New topic/enthusiastic new member
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Forum Name: Greenhorn Introductions
Forum Description: MAKE YOUR FIRST POST HERE!
URL: http://www.advisorheads.com/forum_posts.asp?TID=4576
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Topic: New topic/enthusiastic new member
Posted By: 37dlax
Subject: New topic/enthusiastic new member
Date Posted: Nov/07/2011 at 7:07pm
Hello,
I have been employed at a brokerage firm for a couple of months now and absolutely love it so far. However, I must first get past the dreadful series 7. I am a recent (2009) college graduate and a four year Division 1 varsity lacrosse student athlete. I look forward to meeting everyone in this community and am excited to learn more and more about the industry as each day goes on. I love to hear what people have to say and am more than willing to always offer advice. Here is one of the reasons I am looking to be able to post information and receive some feedback in the interim....
Unfortunately, I failed my series 7 the first time I took it back in October. As I am sure you are all aware had to wait the 30 days to re-open my window and sign up to take the exam again. Saturday, 11/5 was the day i was able to register. I was not able to find availability at ANY of the testing centers along the entire East Coast. I say East Coast because I was advised by many people to take this test anywhere I could before the changes go into effect on 11/7 (Today). I have different Addendum from two different testing companies containing additions and changes to rules, regulations, securities, formulas etc. However, I did not spend much time looking at these because I anticipated on writing this exam before 11/7. I avoided them because I briefly read through the information and was sure it would just make me confused as there are quite a number of changes and additions.
I have been contacting instructors from numerous test prep companies to try and get some feedback/advice on what the changes will be. I have heard from some that the test will be harder and much different and I have also heard that it will be easier. One congruent message from all was that they "think" the questions will be geared more towards customer suitability. Also, a common answer I've heard from series 7 gurus is "I don't know". I completely understand that FINRA is obviously keeping the details confidential, but I am quite surprised that before today (11/7) there hasn't been more discussion about this on the internet. I am consistently getting 80's on tests from Empire and STC covering the "old" material, but am very concerned about the uncertainty of the new exam being that I have already failed once.
My firm is very understanding about this and is not pushing me to take this exam ASAP, but waiting another 2 weeks or so is probably not going to go over too well with them AND I want to get this nonsense out of the way already!
If you have taken the new exam yet, could you please respond with some of your feedback? Also, I would love to talk to other people who are in this situation as well. I look forward to hearing from everyone and wish you the best of luck on your awful, mundane, dreadful study hours followed by a Series 7 license!!
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Replies:
Posted By: Guests
Date Posted: Nov/07/2011 at 7:13pm
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What did you get the first time?
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Posted By: Wet_Blanket
Date Posted: Nov/07/2011 at 7:16pm
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Welcome 37dlax. Since you are not yet registered, I restricted your access to certain areas of this site. Once you pass your test, send me a PM to reinstate you.
That said, I took my Series 24 shortly after the NYSE and NASD merged. I studied (the first time) off of a year old manual. Unbeknownst to me, it was painfully obsolete material. Knownst to me after I failed it the first time, I got new material and passed the second test.
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The true 🤡 was the Biden voter all along.
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Posted By: 37dlax
Date Posted: Nov/07/2011 at 7:42pm
Thanks for the response. I broke out into a high fever the night before my exam and was up the entire night. When I wrote the exam, I was so tired and sick from the fever (ended up being strep throat) that I could barely see the computer screen and simply had a tremendous amount of trouble taking a 6 hour exam. With that said, since then (10/5) I have been putting some very hard work day in and day out. I have been getting mostly 80's on all of the STC and Empire practice exams. I am confident that I have a pretty tight grasp of the content. However, like I said I was planning to take this exam before the changes went into effect (today). I did not spend the necessary time looking at the addendum containing the new material and changes simply because I did not want to learn information I did not need to know at the time and confuse myself. Now, I am overly stressed out about this exam due to the fact that nobody really knows what to expect in regards to content and difficulty. I received a 60 the first time around and felt like I was in a daze, just clicking the mouse. Also, the amount of information I know now as opposed to before last test has increased a great deal. I would love to go take this test tomorrow, but I do not want to be in a position where I may fail for the second time and have it be because I did not wait a week and a half or so to make sure I am positively ready. Thanks everyone. This is a great break from studying!
Thanks,
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Posted By: yield spread
Date Posted: Nov/07/2011 at 8:10pm
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Does is show on brokercheck a rep failed an exam?
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Posted By: Sportsfreak
Date Posted: Nov/07/2011 at 8:27pm
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YS - I dont believe it does.
To the OP, or anyone else, what changes are you talking about. And how do they expect you to prep for an exam if they dont tell you what is on it?
This doesnt make sense.
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Posted By: RIArules
Date Posted: Nov/07/2011 at 8:37pm
Study Muncipal Bonds and options. You should be fine.
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“We are all Antifa” - Hacksaw 9/12/2025
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Posted By: 37dlax
Date Posted: Nov/07/2011 at 9:01pm
Here is what I know of the "changes" made to the new test effective 11/7...
FINRA
-72% passing score
-The exam outline which previously included 7 major job functions has been reduced to 5. Next to each of these job functions is the number of questions each category will have. It looks like they have "evened" the test out a little bit more. For example, the 1st job function used to have 9 questions associated with it. Now, it has 68. One of the other job functions has been reduced from 122 to 77 (I believe, do not have outline in front of me)
-A good part of these reductions are coming from a decrease in the amount of municipal bond questions. Therefore, a RR will no longer be able to SELL municipal securities with just a Series 7 license.
The updates released by FINRA in October are very vague. Test Prep Companies such as STC and Empire have created addendum to their study guides. Each addendum includes alleged new terms, formulas, rules and supplemental information to current content. They have also compiled some new questions with answers and explanations to present to their students. However, even with the addition of this information there is no definitive knowledge regarding the new exam and how the changes will be put into effect.
I am not asking for sympathy on this forum especially as the new guy in town. I understand that changes are made all the time and it just so happens FINRA decided to change the test along with them. Like I stated before, I am just trying to hopefully gather some feedback from individuals who are taking the new test. I also understand given the short period of time that may be wishful thinking. I am curious and a little uncomfortable that I may be taking a test in a few days that I do not know too much about. Its been quoted a few times by instructors I have spoken with.."It is anyone's guess". That is a bit of a frightening thing to hear being that I have failed once already and have to take this thing sooner than later. With that said, I have been working my tail off with the content I have and feel confident in the knowledge I have retained. I just hope I am not going into something only to be blindsided and have another poor outcome which could obviously lead to my job.
I appreciate all of you for welcoming me to the forum and helping a young hopeful guy out. I know this is probably not what any of you want to discuss, so hopefully in a couple of weeks I will have some better posts to share!
Thanks again!
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