series seven

Discussion in 'Professional Trading' started by bouncingsoul, Jul 26, 2005.

  1. I'm currently studying for my 7 and I'm using the STC materials. I got a handle on the practice exams and I'm turning out about an 85% - 88% on each exam. This is after taking each exam 3-4 times. Is this a false sense of security or do you think I'm on the right track? I'm trying not to memorize answers...I'm attempting to understand each question. Some questions are definitions and I just zip through them because I remember seeing them.

    Is this bad?
  2. bouncingsoul,

    I'm not trying to hijack your thread, but this is a good place
    to ask this question also

    Does series seven qualifies you to teaching, offering
    offical educational service, or amanging funds in US
    and other part of the world?

    If not, what you need to have to legaly qualify you for
    doing these things?
  3. When i did my series 7 the questions on the examination were copies of the study material from STC (that i used also).
    My result was 85% and my colleague got over 95%.
    I have had more complicated exams than the series 7.
  4. Spike500,

    If I don't need leverage, any other reason for series 7?
    Any other course that might be usefull to me. Thanks
  5. I did Series 7 because i managed other people's money. It was part of my protection against possible problems with clients in the future. I did it to have a proof of qualification in case of action at court.
    I luckily never needed this proof as nobody ever had complaints about me.
    I also had a track record of several years at a big american broker to prove i knew what i was doing.
  6. pjbreen


    you'll be fine. I used dearborn and many of the questions were word for word from the practice tests.

    Lots of options and munibonds on the test, but pretty basic coverage. no worries.
  7. The practice exams for the Series 7 are imho 5X harder than the actual exam.
  8. opgtrader


    Does anybody know of any Series 7 weekend crash courses? I have searched the web and all I can find is week long courses, which won't do because I have to work.

    Also, does anybody have any experience with these crash courses? I think the main benefit I am looking for is knowledge of "how to take the test" and I know that the good companies have people take the test every few weeks to keep up to date on what the new ?'s are.

  9. Thank you so much for clearifying.
    Series 7 comes with 250 multiple questions, right
    is it the hardest and most benifitial degree to have?

    And I got this in my email from one of well-know prop
    firms in US. I am iranian citizen living in Asia, how can
    i optain a US taxpayer ID number? because some larger
    brokerage in US don't open account for Iranian citizen
    due to US anti-money laundrying law. Is there any solution around this?

    "My name is ......... and I will be your contact for membership services. With regards to trading from overseas there are a couple things to consider. First, even if you are not in the US you must obtain a US Taxpayer ID number. You may or may not have to pay US taxes depending on the tax laws and treaty benefits between your country and the US. You should consult with your lawyer or accountant for more information on this issue. This would need to be in place before you begin trading.

    Secondly, all traders must pass the Series 7 exam before you can trade regardless of their residence. There are certain countries outside of the US which have official NASD testing centers. Use the following link to view a list of approved locations: Note: you cannot schedule an appointment before you are sponsored or directly through the testing center; this link is for information purposes only. I have included some general information about the exam below to aid you in making your decision:


    The Series 7 is an NASD exam that is required to open an account with a professional trading firm such as .......... You must be sponsored by a firm in order to take it; we do sponsor eligible candidates. The cost is $100 to become registered with the exchange, and $200 to register for the exam; the study materials range in price but the package that we recommend is around $275.

    Prerequisite License: None
    Questions On Exam: 260 (10 experimental)
    Time To Complete: 360 Minutes
    Format: Multiple choice
    Passing Grade: 70%
    Availability: Test is given daily (Mon-Sat)
    Where: Prometric (Sylvan) Centers
    Home Study Time: Generally 6-8 weeks (1-2hrs daily)

    The Study materials we recommend are obtainable from:
  10. the options questions play a big part in this exam, so make sure that you know those concepts very well. If you know options and are doing well on the practice exams, you are golden. good luck.
    #10     Jul 26, 2005