I got that score…the exam was a lot harder than I expected. But like “tbn” said above, a lot of the questions you could narrow down to two answers, and then just ultimately choose the best one that you thought made the most sense.
I used STC materials, and was not scoring good at all on the 13 Q&A practice exams. First time around the highest score I got was a 72 (Exam 3) and lowest was 62 (Exams 5 & 9). Did a little better second go around, averaging a 76 on the first 10 exams. On the Greenlight Progress Exam 4 I scored an 82.
There may have been a handful of questions that were semi-word-for-word on Series 7 compared with STC exams, but the big difference was on Series 7 the wrong answers were REALLY wrong, and you knew they could be thrown out right away. On STC, the wrong answers aren’t as noticeable I didn’t think.
Was hard to gauge how many questions were asked about different things…didnt seem to have many options questions, but did seem to have a lot of bond questions. Nothing on accrued interest calculations and acctg. formulas (P/E ratio, etc.). Several questions on margins/SMA, and tax treatment of selling bonds when bought at premium/discount. Overall a hodge-podge of questions that seemed very unique.
I followed the five week STC study program, but because the exam dates were so booked it wound up being about 7 weeks of studying time…I studied/took practice exams 3-4 hours/day, Monday-Friday.
The best advice I guess would be to know the material as best you can, but also have the ability to really use your common sense based on that foundation of knowledge. There are plenty of “what do you do” type of questions, and if you narrow your choices down you’ll eventually find the right answer.
On to the 66!

The key is knowing as much as you can. Knowing material helps you select correct answers but almost as importantly helps you eliminate incorrect answers.

Mike
http://www.series7examtutor.com
http://www.series65examtutor.com

Just passed the 7 with a 77%. Hard test.

I passed my series 7 Wed & on my first try! hard test x me, Im not close of being a RR/sales person. After clicking the exit button (before my results were shown to me) I promised God I was going to share my experience w the world.
Here u go: * lots of variable annuities (suit. x elderly/young etc) * lost of preferred stock q. * parity convertible p. stock * commercial paper/acceptance! (easy * brokered CDs * 1,000M (need to calculate something w 1,000M! no idea * options x US exporter * options focused only on straddles and spread (bullish/bearish) * compare interest rates (from prime rate to call rate) * official statement timing * what is the market x currency exchanges * ADR holder pays foreign tax? * cooling off period timing, etc… I’m remembering the easy ones,cannot quite remember the difficult ones…overall, difficult test, had to guess in at least 10 q, they throw things at u that I never read (I read 2 books!) or they have 2 very close options to choose from. Glad it is over. No more tests x me.

Training Consultants, Training Consultants, Training Consultants!!! They did me a solid!!! Got a 90% on the test today lots of suitability questions, TC was right on the money with their programs in regard to the questions that were asked on the test… Great Product

I think that FINRA would agree that Training Consultants had questions that are very similar to those that are on the exam. In fact, FINRA recently sued them for sitting for their exams for the purpose of copying questions and providing them to their students.

I liked STC for the 7, my greenlight was one point higher than my score, 88. But practice exams 9-12 are actually harder than the exam, so do not be discouraged by a lower score on these.

Hey guys! I was wondering if anyone has taken the new version of the exam which was updated 11/7/2012…I will be taking my 7 for the second time in 2 days. The first time I got a 68. Now I am doing much better on the practice exams from STC, I am getting 90’s as an average, I even scored a 96 on two closed book exams. Anyway If anyone knows of any changes, or new focus of the exam, I would very much appreciate the insight. Thanks!

They updated the test just a few days ago? Dont you have to wait 30 days before you retake it?

Yea, the first time I took it was Oct. 9, that’s why I’m worried about any changes

Hey guys! I was wondering if anyone has taken the new version of the exam which was updated 11/7/2012…I will be taking my 7 for the second time in 2 days. The first time I got a 68. Now I am doing much better on the practice exams from STC, I am getting 90’s as an average, I even scored a 96 on two closed book exams. Anyway If anyone knows of any changes, or new focus of the exam, I would very much appreciate the insight. Thanks!

They updated the exam last November.

Mike
http://www.series7examtutor

Oh ok, so it should be roughly the same exam as the one I took last month. Now it all makes sense now, I was thinking “The passing grade is already 72”. WOW! That is a load off my shoulders. I should be fine then, I’ve been studying constantly these past 2 months.

Funny Fire Solutions story - Horrible material. I have to use it because my firm requires that I pass their tests before taking the exam. Kaplan QBank was the only reason I passed the 7, and is about to be the only reason I pass the 66. One of the other PMD’s in my office got the green light from Fire Solutions and ended up failling the 66 by 10 points.

My advice if you have to use FS (for both the 7 and 66), get green lighted as soon as possible, then lock their material up in a drawer and start using Kaplan to prepare you.

Wooohooo! I just passed my Series 7 today! Got an 82! I used STC study material, although I did fail my first time, so maybe using other material would help more. Anyway I read the whole STC book, took countless practice exams, and towards the end I was getting around 90’s on my practice exams. What helped the most though is STC offers these online classes that you can go over as many times as you need. I think that’s what did the trick in the end. If anyone has any questions just ask, I’ll check this every now and then

On to the 63!

Does anyone know if NASAA changed the series 66 exam due to their law suit against Training Consultants? I’m taking my exam in a month and have been using their material so I’m a bit worried.

Does anyone know if NASAA changed the series 66 exam due to their law suit against Training Consultants? I’m taking my exam in a month and have been using their material so I’m a bit worried.

I would say no, I took the 66 on tues 11/20 and TC prep was as good on the 66 as the 7. Had only 9 days to prepare for the 66 and got a 88. The best component of the TC program has to be the explanations of the questions, they explain the application of the rule, law, or etc… in a real world situation which really helped me to grasp the concepts much better. I’m using them for the 24 and 53, have to have all of them by Feb. 1. YUK!!!

Just took the 7 today and had some thoughts that I thought would be helpful. I passed with an 85 but made one glaring error. The lack of attention to the Addendum in the STC study guide definitely cost me a few questions. There were questions on Certificates of Participation (COPs), Vix Options, Maintenance Requirements on leveraged ETF’s and several on ETN’s. Outside of that it was pretty standard. Muni’s, Options, and a boatload of Suitability and customer account procedures. Glad its over!!

I agree with the comment above, I took it 11/14 and saw alot of addendum stuff as well, ETNs too. I used STC and felt VERY prepared. I tool all 13 practice exams and progress exams. My real score was 1 pt off greanlight #2 89% but I would say the test is like Exams 8-10, 11-13 are a little harder than the real thing. I agree with the advice to take practice exams until you go a little crazy. I also made a cheat sheet with formulas upon begining the exam. I planned to do this and memorized one sheet of formulas. It helped a bunch. On to the 66, using STC manual, TC exams…

hi. i’ve been studying for the 7 w/STC. I’ve scored in the low to mid 70s on open book QA. i’ve started taking the closed book QA and scored as follows 86, 81, 80, 76, 80, 80… i will finish the rest of the closed book and addendum. my question, are these scores good enough to sit for the exam? Your thoughts/feedback are much appreciated. BL

For what it’s worth, I took the 7 today and got an 87. I used the STC materials and had no issues. They give you the core of what you need. Make sure to study the addendum. Good luck!

I’m greatful for alot of the advise in this forum so I thought I’d contribute. I took the Series 7 recently and passed with an 89 on the first try using strictly STC. Alot of the advise on here was spot on, don’t forget about money market securities, vrdms, auction rate securities. Make sure you know everything in the addendum, especially the products. Basically you need to know everything in that gigantic book.

Everyone in my office got on the actual exam about what they were getting on the practice exams so STC tests are accurate.

66 is up next. I’ve heard great things about STC for the 7, and I agree, and bad things about it for the 66. I plan on using STC along with some other materials. Maybe TC and Kaplan.

Just found out today that the Series 7 no longer is sufficient to cover Municipal Securities. If you took the exam after November 2011 when they changed the format you will also be required to take the Series 52 if you want to sell Municipal securities. Sure is getting to be a lot of work to be a financial advisor - Series 7, Series 66, Life, Heatlh, and Annuities, and now Series 52.

They are letting me take the series 7 again. I was given a super condensed version of my previous study schedule. This is not surprising considering I have already read the book and done all the online material. Going though it a second time has done wonders. I just scored an 85 on my weighted mock exam (Kaplan) without any little book-peeking. That’s a huge improvement from 70-74. I take the exam march 1st, in 3 days, and I’m excited to see how much better I do after going through Kaplan the right way.

Great thread here. I’m taking the series 7 next week, and was wondering how often FINRA changes (or updates) the test. I did the FireSoltuions trainig provided, and just started the Training Consultants test bank.

If anyone has additional good study habits (or suggestions) I’m all ears.

I took the Series 7 on May 14th and got a 69%, missed it by 6 questions. I am also using STC and consider it a good media for study. I was consistently scoring mid 80’s on the closed book exams and a 82% on the green light #1 exam. Study specialist said, “no problems, you’ll do fine on the actual exam”. Hmm, not quite but at least my employer is giving me a second chance at taking the exam. I will go through the study material a second time and also got the Series 7 for Dummies book. I think it’s easier to understand the calculations than how STC is doing it. STC is way more detailed the dummy book as the dummy book just focuses on the main points. Retaking the test mid June.

Scores on practice exams are a good indication of your probability of success on the actual exam. Someone scoring mid eighties on the first attempt on practice tests should pass but other factors might be at play here. A lack of investment experience could also prevent someone from passing. It can be difficult for someone to answer suitability questions without the experience. Reading the material again is a good idea but you might be wasting your time with Series 7 For Dummies.

Mike
http://www.series7examtutor.com

Just passed the 7 with an 82% using only the STC materials. I found the materials to be more than enough to do well on the exam. In my opinion, the 2 greenlight exams were very close indications of the actual exam. Tons of suitability, but if you do the 50 question suitability exam that STC just released, you will be fine. I was scoring in the high 70s to low 80s on exams 1-13 and got a 72 on greenlight 1 and a 90 on greenlight 2. Hope that helps! Now to worry about the 66…

Hi, I need to purchase a prep course/material for the series 7 like right now. My employer is recommending the Kaplan prep book over the STC but from what I’ve been reading it seems like a lot more people are using the STC prep course. Of course some passed and some didn’t their first try. I only have 1 try to pass the series 7 so I need to make this count. Which prep would be the best? I have to take it by middle of August.

Kaplan seems to only have 1 practice exam and the qbank vs STC’s 13 practice exams.

Also, I read in the previous posts about the Addendum for the STC and is that something that’s updated in the Kaplan version as well? And what about this Suitability update mentioned by au1979?

Thanks in advance. I’d appreciate any feedback. Earlier the better.

I took the revised test yesterday and passed with a 74. It was my first attempt, so I don’t have any basis for comparison. That being said, make sure you know options and munis. My score would have been higher if I’d focused more on those areas.

TEST Sandi Brown

pncu - I have heard that STC is among the best materials to use for the S7 and among the worst for the S66. Personally, I used STC for the S7 and TC for the S66. I honestly don’t know much about the Kaplan program other than some people at my last firm used them to pass the S7 and did fine as well. There is a ton of material to go over with STC, but if you put in the time you will be prepared. During my crash course, they mentioned that the STC material would be updated again shortly and a chapter would be added (most likely suitability). I have no idea if or when this will happen, but STC was good about promptly releasing updates and changing material to most accurately reflect the test itself. STC released 2 updates that I know of, one was over ETF, ETN, Tax updates, and terminology that were added to the S7 q bank and the other was regarding suitability. Since a big chunk of the test is now about suitability, like identifying what product is best for clients, and what allocation is best for specific situations, I found the suitability exam to be very helpfull. If I remember correctly, I had something like 30 questions or so on this. I found the green light exams to be very close to the real deal in terms of question structure and level of difficulty. For me what worked was to go through the material cover to cover once, reading and highlighting. Then I took the first few tests, and identified problem areas by topic. Then I took the topic tests on each of the topics I was weak in until I was passing those sections with 75 or better. Take the next final, rinse and repeat. I ended up studying for about 4 weeks and took the 4 day crash course they offer. You will want to focus on options, bonds, and suitability mostly, but I had a ton of questions on annuities as well. I followed the recomended study plan almost to a T and did ok. The test was far from easy, but I was more than happy with my score and passed my first time through. Anyways, I hope that helps and good luck!

Ok…So I am taking my Series 7 on Wednesday and my 63 next Wednesday. I have been grinding through the already above mentioned monotony of Ms. Leahy, but I must say she has taught me a lot. I have studying now for 8 weeks and am getting 79-85 on the Random Final at the very end. Done it about 8 times now. Am still going through an reviewing ALL of the wrong answers Am I ready??? I’m starting to get really nervous and want to start my career off on the right foot. Any advice??? Sorry…never been on a forum like this one before.

Thanks All.

And please don’t be an a**. I’m really asking for help here

anewbie2thefield,

From the sound of it you are on the right track. I used STC to prepare for the series 7. I spent about 5 weeks preparing total. I read the entire book cover to cover, then focused on practice exams. I would take a final exam, identify my areas of weakness, then take topic specific exam on the weakest areas before moving on to the next final. I was scoring in the low 80s on my STC practice finals and a 72% and 90% on the 2 greenlight finals respectively. I also took a 4 day review class the week before my exam. I made an 82% on the 7 using this method a few days later.

I’m not familiar with TC for the 7, but I did use them for the 66 and they were excellent. If you are scoring in the low to mid 80s you should be just fine. Its a lot of material to cover, but stay focused and you should do fine.

I took the 66 instead of the 63, studying the laws is boring, but pretty straight forward memorization. Best advice I can give you on both tests is read and re-read the question. I know several people who miss questions simply because they did not read the question completely. Also, make sure you tackle the 63 with the same intensity you studied for the 7. If it is anything like the 66, I know at least a few people that failed because they felt overconfident coming out of passing the 7 and did not spend enough time preparing.

Good luck!

Took the 7 today and passed with an 82. My firm provided me with STC study materials. I started reading the book in May and finished reading it cover to cover by end of June. Since then, I did nothing but the study test on paper as well as the study CD, which broke down questions by topic if needed.

I started out making 68-72 early July but within last two weeks, I started getting scores between 77-84. I was nervous with my score increasing because the paper test and the CD had the same questions sometimes. I didn’t know if I was learning the answer or knowing the question and just answering since I’ve seen it before. But after scoring 82 today, it seems my study method paid off.

I was surprised with how many questions I had on mutual funds and annuities. Be sure to know those areas in my opinion. I had very little on options maybe 20 questions in general. I may have had 10 questions on breakeven, max loss, max gain. I was surprised by that. As others have said, know suitability and know what fits the client best. The test gives you clues as in “looking for something tax free” or “looking for something with low management expenses”. Also, know tax questions as in cost basis for option contracts, bonds (premium, discount, and par). Hope this helps anyone else out there studying, good luck! Now time for me to study for the 66.

I am not surprised by the reduced emphasis on options. How many retail investors buy options? I am surprised at the number of question on annuities. Annuities are terrible investments because the fees are so high.

I took the series 7 11/27/2013 and failed with a 56. I read the Kaplan book but this test blew me out the water. I really focused on bonds and options to my surprise I had about 10 to 15 questions with no calculations! Annuities Annuities that’s what I felt every other question. Also a lot of cost basis questions. I am going to attempt this test again in 2014 but need some advice on how to study. I previously used the Kaplan material and followed the calendar and watched the videos. I was scoring 76-78 on my chapter quizzes and took 2-3 quizzes for each chapter. Any advice would be great.

The focus should be on everything regardless of what you think will be on the test. Everyone’s test will be different. With a 56 on the exam, there is a large disconnect between you and the material. Also, you mentioned quizzes. Did you do any longer exams? You might want to consider getting a tutor for the next attempt. 16 points is a lot to overcome on your own.

I just took it this Friday and passed with a 77 which I am pleased with considering I had virtually no financial background. I did study hard and very diligently. Unless you are a genius and have a photographic memory I dont recommend taking this test lightly. You need to put in the time. And while I felt I had to know everything (nothing like a little pressure) and the practice STC exams make you feel that way, the reality of the test was completely different.

So many things that I was so prepared to answer never came up. Yes, lots of options, munis, Rule questions, annuities, and a good amount of suitablity questions.

My biggest advice is to try to know as much as possible AND, most important, know why something is or is not suitable for a customer. THAT is where so many people seem to have issues because you are so fucused on learning so much info that you dont look at the big picture on how to apply all that knowledge to advising an investor.

So everytime you come across a comment on suitablity of a particular product for a particular investor take now.

I just took it this Friday and passed with a 77 which I am pleased with considering I had virtually no financial background. I did study hard and very diligently. Unless you are a genius and have a photographic memory I dont recommend taking this test lightly. You need to put in the time. And while I felt I had to know everything (nothing like a little pressure) and the practice STC exams make you feel that way, the reality of the test was completely different.

So many things that I was so prepared to answer never came up. Yes, lots of options, munis, Rule questions, annuities, and a good amount of suitablity questions.

My biggest advice is to try to know as much as possible AND, most important, know why something is or is not suitable for a customer. THAT is where so many people seem to have issues because you are so fucused on learning so much info that you dont look at the big picture on how to apply all that knowledge to advising an investor.

So everytime you come across a comment on suitablity of a particular product for a particular investor take now.

Just passed my Series 7 a few weeks ago. Selling my STC book (most recent version). Series 7 for dummies book (with 2 practice tests in it), and have access to 12 more practice tests until October… $175 OBO… Let me know if you’re interested!

Hello all, I’ve been looking your comments about the series 7 exam and i would really like to know if you could give me some advice for the material that i can buy to study. I’m 22 years old and I’m from Mexico City so i don’t really know where to start. I’ve seen that you all talk about Kaplan and STC material but I I’m still confuse so if you take the time to help me I would really appreciate it.

Hello all, I’ve been looking your comments about the series 7 exam and i would really like to know if you could give me some advice for the material that i can buy to study. I’m 22 years old and I’m from Mexico City so i don’t really know where to start. I’ve seen that you all talk about Kaplan and STC material but I I’m still confuse so if you take the time to help me I would really appreciate it.

Has anyone used online offerings? I’m considering posting classes online, and want to know if anyone has found the free resources available to be helpful, complete, incomplete, interesting, boring, or whatever. Would you use a good online, free resource if available?

Has anyone used online offerings? I’m considering posting classes online, and want to know if anyone has found the free resources available to be helpful, complete, incomplete, interesting, boring, or whatever. Would you use a good online, free resource if available?

I would think that most people would take a look at a free resource but before using it, they should evaluate the author’s bio to see if going through the resource would be a good use of time.

I scored a 91 on the series 7 exam. The material on the exam is not difficult but there is a lot of material to get through and you need to know how to use your time. Make sure you are using solid review materials (not all are created equally) and have a good strategy for how to study for it.

There’s not enough room to write all my thoughts about the exam here, but in case anyone finds it helpful, I’ve shared in great detail my approach to preparing for the exam at the below website:

Personal Finance Insider dot com

I believe anyone could pass the exam on their first try by following a similar approach. Best of luck to everyone on their exam!

Hey just a question but when you pass / fail your series 7 or 66 does your firm see the score you get or just a pass fail?

Your firm will only be able to see if you passed but will know if you failed.

Your firm DOES see your score either way… they even see if you did not show up for the the exam… not if you reschedule but if you just don’t show up without rescheduling. Every exam you take the firm sees on its Webcrd. In reality nobody cares but do NOT tell them you got a better score than you did that could be an ethical problem an cause them them to terminate your employment.
I can check on anyone’s score in my firm but most immediate supervisors may not have the permissions to see that.

I am currently studying for my 7 and my practice and mock test scores are VERY low. At one point I was doing good and the last two weeks I have gone in the opposite direction. I don’t even know what else to do except to keep tacking the practice and mock exams. I am using Kaplan which is suppose to be good. This is honestly becoming frustrating and discouraging to say the least. PLEASE HELP! ANY SUGGESTIONS TO HELP ME!!

I am currently studying for my 7 and my practice and mock test scores are VERY low. At one point I was doing good and the last two weeks I have gone in the opposite direction. I don’t even know what else to do except to keep tacking the practice and mock exams. I am using Kaplan which is suppose to be good. This is honestly becoming frustrating and discouraging to say the least. PLEASE HELP! ANY SUGGESTIONS TO HELP ME!!

Cbbj,

I used training consultants and I barely passed my series 7. It is a long test with a lot of information. What really help me was creating a “cheat sheet” that included all the different equations and an options table. I felt that once I wrote everything down, I was more able to think straight and not get confused with equations or more importantly the options table. I hope that helps!

I am currently studying for my 7 and my practice and mock test scores are VERY low. At one point I was doing good and the last two weeks I have gone in the opposite direction. I don’t even know what else to do except to keep tacking the practice and mock exams. I am using Kaplan which is suppose to be good. This is honestly becoming frustrating and discouraging to say the least. PLEASE HELP! ANY SUGGESTIONS TO HELP ME!!

Hi, does anyone have the Kaplan prep materials including the question bank that they would like to sell? If so, please PM me, thanks!

So I got a 68 my first time and just took it yesterday and scored a 71. I am beyond frustrated. I took the 5 day review class last week and am thinking the only thing that would help me now would be a tutor. Have been using STC and scoring right around passing but am running out of ideas. Help!

I just scored a 61 on the series 7 and it was very disappointing. Thankfully my firm is giving me another chance in 30 days. I am really struggling with options and there was a ton of option questions. Anyone have any suggestions on how to make this click in my head I just can’t seem to grasp it ugh!! I am also using passperfect to study any feedback if anyone used this and what I should be scoring on finals exams ? Any tips to help me pass this second time I really need my job!! Thank you .