The Series 7 exam is a difficult licensing test that opens the door to working in a variety of securities positions. With 260 questions to answer in just 3.5 hours, the Series 7 demands speed, focus and extensive preparation. Use this comprehensive guide to make a study plan, gain key knowledge and practice your skills so you can pass the Series 7 on your first try.
Introduction
Earning a passing score on the 6-hour Series 7 exam is required to become a General Securities Representative. This qualification allows you to solicit, purchase and/or sell all forms of securities products. With 75% as the minimum passing score, you must demonstrate competency across a wide array of investments and regulations. Use this guide to establish a study plan, focus your preparation and practice so you can join the 65% of candidates who pass the test on their first attempt.
Understand the Exam Format
Knowing the structure of the test will prevent surprises on exam day. The 6-hour Series 7 exam contains 260 multiple choice questions, 240 of which count toward your score. The remaining 20 are experimental questions that do not impact your results. You will have 3.5 hours to complete the test, equaling just 1.5 minutes per question. Some candidates choose to spend more time on certain questions compared to others. Pace yourself accordingly as you move through the exam.
Make a Study Plan
With many topics to cover, planning is key. Experts recommend studying for the Series 7 exam for at least 100 hours. Determine where you can carve out blocks of study time each day, week and month leading up to your test date. Study schedules and practice exam performance may be tracked in tools like Training Consultants WorkOut Pro. Consider taking a Series 7 exam prep course, which provides study materials, lectures, question banks and coaching. Develop a plan that works for your schedule and study style.
Review Key Topics and Terms
Having a solid grasp of key concepts and vocabulary is critical for success on the Series 7 exam. Be well-versed in topics like equity and debt securities, securities markets, client accounts and prohibited practices. Understand important terminology pertaining to offerings, registration, regulation, options, municipal bonds, taxes and more. Use flashcards, quizzes and practice questions to memorize these crucial details.
Take Practice Exams
One of the best ways to prepare for the Series 7 exam is to take practice tests. Quality practice exams expose areas of weakness so you can improve them prior to test day. They also familiarize you with the format and timing of the real exam. Aim to take at least 5 full-length practice tests. Carefully review any missed questions and research the topics. Track your scores over time to gauge improvement.
Manage Stress and Anxiety
Don’t underestimate the mental aspect of preparing for and taking the high-stakes Series 7 exam. It is normal to feel nervous or overwhelmed. Manage these emotions by talking to others who have passed the test, practicing relaxation techniques, getting exercise and eating well. Believe in your preparation efforts and ability to pass. Stay positive and visualize success!
Get Plenty of Rest
In addition to studying hard, be sure to get enough sleep leading up to the test. Proper rest ensures you are alert and able to focus during your exam session. Adults should sleep 7-9 hours per night. Maintain good sleep habits like limiting electronics before bed, avoiding caffeine in the evenings and going to bed and waking up at consistent times.
What to Bring on Exam Day
Arrive early on test day with proper identification, registration confirmation and everything you need. Necessities include your driver’s license or passport, a jacket without pockets, snacks and drinks if permitted. Leave prohibited items at home, including phones, electronics, scratch paper and writing implements. Knowing what to expect reduces stress so you can concentrate on doing your best.
Tips for Taking the Exam
Work quickly and steadily through the test. Skip harder questions and return to them later so easier ones don’t eat up your time. Use remaining minutes to review flagged questions and confirm answers. Avoid changing responses unless sure they are incorrect. Take brief breaks if offered. Remain calm and make your best effort. With diligent preparation, you can pass the Series 7 exam.
Conclusion
Earning your Series 7 qualification provides key opportunities in the financial sector. Follow this comprehensive guide to create an effective study plan, build knowledge and practice for the exam format. With commitment and focus, you will demonstrate your abilities on test day. Use these tips to help secure a passing score on your first attempt at the Series 7 exam.