Series 7 Question
Hey Guys,
I just wanted to know if there are any timing considerations for the Series 7. I mean I know it's 6 hours long and broken up into 3's. But is it difficult finishing the exam in that amount of time, or does it not normally take that long to take it?
Just want to see how to pace, because I have it in 2 weeks.
The 7 took me ~30-45 per half.
I was out of the testing center in 1 hour 45 minutes, including a 30 minute lunch break.
[quote=es four]
The 7 took me ~30-45 per half.
I was out of the testing center in 1 hour 45 minutes, including a 30 minute lunch break.
[/quote]I've been debriefing people who took the exams for at least thirty years and I have never--as in NEVER--heard of anybody who finished a half in less than two hours.
Only a moron would race through Series 7 as if it were a contest--and people who say they took less than four hours total are liars, who for some reason think it's cool to claim crap that never happened.
[quote=es four]
The 7 took me ~30-45 per half.
I was out of the testing center in 1 hour 45 minutes, including a 30 minute lunch break.
[/quote]That means that this liar is saying that he answered 260 questions in a total of about 70 minutes since he did not walk in there and immediately sit down and start taking questions.
70 minutes is 4,200 seconds.
There is no way in hell that anybody answers 260 Series 7 questions at the clip of one every 15 seconds--four questions a minute.
You couldn't even mark every question C that fast--the machine takes time to move to the next question.
This EZ Money cretin is a joke.
[quote=Put Trader] [quote=es four]
The 7 took me ~30-45 per half.
I was out of the testing center in 1 hour 45 minutes, including a 30 minute lunch break.
[/quote]
That means that this liar is saying that he answered 260 questions in a total of about 70 minutes since he did not walk in there and immediately sit down and start taking questions.
70 minutes is 4,200 seconds.
There is no way in hell that anybody answers 260 Series 7 questions at the clip of one every 15 seconds--four questions a minute.
You couldn't even mark every question C that fast--the machine takes time to move to the next question.
This EZ Money cretin is a joke.
[/quote]
The fact that you don't know how to take multiple guess tests, Put, does not make everyone who does know how a de facto liar.
Once again, you capably demonstrate your ignorance.
Regardless, I'm not trying to start an argument. I just wanted to know how long approximately each section is gonna take. Meaning do some people not finish, etc.
So the avg is a little over 2 hours a section?
I don't think time is a consideration. Test taking is not my strong point but I still finished with plenty of time to spare. I think probably 2/3 of the people taking it were already done when I finished but there was still plenty of time to spare. Worry more about studying hard. If you do that I don't think time will be an issue.
My actual test time was about the same as es four. About an 1 hour and 15 minutes.
I arrived at the testing center late. I got there at about 10 after 9 in the morning. I signed in, did the preview to get acclimated to the system and started the test a little before 9:30am. I finished the first half just before 10:15am and left the testing center for about 30 minutes. I returned and finished the second half just after 11:30am. I passed with an 83 and hopped on the subway to go to the office. I arrived at the office around 11:55am and everybody thought that I had overslept my test. I produced my passing score and old folks like Put stood with mouths wide open because I had finished the test before noon. Hell...I completed the test...left Penn Plaza...took the subway to Midtown...got through post 9/11 security...and made it to the 35th floor of the office...all before noon. It ain't that hard.
[quote=Dewey Cheatham]
My actual test time was about the same as es four. About an 1 hour and 15 minutes.
I arrived at the testing center late. I got there at about 10 after 9 in the morning. I signed in, did the preview to get acclimated to the system and started the test a little before 9:30am. I finished the first half just before 10:15am and left the testing center for about 30 minutes. I returned and finished the second half just after 11:30am. I passed with an 83 and hopped on the subway to go to the office. I arrived at the office around 11:55am and everybody thought that I had overslept my test. I produced my passing score and old folks like Put stood with mouths wide open because I had finished the test before noon. Hell...I completed the test...left Penn Plaza...took the subway to Midtown...got through post 9/11 security...and made it to the 35th floor of the office...all before noon. It ain't that hard.
[/quote]Liar.
You cannot even read the questions in 15 seconds much less read them and answer them too.
You claim to have answered 130 questions in 45 minutes (9:30 to 10:15). That's at a clip of 3 per minute--approximately 20 seconds on each one of them. Never happened.
Figures that a slacker liar would be late to the exam.
Everything about you POS punks is a joke.
[quote=Grant]
Regardless, I’m not trying to start an argument. I
just wanted to know how long approximately each section is gonna
take. Meaning do some people not finish, etc.
So the avg is a little over 2 hours a section?
[/quote]
The only people from our shop who ran out of time are the foreigners
who we hire to staff offices in places like Brighton Beach--or
Chinatown.
If English is your native language time will not be an issue--but
it's ridiculous to declare that it can be done at the clip of less than
30 seconds per question.
One wonders what possesses pathelogical liars to behave as they do.
What is scary is they're lying to their customers too.
[quote=Dewey Cheatham]
My actual test time was about the same as es four. About an 1 hour and 15 minutes.
I arrived at the testing center late. I got there at about 10 after 9 in the morning. I signed in, did the preview to get acclimated to the system and started the test a little before 9:30am. I finished the first half just before 10:15am and left the testing center for about 30 minutes. I returned and finished the second half just after 11:30am. I passed with an 83 and hopped on the subway to go to the office. I arrived at the office around 11:55am and everybody thought that I had overslept my test. I produced my passing score and old folks like Put stood with mouths wide open because I had finished the test before noon. Hell...I completed the test...left Penn Plaza...took the subway to Midtown...got through post 9/11 security...and made it to the 35th floor of the office...all before noon. It ain't that hard.
[/quote]This is such a joke that my secretary printed it to post on the bulletin board.
I live in Clinton and know the westside like the back of my hand. It would be fun to hear what train you took from Penn Plaza and where you got off
Actually, now that I think about it, I finished taking the entire test in just under 45 minutes.
[quote=Malcolm]Actually, now that I think about it, I finished
taking the entire test in just under 45 minutes. [/quote]
Sure, it doesn’t take long at all if you just mark everything "A."
Ten minute for the first half, a thirty minute break, and five minutes
for the second half since you already know how it all works.
[quote=Put Trader] [quote=Dewey Cheatham]
My actual test time was about the same as es four. About an 1 hour and 15 minutes.
I arrived at the testing center late. I got there at about 10 after 9 in the morning. I signed in, did the preview to get acclimated to the system and started the test a little before 9:30am. I finished the first half just before 10:15am and left the testing center for about 30 minutes. I returned and finished the second half just after 11:30am. I passed with an 83 and hopped on the subway to go to the office. I arrived at the office around 11:55am and everybody thought that I had overslept my test. I produced my passing score and old folks like Put stood with mouths wide open because I had finished the test before noon. Hell...I completed the test...left Penn Plaza...took the subway to Midtown...got through post 9/11 security...and made it to the 35th floor of the office...all before noon. It ain't that hard.
[/quote]
Liar.
You cannot even read the questions in 15 seconds much less read them and answer them too.
You claim to have answered 130 questions in 45 minutes (9:30 to 10:15). That's at a clip of 3 per minute--approximately 20 seconds on each one of them. Never happened.
Figures that a slacker liar would be late to the exam.
Everything about you POS punks is a joke.
[/quote]
You might want to tell that to the testing coordinator, my managing director, and everybody that was in the office when I arrived with my score in hand.
Hell...I also stopped to call my mother and sister on a pay phone down on the street to let them know that I was halfway done.
Don't be mad because you can't be me. I'm not mad that you made your career off insider trading.
[quote=Put Trader] [quote=Dewey Cheatham]
My actual test time was about the same as es four. About an 1 hour and 15 minutes.
I arrived at the testing center late. I got there at about 10 after 9 in the morning. I signed in, did the preview to get acclimated to the system and started the test a little before 9:30am. I finished the first half just before 10:15am and left the testing center for about 30 minutes. I returned and finished the second half just after 11:30am. I passed with an 83 and hopped on the subway to go to the office. I arrived at the office around 11:55am and everybody thought that I had overslept my test. I produced my passing score and old folks like Put stood with mouths wide open because I had finished the test before noon. Hell...I completed the test...left Penn Plaza...took the subway to Midtown...got through post 9/11 security...and made it to the 35th floor of the office...all before noon. It ain't that hard.
[/quote]
This is such a joke that my secretary printed it to post on the bulletin board.
I live in Clinton and know the westside like the back of my hand. It would be fun to hear what train you took from Penn Plaza and where you got off
[/quote]
I can't remember. I not longer live in New York. I took two trains actually...I remember that one of them was the "L"...I had to transfer...my ultimate goal was 590 Madison Avenue.
What's your point?
Your boys aren't as quick as I am in decision making. They can't read and recognize. Perhaps they are slow witted and ignorant like their mentor.
"Don't be mad because you can't be me"
I love it! that was great Dewey
I just guessed on every question Put and I still passed with an 86. What a country!
Now would you please put my post up also Put? Also, ask your secretary if she is free tonight. I'll be the guy waiting outside in the big black BMW.
[quote=Dewey Cheatham]
I can’t remember. I not longer live in
New York. I took two trains actually…I remember that one of
them was the “L”…I had to transfer…my ultimate goal was 590 Madison
Avenue.
Is that right, the L train comes into play when one is trying to get from 34th and 8th to Madison in the mid 50s?
I've been debriefing people who took the exams for at least thirty years and I have never--as in NEVER--heard of anybody who finished a half in less than two hours.
Well, I did. It took about an hour and fifteen minutes per half including review, which I didn't do too much of. Either they were right or they weren't. I don't remember the exact minutes because it was a few years ago, but I do remember that I had almost 2 hours to kill waiting for my husband to come and pick me up. That meant quality shopping time I scored in the mid 90% again been a while but I think it was 96%. Not that it really matters.
I never met anyone who needed more than two hours to pass the exam.
For the record, I too scored in the mid-nineties. It never mattered one iota on my commissions.
[quote=babbling looney]
I’ve been debriefing people who took
the exams for at least thirty years and I have never–as in
NEVER–heard of anybody who finished a half in less than two hours.
Well, I did. It took about an hour and fifteen minutes per half including review, which I didn't do too much of. Either they were right or they weren't. I don't remember the exact minutes because it was a few years ago, but I do remember that I had almost 2 hours to kill waiting for my husband to come and pick me up. That meant quality shopping time I scored in the mid 90% again been a while but I think it was 96%. Not that it really matters.
[/quote]I overstated the less than two hours per half--what I really meant was it is unheard of for somebody to not consume a total of four hours from the time they show up until the time they're heading away.
It takes time to sign in, do the practice routine, the the first half, process out at the mandatory break, sign back in again, take the second half, go through the routine at the end while the score is tallied, wait for the testing center employee to sign and stamp your score report, engage in idle chit chat for a few moments and exit the building.
For what it's worth, as nice a woman as you seem to be I suggest you have forgotten your test score. We routinely send people hired to be trainers into the exam and challenge them to score as high as they can--and we don't get 96's. It is virtually impossible to not make at least ten mental errors even if you do know the subject material cold.
I do agree that you either know it or you don't but the questions are written in such a way that extreme caution must be taken to avoid stupid mistakes.
Since the advent of the "new" Series 7 around 1985 I have been one of the "experts" who reviews all options questions before they find their way into the exams. I know options backwards and forewards yet out of a batch of 40 or 50 new questions I'll miss at least 10% of them because I misread it or it was something very obscure about the role of the Order Book Official during a trading halt.
There are simply too many topics, and the questions are too subtle, for people to score above 90 all that often. The only people I can think of who I know scored over 90 were always people transitioning from a role where they did not need a ticket into a role where they did need one--and even then we'd normally assign them a personal trainer who would conduct what amounts to private classes for them.
Again, the national passing ratio is about 75 including all those who are taking it for a second, third or more time. Additionally the average failing score is in the high 60s--meaing that the vast majority of scores are bunched between 65 and 80.
Yet everybody remembers that they did really well on it. The mind is a wonderful thing the way it enhances the good and diminishes the bad.
[quote=Starka]
I never met anyone who needed more than two hours to pass the exam.
For the record, I too scored in the mid-nineties. It never mattered one iota on my commissions.
[/quote]Then you have never met anybody who passed the exam.
[quote=Put Trader] [quote=Dewey Cheatham]
I can't remember. I not longer live in New York. I took two trains actually...I remember that one of them was the "L"...I had to transfer...my ultimate goal was 590 Madison Avenue.
[/quote]
Is that right, the L train comes into play when one is trying to get from 34th and 8th to Madison in the mid 50s?
[/quote]
Well...when I get finished working I will head home and pull out my old NYC subway map and give you the details.
[quote=babbling looney]
Well, I did. It took about an hour and fifteen minutes per half
including review, which I didn’t do too much of. Either they
were right or they weren’t.
What is driving me nuts is that I spend hours in the evening and early morning answering private messages from people who are reading this stuff and when you folks are wrong I'd be derilict to not point it out.
Ms. Looney is saying that she was able to negotiate 130 questions in 4,500 seconds--for an average of 34 seconds per question.
Think about that. How in the world can somebody--UNDER GREAT STRESS--do that? Even a short question is going to take at least five seconds to read and ensure that you have digested what it's asking. Then it will take at least 2 or 3 seconds to look at an answer, much less decide it it's right or not. Good test taking DEMANDS that even though you have decided that it's "A" you damn well better look at B, C and D too just to be sure.
There is an effort to keep the mix like this. 150 "no brainer" type questions, 60 questions that challenge college graduates and 40 questions that are going to have to be guessed.
The idea is that the candiate will get 90% of the no brainers (135); 70% of the challenging questions (42) and 40% of the guesses (16).
That is goiing to yield 193 correct answers which is a 77%.
Somebdy who gets all of the no brainers, 90% of the challenging questions and 60% of the guesses will end up with 225 correct answers which is only a 90%.
As with most of this stuff I know it backwards and forewards and it's not easy to impress me or fool me.
[quote=Dewey Cheatham][quote=Put Trader] [quote=Dewey Cheatham]
I can't remember. I not longer live in New York. I took two trains actually...I remember that one of them was the "L"...I had to transfer...my ultimate goal was 590 Madison Avenue.
[/quote]
Is that right, the L train comes into play when one is trying to get from 34th and 8th to Madison in the mid 50s?
[/quote]
Let me save you the effort. The L train runs along 14th Street from 8th Avenue out into Brooklyn.
Nobody--not even Boris from Minsk--will go south in order to end up north.
However, as bad as your sense of direction is it is eclipsed by your sense of time.
Tell, have you been able to convince women that four inches is actually nine?
Well...when I get finished working I will head home and pull out my old NYC subway map and give you the details.
[/quote][quote=Put Trader] [quote=Starka]
I never met anyone who needed more than two hours to pass the exam.
For the record, I too scored in the mid-nineties. It never mattered one iota on my commissions.
[/quote]
Then you have never met anybody who passed the exam.
[/quote]
Unlike you, lightweight, I actively work in the securities industry. It's far more likely that I have met and work with successful brokers who have, by definition, passed the exam.
What else have you got?
[quote=Starka][quote=Put Trader] [quote=Starka]
I never met anyone who needed more than two hours to pass the exam.
For the record, I too scored in the mid-nineties. It never mattered one iota on my commissions.
[/quote]
Then you have never met anybody who passed the exam.
[/quote]
Unlike you, lightweight, I actively work in the securities industry. It's far more likely that I have met and work with successful brokers who have, by definition, passed the exam.
What else have you got?
[/quote]You're saying that every broker you know passed the exam using an average of less than 30 second per question.
I'm saying that you don't know a single person who did that--not one, nada, zilch, bumpkus. It is mentally impossible to read the questions well enough to understand them in less than two hours.
If that was possible, braintrust, why do you suppose that the testing professionals who design the exam insist that six hours is challenging?
It’s killing you, Laughing Boy, isn’t it? No one here is buying into your inane drivel. If, in fact, you really do work somewhere in the brokerage business, you must work with some incredibly stupid people. (Of course, to work for a moron like yourself, they would have to be pretty stupid, wouldn’t they?)
The series 7 wasn't difficult at all, compared to the CFP exams; especially the investment planning module. There was no great stress for me, at least. I guess I could find my score somewhere in my continuing ed file and fax it to you, but why bother. It really doesn't matter, except that you say it can't be done. I have an excellent memory, which is why I was able to score in the mid 90s. In addition, I had been in the business as a series 6 for about 9 years already before the 7, so much of the material was old news. Reading a question in 30 seconds is no big deal either, if you can speed read. There were very few questions that I felt were ambigious. I also followed the sage advice of not overthinking the answers. Usually the first impulse on this type of test is the correct answer. What I did do, was to write down the number of the few questions that I was unsure about on the scratch paper and review ONLY those questions. By the time I had reached the end of the section, many of the questionable questions had been answered by succeeding questions. (Clear as mud?)
I must admit that the hardest part of the test was the options section. But, all a person needs to do is come up with some mnemonic tools and then the questions are not all that difficult. I have since completely forgotten the tools I used since they are not useful to me now. I have never ever failed a test or received anything less than an A in my years of schooling. Except P.E.
You are right. The score has nothing to do with commissions or ultimate success in the business.
Today is a veeeery slow day and I'm taking off early to do a seminar for a lady's club so I have time to fart around here
[quote=babbling looney]
What I did do, was to write down the number
of the few questions that I was unsure about on the scratch paper and
review ONLY those questions. By the time I had reached the
end of the section, many of the questionable questions had been
answered by succeeding questions. (Clear as mud?)
OK, so you’re moving along at a rate that is three to four times faster
than the pros at Education Testing Service suggest is a challenge,
getting everyting right the instant you see it. Including
somewhere between thirty and forty problems that require math skills
and quite possibly a calculator.
What about the questions that require you to look at the exhibit
book–to interpret a bond quote, to value a portfoliio, to determine
the sales charge on a mutual fund?
Are you here to tell us that you could solve this in thirty seconds?
All of the following will be found in the notice of sale for a serial issue of general obligation bonds EXCEPT:
I. The opinion of the bond attorney
II. The credit rating as assigned by a national rating agency
III. The purpose of the offering
IV. The bond years
If it took you more than ten seconds to read that question you’re way behind schedule.
Forget about looking at the actual answers, the I and III or I, III and
IV stuff–there is absolutely no time for nonsense like that.
Just read the question and choose the answer.
How about this.
You client
purchased 1,000 shares of XYZ at 56 5/8 and simultaneously wrote ten
XYZ Oct 55 calls for 4 3/8. How much will he be expected to
deposit on settlement date?
OK, answer it NOW–you’re taking too long! You either know the answer or you don’t–what’s the problem??
I know, I know–you make up for it on the easy ones. Things like this:
Regulation T regulates transactions in:
a. Margin Accounts
b. Cash Accounts
c. Both a and b
d. Neither a nor b
That’s a no brainer, what’s the answer? If you’re taking more than about 5 seconds you’re losing time.
Now, tell me about how quick it is to go back and change a question
that you realize was wrong based on something you remembered
later. Suppose that when you’re working number 122 you realize
that you missed a question about debentures that you took
earlier. How do you find it, while maintaining the pace of 30
seconds per question?
Doing it in less than two hours is a challenge–doing it in less than 90 minutes is impossible.
You’re a bright woman. Why do you suppose ETS tells the NYSE that
six hours is a challenge when it seems that everybody but me thinks it
can be done at the torrid pace of 30 seconds or less per question?
Put, it's not only do-able in 90 minutes, it's likely. Take three weeks and a book of similar or identical questions, and it's a no-brainer.
Look, the Series 7 is NOT a test of an individual's working knowledge of securities; like most multiple choice exams, it's a test of how well one takes tests. And the General Securities license doesn't necessarily mean that an individual knows anything about the securities business. It means that he or she has been taught the regulations, and has successfully passed a test to that effect. In short, it means we're willing to take the blame if a reg has been violated. Nothing more.
Personally, I'd prefer an essay type test to judge a person's understanding. However, as usual there is no objective way to grade such an exam when given on such a large scale.
And so we move on.
"I'm saying that you don't know a single person who did that--not one, nada, zilch, bumpkus. It is mentally impossible to read the questions well enough to understand them in less than two hours."
---Put Trader
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Now THAT'S perhaps the most idiotic things that you've posted yet. And given the low level of intelligence and understanding that you've displayed thus far, that's quite an achievement!
Congratulations!
[quote=Philo Kvetch]
Put, it’s not only do-able in 90 minutes, it’s
likely. Take three weeks and a book of similar or identical
questions, and it’s a no-brainer.
Look, the Series 7 is NOT a test of an individual's working knowledge of securities; like most multiple choice exams, it's a test of how well one takes tests. And the General Securities license doesn't necessarily mean that an individual knows anything about the securities business. It means that he or she has been taught the regulations, and has successfully passed a test to that effect. In short, it means we're willing to take the blame if a reg has been violated. Nothing more.
Personally, I'd prefer an essay type test to judge a person's understanding. However, as usual there is no objective way to grade such an exam when given on such a large scale.
And so we move on.
[/quote]Just another soul who hasn't got a clue.
Series 7 is far more than a 250 question test about regulations. At best there are 15 or 20 things that could be called questions dealing with regulations.
Fifty of the questions involve municipal bonds, how they're traded and how they're underwritten. Those questions are written by the MSRB and are INTENTIONALLY very tricky. It's a revenge deal having to do with the SEC requiring the muni bond business to be cleaned up by using a difficult exam.
The most difficult exam is the Series 27 (FinOp) but the second most difficult one is the Series 52 (Limited Registration--Municipal Securities). It goes back about twenty-five years. THe MSRB was mandated to write difficult questions and submit them to the SEC for review. The SEC kept telling the MSRB that the questions needed to be more difficult. Finally when the MSRB had written a very difficult exam the SEC approved it.
The MSRB then announced that they were going to use those questions as their 20% contribution to the Series 7 and the Series 8, which is now the 9/10. The SEC, NASD and NYSE could hardly say that that was not fair that the Series 7 was to have easy municipal questions, only the Series 52 and 53 were to be tricky.
Also, the MSRB is notorious for writing new questions all the time an simply logging onto the computer and changing their share of the question base. As a result training departments and outside vendors such as Dearborn find it virtually impossible to predict what a candidate will see. The idea that that all somebody has to do is spend a few hours with some sample questions and go take the exam is specious.
Add the layer that this forum is crawling--absolutly crawling--with slackers who are actually so devoid of self pride that they boast that they got a 70% on a professional level qualification exam and it's no wonder the public has come to consider stockbrokers little more than used car salesmen.
Look stupid, virtually everthing on the Series 7 exam has to do with regulations and the various ways to run afoul of them. Do you think the NASD cares whether or not a working broker knows how a muni is underwritten? Of course not! The information is tested so the broker knows how to keep his firm from being excluded from the process by his actions.
You should talk to some working brokers some time. Especially if you come into some money.
[quote=Philo Kvetch]
Look stupid, virtually everthing on the Series
7 exam has to do with regulations and the various ways to run afoul of
them. Do you think the NASD cares whether or not a working broker
knows how a muni is underwritten? Of course not! The
information is tested so the broker knows how to keep his firm from
being excluded from the process by his actions.
You should talk to some working brokers some time. Especially if you come into some money.
[/quote]Is that right, they don't care about municipal bond underwriting?
There will be no questions about bond attorneys, Notices of Sale, Bid Forms, Official Statements, Tombstone ads, syndicate managers, selling group members, bond years, dated dates, long first coupons, Spread, Takedown, Additional Takedown, Concession, Allocation, Retention, Priority of Orders, Limited Tax Issuers, Agreement Among Underwriters, Syndicate Letters, Easter/Western obligations.....I grow weary.
What did you get on yours, genius, a 70% and you're running around saying, "You know what they call the guy who graduates last in the class at West Point?"
And what do you think those various topics refer to? REGULATIONS!
Oh, and it's the USNA. And I didn't graduate last in my class. Far from it.
[quote=Philo Kvetch]
And what do you think those various topics refer to? REGULATIONS!
Oh, and it's the USNA. And I didn't graduate last in my class. Far from it.
[/quote]It would be fun to see you use the words "Dated Date" in a question that invovles regulations.
Or the term Syndicate Letter, or the term Designated Call.
A regulation is something like when Reg T requires payment for a purchase of T-Bonds. What is that?
And what is a "Syndicate Letter"? A courtesy? No stupid, it's a requirement.
I'll tell you the same thing I told countless other non-hacking no-loads such as yourself...stay away from the action. You can't cut it.
Oh but silly me...you already know that!
[quote=Philo Kvetch]
And what is a “Syndicate Letter”? A courtesy? No stupid, it’s a requirement.
[/quote]Nope, it’s not a requirement. There are NO requirements in the
underwriting of municipals–they’re exempt securities. Instead
it’s a courtesy based on tradition.
Next.
Uh huh.
Let's see how far you get forming a syndicate ignoring the rules. (Or "courtesies, to big shots like you.)
[quote=Philo Kvetch]
Uh huh.
Let's see how far you get forming a syndicate ignoring the rules. (Or "courtesies, to big shots like you.)
[/quote]What would you cite as a rule regarding forming syndicates?
I wouldn't waste the time to look it up for you.
Let me toss the ball into your court, however. You claim that the test is whether or not the candidate knows tradition? You sir, are sadly misinformed, and frankly from your posts, not qualified to act as a clients' man.
[quote=Philo Kvetch]
I wouldn’t waste the time to look it up for you.
Let me toss the ball into your court, however. You claim that the test is whether or not the candidate knows tradition? You sir, are sadly misinformed, and frankly from your posts, not qualified to act as a clients' man.
[/quote]The reason you cannot look it up is because there is nothing to look up--you're just plain old wrong.
Yes I am saying that the Series 7 exam deals a lot wth tradition. Tell me something son, is it possible that somebody who went to work in Wall Street before you were born knows more about this business than you and all your fellow slackers acting as a committee?
Sure if you were older than me. But you're not. All you are is full of yourself.
And kid, you ain't nothin'.
From the Investopedia;
"Most municipal issues are sold to raise a substantial amount of money. In order to assist
with the marketing of the issue and to spread the risk of underwriting the securities
several investment banks will form a syndicate. The syndicate is a group of underwriters
responsible for selling the issue. Firms participating in a syndicate formed to submit a bid
in a competitive underwriting must sign the syndicate letter or syndicate agreement. The
syndicate letter will disclose all fees and expenses including clearing expenses.
Syndicate participants in a negotiated underwriting must sign the syndicate letter or
syndicate contract. The syndicate agreement will contain:
Each members participation in the offering ( member’s commitment )
Method of Allocating Bonds
Name of Managing Underwriter
Management Fee and Spread
Member Expenses and Amount of Good Faith Deposit
Liability for Unsold Bonds
64"
Stated simply, in deference to you Put, there are formal rules set forth by the MSRB regarding the formation of a syndicate. YOU sir, are WRONG. As usual.
[quote=Starka]
Stated simply, in deference to you Put, there are
formal rules set forth by the MSRB regarding the formation of a
syndicate. YOU sir, are WRONG. As usual.
Nope. The MSRB regulates the secondary municipal bond market, not the primary municipal bond market.
Municipal bonds, like government bonds, are exempt securities and as
such are not subject to SEC regulations that apply to corporate
securities.
There is no requirement that syndicate letters be signed.
However, good buriness practices–and traditions–result in such
agreements.
It would be as if you and I entered into an agreement to hold a joint
garage sale. We agree that regardless of how it turns out we will
split the proceeds 50/50 even if only your stuff sells and all of mine
goes back into my garage.
There were no rules that required us to enter into such an agreement we just did.
I do not say things that I am not sure of.
You can be sure of what you speak and still be wrong.
You yourself do it all the time.
From the previous source,
"
The Municipal Securities Rule Making Board or the MSRB is the organization
responsible for overseeing the municipal securities industry. The MSRB has no
enforcement arm and its only function is to write rules and test questions."
Please not that no reference is made to primary or secondary market. The Series 7 exam does not test "traditions" or anything else that is not enforceable.
[quote=Starka]
You can be sure of what you speak and still be wrong.
You yourself do it all the time.
[/quote]Point out something that I've said that is wrong. Many have tried, nobody has succeeded.
[quote=Starka]
From the previous source,
"
The Municipal Securities Rule Making Board or the MSRB is the organization
responsible for overseeing the municipal securities industry. The MSRB has no
enforcement arm and its only function is to write rules and test questions."
Please not that no reference is made to primary or secondary market. The Series 7 exam does not test "traditions" or anything else that is not enforceable.
[/quote]Grab an MSRB rule book and see what you can find about syndicate letters.
The Series 7 exam deals very little with things that are "enforceable."
What is enforceable about a Head and Shoulders formation?
OK, how about this, directly from the MSRB:
"The Municipal Securities Rulemaking Board was established in 1975 by Congress to develop rules regulating securities firms and banks involved in underwriting, trading, and selling municipal securities- bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The Board, which is composed of members from the municipal securities dealer community and the public, sets standards for all municipal securities dealers. Like the New York Stock Exchange or the National Association of Securities Dealers, Inc., the Board is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC)."
Please point out where the MSRB is limited to the secondary market. On the contrary, it is specifically charged with RULEMAKING (you know...the "R" in MSRB) in the primary market.
You are permitted to back away from your most recent erroneous statements regarding the MSRB and the Series 7 exam.
In the future, kindly refrain from pontificating on subjects that you a)are sure of, and b)in reality, don't know what you're talking about.
The MSRB search function stops at 200 abstracts when queried about "Syndicate Letter", and a further 200 when queried about "Syndicate Formation".
Does this not suggest to you, Put, that the MSRB might have something to say about your simple "tradition"?
[quote=Starka]
Please point out where the MSRB is limited to the
secondary market. On the contrary, it is specifically charged
with RULEMAKING (you know…the “R” in MSRB) in the primary market.
Simple, municipals are EXEMPT securities. They are not regulated by the
SEC and as you pointed out the MSRB has no enforcement power.
So who would impose discipline?
The municipal securities PRIMARY market is essentially unregulated and
is kept “in check” by traditions and massive competition among the
firms.
There are no requirements that the procedures used in the syndicate process be done in such and such a manner.
There is no requirement for full disclosure documents like in the
corporate world where prospectuses are a requirement of the Act of 1933.
Similarly there is no requirement that syndicate letters be signed–or
even writen. It’s all very casual within the restrictions of good
business practices and traditions.
It is very difficult to be the smartest person on earth when
intellectual gnats such as yourself cut and paste things you cannot
even read, much less grasp.
Now I’m off to the airport–gotta go to Texas to celebrate my father’s
birthday. 1920 was a long time ago and he has great stories
to tell.
The MSRB answers to the SEC. Learn to read.
Wish the general a happy birthday!
Ok here are some actual facts printed on the bottom of the latest Series 7 exam taken by someone in my office.
National Average Score 73%
natrional percentage of Candidates Passing the EXam 66% those figures were compiled from 09/04/04 to 03/03/05.
it is not an easy exam. time is not an issue. take all the time you need because you do NOT want to flunk and have to take it over again. Good luck.
Look at all the time and productivity devoted to bragging about scores and times..this is just plain old Tom Foolerey!! I got a 70.250 and took 6 hours to complete the exam. If you are taking the exam, take your time, as you should with anything in this industry. I would love to see what type of portfolios some of these guys are slinging together for their clients. Good Luck, and a 70 is a 100!!
Ax
Axman, why do you think that if someone knows the material to be tested correlates to the same individual performing inferior work for his or her clients?
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