[HyperM3]

Ive heard nightmare stories about having to take this test. That its about as torturous as taking the bar exam.

Anyone got insight with their experience?

[Zirenz2006]

I've taken a 7 series for a ride but I've never taken the series 7.

[HyperM3]

Anyone with an informative response?

[Zirenz2006]

Sorry man. I couldn't resist.

[HyperM3]

There was bound to be someone to say it.

[Dleo]

Took mine years ago, along with the 63 and 23, and yes there is A LOT of things you need to know. Average study time is 6 month to a year.
Are you thinking of taking it?
I have been out of the business since what happened on Sept 11 (firm went under, didnt feel like starting a new client base with another firm) but you need to work for a firm to be "sponsored" to take the exams.

[Jarlaxle]

Series 7 is nowhere near as tough as the bar exam... now the CFA (Chartered Financial Analyst) exam is that tough and its got three different levels, one per year.

For the series 7, if you study for a good 6 weeks to 2 months you'll be fine. If you try to pick up a book 2 weeks before the exam, you won't.

Good luck.

[Jarlaxle]

Originally Posted by Dleo

Took mine years ago, along with the 63 and 23, and yes there is A LOT of things you need to know. Average study time is 6 month to a year.
Are you thinking of taking it?
I have been out of the business since what happened on Sept 11 (firm went under, didnt feel like starting a new client base with another firm) but you need to work for a firm to be "sponsored" to take the exams.

There is no way you need to study for an entire year for the Series 7. Yes, there is a fair amount of info but that's absurd.

[Dleo]

Originally Posted by Jarlaxle

There is no way you need to study for an entire year for the Series 7. Yes, there is a fair amount of info but that's absurd.

Have YOU ever taken the series 7 yourself?

The reason study time is long is because you still need to be a full time employee at most firms to be qualified to take the test. Working 40 hours a week + studying there is no chance someone can take the test in 6 weeks and pass unless they already have a financial background through school. Ive seen guys working at the firm for 2+ years that took the test a few times and still failed.

[HyperM3]

Originally Posted by Dleo

Ive seen guys working at the firm for 2+ years that took the test a few times and still failed.

So whats the point of taking it if you still get to work at the firm anyway?

Regardless, Im asking because a company that Im interviewing with basically pays you to take the test. They give you all the books and materials but they want you to take a full month of doing nothing but studying before the test.

My problem is A) Im not that good with tests and B) with ADD I cant sit and do one thing(study) for that long. Am I going to kill myself before I get to the test?

[nightkhan]

I took both the 7 and 66 beginning of last year. 2 months study time for both. Studied the 7 for a month and half then took the test, then right after i took the 7, i studied for the 66 for about 2 weeks then took the test. It all depends on the material you get and how focused you can be. But for me, the 7 was a no brainer....kind of a steep learning curve, but once you're use to it, bet the basics and foundations down, pretty straight forward. Concentrate on the debt section...that's about 60%-70% of the 7 test.

CFA though, as Jarlaxle said, is an entirely different story. That's what I'm studying for next, and that's going to be a raping in the ass.

and btw...i passed both on the first try, so it's not impossible.

[nightkhan]

Originally Posted by HyperM3

So whats the point of taking it if you still get to work at the firm anyway?

Regardless, Im asking because a company that Im interviewing with basically pays you to take the test. They give you all the books and materials but they want you to take a full month of doing nothing but studying before the test.

My problem is A) Im not that good with tests and B) with ADD I cant sit and do one thing(study) for that long. Am I going to kill myself before I get to the test?

That's the best. You'll be able to absorb so much information since you don't have to worry about work and all, although with ADD, that can be a bit of a trouble

Go through a section, take a couple practice quizzes...then take a break. Go back and go over what you missed and read up on that section again. It's all about taking the practice quizzes that should be included in the material your firm provides for you. Learning from mistakes seems to be the way to go for the 7 and 66.

[MoreCowbell]

Originally Posted by HyperM3

Ive heard nightmare stories about having to take this test. That its about as torturous as taking the bar exam.

Anyone got insight with their experience?

I have taken it. I got a 94.

I can help you if you have any questions.

It's not that difficult.

[nightkhan]

Originally Posted by HyperM3

So whats the point of taking it if you still get to work at the firm anyway?

With some firrms you can work there but to handle more responsibilities you need to take the test. Also applies for pay. A sales guy can help out in the sales process for investment products, but unless he's licensed, he's not going to see any of the commission for it.

[MoreCowbell]

Originally Posted by Dleo

Average study time is 6 month to a year.

Not even close.

1 month.

Tops.

[MoreCowbell]

Originally Posted by Jarlaxle

Series 7 is nowhere near as tough as the bar exam... now the CFA (Chartered Financial Analyst) exam is that tough and its got three different levels, one per year.

For the series 7, if you study for a good 6 weeks to 2 months you'll be fine. If you try to pick up a book 2 weeks before the exam, you won't.

Good luck.

CPA, CFA and BAR exam and in another class all together.

The series 7 is like q "Quiz" compared to those.

[HyperM3]

Apparently I just need a 70 to pass. They dont care what score you get, just as long as you pass.

Its all still a moot point as I have another interview with them next week. I just wanted to know what I was getting myself into and what lay ahead of me.

[Dleo]

Originally Posted by HyperM3

So whats the point of taking it if you still get to work at the firm anyway?

Regardless, Im asking because a company that Im interviewing with basically pays you to take the test. They give you all the books and materials but they want you to take a full month of doing nothing but studying before the test.

My problem is A) Im not that good with tests and B) with ADD I cant sit and do one thing(study) for that long. Am I going to kill myself before I get to the test?

They were working at the firm under brokers as adminstrative assistants, not making any where near the amount brokers were making.

If the company pays you and gives you one month of full study time then you have to be crazy not to go for it.

They way I motived myself to study was, ask one of the star brokers for a copy of a paystub, they can cross out SS# and address and anything personal, the only thing you want to see is the MONEY they getting payed. When I would study I would put that and a pic of an m3 CSL on my desk, so when I lost focus I would look at those two things again and it motivated the hell out of me.

[Jarlaxle]

Yes, I have my Series 7.

Yes, I passed on the 1st try.

Yes, I studied for about 2 months in the evenings after work.

Yes, I work in the financial industry and majored in finance in college.

If you are starting from scratch, don't know the first thing about finance, the brokerage business, compliance, etc. then I suppose it would take 6 months or more to teach yourself all those things. For me, the Series 7 was more than 50% review. FYI, I also have my Series 3 (commodities) license and am sitting for Level 2 of the CFA exam in June.

The comparison to a bar exam is not even close. Attorneys who are fresh off having spent 3 years in law school still have to devote epic amounts of time studying to pass a typical bar exam (with the obvious clarification that some states are much more difficult than others). A bar exam is far, far tougher than any securities license that I know of.

[Dleo]

Originally Posted by gluck75

Not even close.

1 month.

Tops.

I guess my firm was the only one full of dumbasses, took me 6 months while i was working full time and I barely passed with a 74. Like I said, depends on what background you have also, people that had some financial knowledge from school def have a head start.