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How to Pass the Series 7

In Series 7, Study TipsTags Marcia Larson

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.

Series 7 Exam Overview & What to Expect the Day of Your Exam

In this video, Dave Meshkove will explain:

1. What’s the Series 7 Exam all about

2. What to expect the day of your exam

3. The path to passing the Series 7 on your first attempt.

Series 7 Exam 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!

Series 7 Expert Advice

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:

  1. 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.
  2. Fixed income, municipal bonds, options, and rules and regulations are each likely to have 20–30 questions.
  3. Expect 8-20 questions on each of the remaining topics. However, margin accounting and economic indicators are lightly tested topics.
  4. 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 protected] 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.

Marcia Larson is Vice President, Faculty, at Knopman Marks Financial Training, New York, NY. She has extensive experience in financial licensing and regulatory training, having authored, developed and presented courseware for numerous securities and insurance exam preparation and continuing education and compliance programs. Before joining Knopman Marks, Marcia was Director of Annuity Products and Business Development at CUNA Mutual Group, where she developed and marketed industry-leading annuity products and retirement solutions and implemented distribution relationships. She was previously VP, Securities Products for Kaplan Financial, managing securities training products and subsequently, international training and businesses development. Marcia has trained thousands of financial industry exam candidates throughout their careers, and also college students as an adjunct professor. Marcia was a summa cum laude graduate of Wartburg College with degrees in Business Administration and Piano Performance. Marcia also holds the designations of Chartered Financial Consultant® (ChFC®), Chartered Life Underwriter (CLU®), Certified Employee Benefit Specialist (CEBS), and Fellow Life Management Institute™ (FLMI®). She currently teaches the SIE, Series 6, 7, 24, 50, 52, 63, 65, and 66 exams.