How hard is the series 7 exam?

Answer 1

It's hard if you don't know the material. it must be absorbed enough for you to be able to pass this test. I took the test today and got a 75. To be honest I didn't study very hard for it. I had 3-4 weeks of class then an instructor for 4 days, rest of the time studying on my own. But if you learn this stuff,understand it, remember important formulas that always come back up (convertable bond ratio, tax equivalent yield) and remember details about regulations and characteristics of accounts and different funds you can give yourself an advantage. Suitablity was huge and I got at least 15 questions on options. They (the test makers) threw in a ton of crap that I wan't overly familiar with but if you undersand the language they are using and remember some important characteristics of all securities you will do just fine. For instance they love throwing questions about ETF's, hedge funds (at least 8 between the two of them) and suitability stuff that you may not have thought abut before. Again, if you understand this stuff you can figure out the best objectives for an investor. Just stop and think about it. think about what you know, what they are aksing and you can use the process of elimination with at least 2 of the answers. I had alot of 50-50s today where I had to remember the last possible detail in my brain about these relatively abstract securities they asked about.