If you are anxious to learn more about the Series 7 Exam, this post is for you. The Series 7 exam is a critical gateway into the financial industry, and is reputed to be one of the most challenging exams many people ever take. So, if you plan to take the exam yourself, or you manage exam registrations for your firm, or you are simply interested in understanding more about this important financial services requirement, read on for the scoop.
Knopman Instructors Tell All
A review of our Series 7 At a Glance guide will get you well acquainted with the “bones” of the Series 7 exam. It will give you all the facts along with some excellent tips and well-tested study guidance.
But, it’s our instructors that add the color. Our classes are filled with nuggets that cut through the heavy material and help students see the light. Indulge yourself in these tips for preparing for the Series 7 courtesy of Knopman’s finest!
The Series 7 Journey
The Series 7 is the Mount Everest of FINRA qualification examinations, and thus cannot be climbed in a day or a week. It requires a carefully thought out plan and execution.
Design a workable study strategy for yourself, assuming 100–125 hours of study time (6–8 weeks while working full-time). This includes time to complete 1000 online practice questions plus 6 additional PDF exams that will guide your familiarity with the most testable topics.
Focus your time on the areas that are most heavily tested, and keep the 4 tips below in mind:
- Suitability is one of the most heavily tested concepts in Series 7. It requires knowledge of the many product types covered in the Series 7 and how to align them with investor objectives. There may be up to 70 suitability questions on your exam. You will need to focus on understanding and applying risk/reward tradeoffs, tax impacts, and features of each product type.
- Fixed income, municipal bonds, options, and rules and regulations are each likely to have 20–30 questions.
- Expect 8-20 questions on each of the remaining topics. However, margin accounting and economic indicators are lightly tested topics.
- While you will receive a calculator at the test center to use as necessary, don’t expect highly challenging math. Many test candidates don’t use their calculator. 5th Grade Math will suffice
Guideposts for the Journey
On your climb to Series 7 success, you will encounter many different “hazards” – the study process won’t always be easy! Take ownership of your strategy and work it diligently, giving each section of the material the respect it deserves.
Don’t worry about taking notes as you read the material, instead read it like a novel so that you gain broad understanding. Pay careful attention to “Take Note,” “Test Topic Alert,” and “Example” items, as these are highly testable points. Don’t be de-railed if you don’t fully understand everything you’ve read. Just keep moving steadily forward and rely on your practice questions, class, or on-demand lectures to bridge any gaps.
Finally, after long days, nights and weekends devoted to this process, look forward to the sweet taste of success. As you look back, you can take great satisfaction in knowing that your climb to the top, although not pain free, was a most rewarding and satisfying journey!
Keep in mind that the team at Knopman Marks is fully dedicated to helping you reach your goal. Contact us at email@example.com for support any time you need guidance on your climb.
Pass It On
If you find this information valuable, please share it with others who want to pass their Series 7 exam on the first attempt. Stay tuned for a new At a Glance Guide from Knopman Marks next week! Meanwhile, if there is anything we can do to help you on your journey, please contact us.