How hard is the Series 7 exam, and how can you pass it?
The answers you seek are about to be revealed.
The Series 7 exam is not for lightweights. This 6-hour monster has always comprised 260 questions (two sections of 125 questions each). However, as of the 1st of October 2018, there will be a brand-new format! This will be a combination of the SIE, comprising 75 questions, combined with the Series 7 exam featuring just 125 questions.
Before you will be allowed to tackle the mighty Series 7 exam, you’ll first need to pass the SIE. The Securities Industry Essentials exam is FINRA’s new examination that assesses your knowledge of basic securities industry information.
The SIE includes fundamental concepts of working in the industry; from product types to risks, market structures, regulatory agencies and functions, prohibited practices, and beyond. Consider this exam as the first step into the industry, after which you may choose which Series exam applies to your needs – 6, 7, 57, 82, or 99.
But; how hard is the Series 7 exam? Well, let’s put it this way. There’s a common Wall Street saying: “If you get 73% on the Series 7, you studied for too long”. Sure, Wall Street is famous for its tongue-in-cheek humor. But: don’t try to be the “tough guy”. You can NEVER study too long for something that’s so important for the rest of your life. Many young professionals take the Wall Street advice (in other words, they take it too lightly…) and they fail.
On average, around 65% of people pass the Series 7 exam. Over-studying and scoring up to 85% (or higher) is perfectly fine. In fact, we recommend it! Fundamentally, the exam is no different to a difficult freshman college exam. Yes, the content is straightforward. No, it won’t be easy!
The Series 7 exam is PACKED with “curve balls”. You must keep your eyes open and your mind focused. Spend time memorizing the rules, understanding the formulas, and becoming familiar with the definitions. Most importantly, take as many practices questions as you can – as quickly as you can!
What should you study?
If you want to pass with flying colors, be sure to check out the guidance on our website here. It’s also important to note that the exam is not what it was 10 years ago. It’s been updated a lot, so you can’t really listen to advice from people who took it when George Bush was still president of the U.S. The current exam focuses much more on customers, rules for broker-dealers, and investment information. Again, be sure to visit our website for the guidance and support you seek!
The Clock is Ticking
Judging from the amount of questions and the time you’ll have to complete them, that leaves you with around 1.5 minutes per question. You need to be prepared, and ready to move fast – without compromising the quality of your answers. The rewards will pay themselves off – trust us!
Ultimately, the difficulty level of the test depends on you.
How hard are you willing to work, and how much time are you willing to put in? Just think how amazing you’ll feel once you’re done and you have your evenings back again. It’s worth losing your social life (and a bit of sleep) temporarily.
Oh, and before we forget – you should definitely subscribe for our online prep course here. Practice makes perfect, right? Good luck!