Hello all, I am preparing for series 7 and have gone through STC material i bought on ebay once. I am about to buy STC exams on their website; but looks like they have only 4 final exams. Is that good enough? I read some post where someone saying he took more than 10 STC practice tests; how did he? Also one more thing; the STC material i bought on ebay is copyrighted in 2009; so its a couple years old. Am i better buying new material or has not much changed since then? Got any general advise on series 7 material; pass it along. I can use it. thank you! mmrc
I used Passperfect and found it was more than enough preparation. STC should be an adeuate resource as well. The key is to study, study, study, and take as many practice tests as possble. Remember also there is no extra credit for achieving greater than 70% correct on the final exam. So when you come across a question that seems difficult to answer, simply skip it and use the extra time to go over the more obvious questions. Options play a big role, so learn to compute them as fast and efficiently as possible. Good luck, Magella
Thanks Magellan. Options is actually the easy part for me (i have been trading options quite heavily for about 5 years now). The rest of it is all pretty hard . I took the equities quiz on passperfect site just now and i got 55%; shoot. Got a lot to read i suppose. Smart 7 on the web edition looks good actually. Maybe i will go for that one instead of STC exams because this way i will get both material and exams for the same price and i can read STC material again anyway. But its not clear if the Smart 7 on the web edition included all the material covered in their textbooks or not. Maybe i will call them on monday. Thanks a bunch! -mmrc
Smart 7 is excellent as it mimics the online format of the actual exam. Your 55% is a bit low, however the Passperfect exams are geared to be harder than the actual test. I was testing 75-85% on the Passperfect exams and scored a 94% on the final exam. So.... Just keep studying. The only thing worse than studying too much is having to take it a second time. Magellan.
Thanks for all the info Magellan. So yesterday i spent almost 6hours studying the equities chapters and after that my score was an average of 95%; and the material is very interesting. Didnt feel dry (compared to the STC material) at all. -mmrc
Again. Options are 40% of the test so know them in and out. If you nail those then you have room for error else where. All the other questions can be tricky with theyre double answers and such. Options are straight forward. One or Two practice exams is enough. Those will show what you dont know and then cover that. The test isnt that hard. I thought the Series 63 test was way harder. SO much vague area.
I agree, the options section is really easy if you know them well. But the regulatory stuff can be a bitch. It was for me, anyway. Practice exams, practice exams, practice exams. Good luck.
Totally agree, know your options cold. My hint to new people is just write down the strike price and the expiration price. Write down if you would be getting shares, going short shares, or options are expiring worthless. This little exercise can make or break you in the options. Obviously, when talking about bull or bear spreads etc., calculate $20 up and $20 down - enough that you're sure which is which. FWIW, Don
Well, since I have to re-take my Series 7 I'll add a link about the S7 re-structuring http://www.firesolutions.com/newsletter/September_2011_ExamAlert.htm
Why do you have to re-take the Series 7 Exam? Did you not pass it, or did your two year U-5 expire? Magellan