Thank You all for your tips and stories, I am beginning to study for it and scheduling to take it about 4 weeks from now, just wanted to see what others have done on it in the past and what they have thought. Thanks again! -TheActionKid
I also used the STC material, studied for 2.5 weeks, about 5 hours per day, maybe more. scored 80something, i don't remember. The fact is, it's not hard, but there is a lot of material to cover. prepare yourself, and there will be no surprises. Also, it doesn't take the full 6 hours...each section took me an hour. the 55, on the other hand....
Take as many practice tests as you can. Some of the questions are structured 'oddly' in my opinion. Get used to the type of questions you will be asked.
the funny thing is they require this test to trade ....or sell stock like a stock broker....but 50-60% of the test is options and Munis!!
From another thread. Back in 1998, when all the SOES bandits and other questionable practices and firms were all around, and people were shooting at one another and "day trading" was a new thing (LOL, day trading has been going on for 200 years)....the regulators were concerned, and were closing down shops right and left. There was talk on Capitol hill about classifying exchange member firms trader's as customers, which would have left a couple of thousand families without a way to make a living. We, and other professional firms, lobbied hard to keep our exchange status for our traders. The regulators agreed to do so, but they needed a way to distinguish between retail and pro, so they came up witha S7 license...we were happy to comply so that our traders could continue to have all the benefits available to exchange members. That's pretty much it. Don
it is easy...I am no scholar. i graduated college with a 2.2. I passed the 7 with an 88. the fail rate is nowhere near 90%.
http://ft.reged.com www.firesolutions.com/elearning/series-7.shtml You should be able to pass 1st time no problem.
I passed it the first time. Most of the class was college age kids and most of the class failed. The instructor told us at the beginning the college grads would be the worst, simply because of their attitude and lazyness. You have to commit to 4 to 6 hours a day. They don't let you see the boiler room [phone room] or tell you anything about the job as a broker. It is strictly a sales job, and in my case the pitch was loaded full of grey truths [lies], so I walked.
Have my 7, 63, 24 and 55 and passed all 4 test the first time. Series 7 passing rate for the US is aprox 66% and the average score of those who passed is a 73 according to the stats released by Prometric last month (I obtained them from my girlfriend who just got her 7 a couple of weeks ago and on the result sheet it gives these stats) When I took mine 2 years ago the stats were almost the same. Not too difficult to pass I used the STC program however my company actually had STC instructors come into our office and give us a class twice a week for 4 weeks. I studied another 4 weeks takeing the test and finishing up the book and passed it with no prob. Good luck and make sure you cover munis and options.