How long should I study for the Series 7?
80-100 hours
Strategy 1: Make a Study Plan You need to spend 80-100 hours studying for the FINRA Series 7 exam if you have a finance background and about 150 if you don’t.
Is the Series 7 harder than the bar exam?
The Series 7, after all, is the notorious Wall Street rite of passage, the exam all potential stockbrokers have to pass before being licensed by the NASD. Brokers brag that the Series 7 is harder to pass than the bar exam in some states.
Is the new Series 7 easier or harder?
The new Series 7 is harder, kind of One of the fallouts from pulling general industry knowledge questions from all qualification exams is that the Series 7 just became more difficult. The exam no longer includes all the simpler questions that now make up the SIE, yet the passing score is still the same: 72%.
What is a passing score on the Series 7?
72%
Allowed Time to Complete Exam—Candidates are allowed 3 hours and 45 minutes to complete the Series 7 exam. (The exam used to be 6 hours.) Scoring—The passing score is 72%.
How many pass the Series 7 on the first try?
The average passing ratio of students taking the Series 7 exam is approximately 65%. For most people who passed the Series 7 exam on their first try, they attribute their success to quality Series 7 exam prep classes and Series 7 study materials…and MANY hours of preparation.
Is there math on the Series 7?
The exam is approximately 30% math (e.g. options, margin and convertible bonds). Other candidates “fear” the math – that’s okay too. Candidates who are stronger on the qualitative concepts and regulations and count on many of those questions on the exam.
Does the Series 7 have a lot of math?
The exam is approximately 30% math (e.g. options, margin and convertible bonds). Some candidates feel strong in the math and will plan to score well there, allowing for a slightly weaker performance on the regulations. Other candidates “fear” the math – that’s okay too.
What is the hardest series exam?
The Series 7 exam is by far the longest and most difficult of all the securities exams. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading; put and call options; spreads and straddles; ethics; margin, and other account holder requirements; and other pertinent regulations.
Is there a lot of math on the Series 7?
Expect the exam to be about 10%–15% math, including questions on options and margin. Keep in mind that there are a lot of different avenues to a passing score, so you do not need to excel on the math questions to pass as long as you make it up in other areas (e.g., suitability questions).
What happens if you fail Series 7?
If I fail the Series 7 exam, what is the wait time before I can retake it? Candidates who do not pass the top-off exam must wait 30 days before taking it again. However, if you fail it three times in succession, you must wait 180 days.
Can you cheat on the Series 7?
The penalties for cheating on a licensing exam are draconian. A broker with AXA Advisors agreed to a $5K fine and an 18-month suspension to settle FINRA charges that he cheated during a test session for the Series 7 licensing examination. FINRA FINDINGS.
Do you have to be smart to pass the Series 7?
Therefore, users who are not having problems move rapidly through the program; those that are having difficulty will move more slowly, but they will meet the minimum competency level needed to pass the examination upon successful completion of SMART 7 Top-Off.
How many people pass the series 7 exam?
At the FINRA 2019 annual conference, it was announced that from October 1, 2018 to March 31, 2019, 10,542 individuals sat for the exam, and the Series 7 pass rate for that period was 71 percent. That rate applies only to those who passed both the SIE exam and the Series 7 exam.
What is a passing score on a series 7 exam?
Series 7 Exam. The Series 7 is officially called the General Securities Representative Qualification Examination. It is broken into two, three-hour segments and contains 260 questions, of which 250 will count toward the final score. The passing grade for the Series 7 exam is 72%.
How difficult is the series 7 exam?
How difficult is the Series 7 exam? Like all exams, the test becomes easier the more you do to prepare for it. The general consensus is that the Series 7 is less comprehensive, and therefore slightly easier to pass, than the CFA exams, but only 65% successfully make it through the Series 7 on their first time, so the pressure is on.
How difficult is the series 7?
The Series 7 takes only a fraction of the time to prepare for compared to the CFA exams. The material in the Series 7 is not nearly as difficult or extensive. The Series 7 can be achieved after passing two relatively short tests while the CFA requires three long tests.
