Series 7

[james_gsx 16]

I thought I made a thread about this already, but I can't find it anywhere lol

 

Anyways, I'm getting sponsored to take my series 7 and I was wondering what kind of advice you guys could give me to prep for it. Thanks

[brownsfan019 17]

Study hard and take it seriously. It's an easy test to pass if you are prepared. It is not a cake walk in my opinion. When I took the test, the firm I had signed on gave us one time to pass. They provided over one month of at home study that required well over 40 hours per week in study.

 

Good luck!

[namstrader 10]

I passed it twice and I would say that studying hard works for me. I was so overwhelmed and worried about some particular areas of study like options with puts and calls and different strategies with butterflies...in the money...spreads...whatever and at test time I was surprised how easy the questions were. So for me a general understanding was all that was necessary and it was not necessary to drill down so much, thinking the complicated stuff would be tested. Try studying for the CFA, now that was tough! Level II was too much for me. Series 7 is not that difficult but make sure you have understanding of all material and the test will flow easily. Don't stress just read thoroughly all required sections.

[brownsfan019 17]

James - on other thing I thought of - there was quite a bit on muni bonds when I took it. Make sure you get good study material and if muni bonds are highlighted, study them pretty hard!!

[Nick1984 10]

Ignorance question here for those not in the US but whats a Series 7?

[brownsfan019 17]

Ignorance question here for those not in the US but whats a Series 7?

 

http://www.investopedia.com/professionals/series7/

 

This exam is administered by the National Association of Securities Dealers (NASD) that provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, except commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with the NASD. The Series 7 exam must be passed in order to take many other principal exams offered by the NASD.

[Guest cooter]

This exam is administered by the National Association of Securities Dealers (NASD) that provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, except commodities and futures.

 

For those interested in commodities and futures, there is the Series 3 exam.

 

More info on this video here:

 

[brownsfan019 17]

And the nice thing about the 3 is that you do NOT need to be sponsored to sit for the exam. With the 3 you can just signup on the NASD website. Even though the 3 is really governed by the NFA/CFTC, the NASD is where you schedule it. I know, a word mumbo jumbo there.

 

In other words:

 

SERIES 7 - REQUIRES that a member firm sponsor you. This can be a brokerage firm or a prop firm typically. The 7 is for stocks, bonds, mutual funds, etc. except commodities and futures.

 

SERIES 3 - you can schedule on your own with no affiliation of a member firm. The 3 is for commodities and futures and is required for certain designations such as the CTA or CPO.

[Nick1984 10]

So without the series 7 you cannot trade those listed types of securities?

 

In Aus we have the Australian Securites and Investments Commision (ASIC) but the only type of qualification you get form these guys is called PS146 which is required to give financial advice provided your licensed by ASIC themselves.

[brownsfan019 17]

So without the series 7 you cannot trade those listed types of securities?

 

Nick - it just depends in what capacity you are 'trading'. Just trading your own account, have at it w/o licenses. Want to trade prop and/or OPM? You'll probably need to be registered in the US.

[Nick_andres 10]

Definitely have to agree with Brownsfan here--I just passed the 7 about a month ago and it may as well have just been a test on Muni Bonds! The best thing to do is to cover all of the material and make sure you have an understanding of each concept presented before moving on to the next topic. If you aren't understanding a concept for any reason, don't just skip over it and hope it doesn't show up on the test because there is a lot of information covered in 260 questions. Good luck to anyone who has to take it, I hope I never have to do it again:)

[traderGeek 10]

The best way to prepare for your Series 7 is to read the book & go to a class! Too many people will tell you "just do the practice exams"..It is a risky game! My advice would be to use ***: http://www.***.com

 

They have good materials, and innovative programs for training...such as classes you can download onto you iPod. They we very helpful.

Edited February 27, 2008 by mister ed
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[brownsfan019 17]

The best way to prepare for your Series 7 is to read the book & go to a class! Too many people will tell you "just do the practice exams"..It is a risky game! My advice would be to use ***: http://www.***.com

 

They have good materials, and innovative programs for training...such as classes you can download onto you iPod. They we very helpful.

 

Does it not seem odd that your very first post is to promote a website on a thread that was dead?

 

 

I do not understand how threads that are more than dead just magically appear with a new post from a new member to a new website... I'm sure it's just an odd coincidence.

Edited February 27, 2008 by mister ed
remove spam from quoted text