Series 7 exam difficulty

Its not all that difficult if you do the work it typically takes about 100 hours of studying or 68 weeks to study for. The main culprits for a failed series 7 exam are the exams increased detail and difficulty. You will have 2 hours and 30 minutes to complete the exam. Cfa vs series 7 license which qualification is more helpful. As candidates begin to prepare for these examinations, they will find a significant amount of overlap in the information that is tested. The series 7 exam is by far the longest and most difficult of all the securities exams. The series 7 is by far the most common finra topoff exam passed as it is the most versatile and most widely used. As such, finra has made it clear that this is not supposed to be an easy test. It is primarily comprised of three main question types. With enough study time and the right guidance, anyone can get their series 7 license, regardless of previous experience. People who take the 66 are usually people who already have passed the series 7. The series 66 exam contains topics covered in the series 63 and series 65 exams without duplication of the series 7.

The new series 7 tests knowledge relevant to the daytoday activities, responsibilities, and job functions of general securities representatives. Each candidates exam includes 10 additional, unidentified pretest questions that do not contribute toward the candidates score. Its supposed to be the first gateway to entering the finance industry. The sie exam is a corequisite exam for the finra license you will need to do your job, whether thats the series 6, series 7, series, 79, or another major license. Candidates must pass both the series 7 exam and the sie exam to obtain the general securities registration. Series 7 top off general securities representative. Though it may seem a bit daunting, especially if you have no industry experience, the series 7 is, in fact, a medium difficulty exam. Three attempts at the series 7 passed the third with a 78. Scores are adjusted through a process called equating, which takes into account the difficulty.

Series 7 exam general securities representative application to take the series 7 exam, a candidate must be sponsored by a finra member firm, which will file the uniform application for securities. Jul 23, 2018 the series 3 is similar to the series 7 general securities representative exam gs being the gateway into securities by being a brokerdealer under finra. The official six hour test, broken into two three hour segments, two hundred and sixty questions which includes ten example questions, is designed. Allowed time to complete examcandidates are allowed 3 hours and 45 minutes to complete the series 7 exam. Apr 29, 2015 you wont pass the exam because you are listening to people who took the exam 5,6 or even 20 years ago. There can really be no comparison between the cfa and the series 7 exam since both of them do not even represent a certification program. Guide to the series 7 march 2 2014 hedgefundblogger. The securities industry essentials sie exam is a new finra exam for prospective securities industry professionals. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading. The series 7 exam is harder than you want it to be but easier than you think itll be. In essence, it combines the series 63 and 65 exams into one 150minute exam. The financial industry regulatory authority finra administers the series 7 examination.

Each part must be passed with a score of at least 70 percent. You can likely count on one hand the number of times that you will need your calculator for the sie exam. The sie is a basic exam that is seen by many as a prerequisite for the series 7 exam. On the other hand, the series 7 exam is a different story. Therefore, it can be considered a challenging exam.

If you read varying online forums, you might get the. Studied for weeks, took different books and exams, had a two day live coaching plus a webinar. One of the main reasons that i see the series 7 exam. If you can keep that thought in your mind, it will serve you well. People with a series 7 license are called registered representatives officially, but are commonly referred to as financial adviser. Practice is an essential part of preparing for a test and improving a test. On october 1, 2018 a new series 7 exam is replacing the current exam. Finra series exam study tips art of answering questions duration. Confidence is key and the bigger your margin for error, the better.

A general overview of finras series 6, 7, 63, 65 and 66. This means that the series 7 is a corequisite exam for the series 66. One of the main reasons that i see the series 7 exam difficulty inflate beyond its true measure is typically due to external pressures. Generally, for those persons with the series 7 license, the series 66 exam is easier to pass.

This time crunch is partly to blame for the perceived series 7 exam difficulty of late, in my view. Scores are adjusted through a process called equating, which takes into account the difficulty of the unique mix of questions on different exams. Hit 80% in your practice exams and you go into the day knowing you can pass. The exam consists of 125 multiple choice questions administered through computer using the proctor system. In finras october 1, 2018, exam restructuring, the legacy series 7 exam was effectively split into two. A twohour exam offered by the financial industry regulatory authority finra that tests a persons knowledge of how direct participation programs dpps are structured, how to.

Ive never taken the bar exam but i have taken the series 7 exam and passed my first try with a 94. As many of you know, the end of this month brings the end of the current series 7 exam format. Cfp much more difficult and you need to remember it to be successful. May 29, 2019 what is the pass rate of the series 7 topoff. I know i would have to pass the series 7 exam, along with other exams. Series 66 uniform combined state law examination exam. A twohour exam offered by the financial industry regulatory authority finra that tests a persons knowledge of how direct participation programs dpps are structured, how to manage. What compounds the difficulty of this exam is the fact that you may be working full time while studying, and you may have to take the exam in a relatively short amount of time. For more information, visit finras website where you can learn about the series 7 exam and its. Finra designed it to test series 7 license candidates on how well they can apply their knowledge of securities concepts to specific scenarios. The series 7 exam is essentially a much more difficult sie exam. Finra series exam study tips art of answering questions. For more information on the registration process, see register a new candidate. How i passed the series 3 national commodities futures.

The series 7 exam the general securities representative qualification examination gs assesses the competency of an entrylevel registered representative to perform their job as a general securities. That said, the perceived series 7 exam difficulty is frequently due to test takers racing to beat the deadline and pass the exam. The series 7 is very comprehensive and contains information you are not likely to run into as a. When i took the cfa exams, i had a large stack of actual textbooks and materials from prep providers. Therefore, each candidate will see a total of 5 questions 125 scored and 10 unscored. The series 7 exam will consist of 260 multiplechoice questions that cover five different functions. Take the sample series 7 questions below to see how prepared you are for the series 7 test. Nov 05, 2018 in finras october 1, 2018, exam restructuring, the legacy series 7 exam was effectively split into two new tests.

May 05, 2019 the series 7 exam is by far the longest and most difficult of all the securities exams. The advice most of my students get is just take a lot of questions,dont read the book that is a sure way to fail,yes there are some people who can just take a lot of questions and game the exam but they are the ones you were always envious of in school, they looked like they werent. The sie exam is a corequisite to the series 7 exam. In total, 125 questions will count toward your final score. The series 7 takes only a fraction of the time to prepare for compared to. Everything you need to know beginning october 1, 2018, prospective securities industry professionals looking to become registered with a firm at the representative level. The series 7 exam the general securities representative qualification examination gs assesses the competency of an entrylevel registered representative to perform their job as a general securities representative. By contrast, the questions on the series 7 exam are detailed and related to the daytoday activities, responsibilities, and job functions of stockbrokers. Obviously it depends on whether you have to work full time while you are studying or your employer lets you study during the. People with a series 7 license are called registered representatives. Apr 08, 2019 the new series 7 tests knowledge relevant to the daytoday activities, responsibilities, and job functions of general securities representatives.

Mar 05, 2018 the series 7 is by far the most common finra topoff exam passed as it is the most versatile and most widely used. The series 3 exam for commodity futures brokers is divided into two parts futures trading theory and market regulations. Download a candidates complete guide to the new sie exam now to learn more about the new proposed licensing process and sie exam content. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including. Everything you need to know beginning october 1, 2018, prospective securities industry professionals looking to become registered with a firm at the representative level will be required to pass the new securities industry essentials sie exam in addition to a revised representativelevel qualification exam. Trivia you need to memorize many of the rules and regulations that apply to selling.

It takes a combination of aexperience in the financial arena and blots of study time. However, a person taking the series 66 must also take and pass. Sep 17, 2018 a failed series 7 exam is neither something the employer, nor the test taker prefers. It is a corequisite of the sie exam, which tests you on general securities topics. Series 7 exam general securities representative application to take the series 7 exam, a candidate must be sponsored by a finra member firm, which will file the uniform application for securities industry registration or transfer form u4 in the central registration depository crd and pay the required examination fee. The financial industry regulatory authority finra administers the series 7 topoff, which is a 5 question exam. This test contains no investment material, as the series 66. Why you wont pass the series 7 exam wyzant resources. Obviously it depends on whether you have to work full time while you are. Cfa is an advanced multitier certification program that is considered. Using correct study habits will greatly increase your chances of passing the series 7 the first time and will let you put it in the rearview mirror. Oct 08, 2018 the sie study guide is much bigger and broader, so the series 3 was an easier entrypoint though the study materials i read for the series 3 were much more quantitative and tradingbased. The material on the exam is not difficult but there is a lot of material to get through and you need to know how to use your time.

I know all the main ideas, but there are a lot of exceptions to rules. Feb 05, 2019 finra series exam study tips art of answering questions duration. How to pass series 7 exam march 2 2014 hedge fund law blog. Mar 28, 2016 its not all that difficult if you do the work it typically takes about 100 hours of studying or 68 weeks to study for. However, a person taking the series 66 must also take and pass the series 7 general securities registered representative exam before registering with a state regulatory commission. The series 3 is similar to the series 7 general securities representative exam gs being the gateway into securities by being a brokerdealer under finra. This test contains no investment material, as the series 66 license is only available to candidates that are already series 7 licensed.

The pretest questions are randomly distributed throughout the exam. By contrast, the questions on the series 7 exam are detailed and related to the dayto. With enough study time and the right guidance, anyone can get their series 7. Jun 25, 2019 the series 3 exam for commodity futures brokers is divided into two parts futures trading theory and market regulations. The series 7 examination and why you need to pass it. How i passed the securities industry essentials sie exam. The series 65 and 66 exams can be difficult for people without any investment experience. The series 66 is essentially a combination of the series 63 for securities agents and series 65 for investment adviser representatives. Practice is an essential part of preparing for a test and improving a test takers chance of success.

There is no additional career scope for those who acquire a series 7 license except to work within these prespecified roles. For the sie, there is one book, probably about half of the size the series 7 book. For those of you who have taken the series 7 and passed it, how difficult is the exam. In short, the series 7 license is substantially easier to obtain than the chartered financial analyst cfa certification. The series 7 is a mediumdifficulty exam in the finra certification space, with a passing grade of 72 % 1 and a pass rate of unofficially 2 65% nationally. The series 66 license is only valid with a series 7 designation. There can really be no comparison between the cfa and the series 7. This introductorylevel exam assesses a candidates knowledge of basic. In the last two months, i have heard from over a dozen students. The new series 7 exam series 7 changes since sie launch. There are 120 multiple choice and truefalse questions. Are the questions on the sie exam different from those on the series 7 topoff exam. One major reason for the greater series 7 topoff difficulty versus the sie exam is the math. The series 7 topoff examination is required for individuals who wish to sell all types of securities for finra member firms, and for finra general securities member firms.