B/D Registration: Series 7, 24, 3, 4 & 27

Discussion in 'Prop Firms' started by mskl, Jul 23, 2003.

  1. mskl


    If you have passed any of these exams, I would like to know how long it took you to study for each? (self study)

    In particular I'm wondering how difficult the series 24 and 27 are. (I'm told that the 27 is very difficult and many actually retain a service to provide this)



    It took me 3 tries to get the 7 (scores were 62, 69 and then 70) that was over a period of three months. I passed the 24 on the first shot with a 70 (I studied for 7 hours) I don't have 3,4 or 27. Unless you're going to be holding supervisory functions, why would you want 4,24 or 27. I took the 24 nine years ago, and did so because I was a sales manager. Unless you're going to be in a supervisory role, I would forget the 4,24 and 27; there's too much headaches and liabliities associated with those licenses.

    You may also need to take the 63, don't take that test lightly. Good luck.
  3. mskl


    thanks. My counsel has advised me that I will require the 24, 4 and 27. They are all required when setting up a B/D.

    thanks for your reply.


    No problem, mskl. You could have saved me a few taps on the keyboard by stating that you were opening a B/D in the first place :)

    So basically what you're telling me is you're going to take on ALL of the liability. I'm sure the risk reward is in your favor. Buona fortuna!
  5. I took the S7 last January. score was 92. I studied all the Dearborn textbook and practiced with sample tests totalling 3000 questions. it took me 1 1/2 month. it's not hard if you study all the material.

    hope it helps
  6. Steve_IB

    Steve_IB Interactive Brokers

    S3 is pretty easy if you know futures.

    S7 will require study. 8-10 weeks study if you are fresh, otherwise half the time. I believe you know options, so munis will be the key topic you'll need to know.

    S24 alot of overlap with S7 - may as well do it immediately after S7, will take a few weeks.

    S4 I haven't done, but i think its quite similar to S9 - which is simple if you know options.
  7. If you are starting a B/D, you need not take the 27. You can "rent" one. That is there are accountant types who will be your 27 for a fee.
  8. 24 was easy; 27 a bitch.

    Took them in the 80s ...
  9. So, if you're a good test taker you might by able to have a little side income???

    I scored an 83 on the 7 and didn't study for two weeks just prior to taking it.
    The company I was going to trade for was bought by another firm and I thought my test was going to be pushed as I had to re take fingerprints and all. the night b4 test I get home @ 10PM and hear message on machine reminding me of my test the next day.
  10. mskl


    thanks for the responses
    #10     Jul 24, 2003