Two Series 7 Exam Review Study Options Available!

SERIES 7 - GENERAL SECURITIES REPRESENTATIVE

The Series 7 exam is the same in every state and allows a person to sell securities. The Series 7 exam has 250 questions (given in two 125 question parts), a 6 hour time limit (broken into two 3 hour parts) and a 70% passing grade. Some states also require a person holding this license to obtain a Series 63 license. This license will allow you to obtain the Series 66 license instead of the Series 63.

We offer two different Series 7 Review study options (outlined below) to help you prepare to pass the FINRA Series 7 test on your first attempt. We have been training individuals to pass their insurance and securities licensing exams for over 35 years! In 2007 over 6,000 individuals took our online video courses! Click the Testimonials link above to see what some of them have to say about our programs.

Before you leave our site make sure you view the FREE Series 7 Exam Tips/Tricks located at the very bottom of the page. Here you will find more detailed information about the Series 7 exam, in additional to FREE Series 7 exam specific Key Facts and Practice Exam questions. I promise the information will help you on your test.

Good luck!! - Scott Schultze - CEO – Series7Review.com
Our Series 7 review program is available either online or in hard copy format. The content is exactly the same regardless of the format you select.

OPTION 1 - ONLINE VIDEO LECTURE REVIEW CLASS

THIS OPTION DOES NOT INCLUDE ANY HARD COPY MATERIALS, EVERYTHING IS ONLINE.

Our Online Series 7 Exam review program includes the following:

  • 2 Hours of online video lecture available in streaming and PC/Mac compatible downloadable format (see samples below)
  • Audio from the video lecture available to download and/or stream in mp3 format (see samples below)
  • Exam specific pdf Series 7 Hotsheet (instructor uses to teach from)
  • Four 125 interactive online final exams with detailed explanations (500 questions total)
  • Download the videos and transfer them to your iPhone and/or video iPod
  • Download the audio files and transfer them to your mp3 player
  • 24/7 instructor support via e-mail
Price - $49 for 60 days of access!

Once you purchase the online course you can access it for 60 days. The course can be accessed from any computer, but only one user can be logged into an account at a time. You can stream each video a maximum of 10 times and the downloadable videos can only be accessed during your access period. If additional time is needed beyond the initial 60 days the course can be renewed for an additional 60 days for a very nominal fee.

TESTIMONIALS Shelly (Passed - Series 7) Thank you so much!! I just took my Series 7 exam and PASSED!

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OPTION 2 – HARD COPY VIDEO LECTURE REVIEW CLASS

THIS OPTION DOES NOT INCLUDE ANY ONLINE MATERIALS, EVERYTHING IS HARD COPY AND WILL BE MAILED TO YOU.
  • 2 Hours of online video lecture available on DVD (see sample above)
  • Exam specific Series 7 Hotsheet (instructor uses to teach from)
  • Four 125 interactive online final exams with detailed explanations on CD-Rom (500 questions total) – THIS DISK IS NOT MAC COMPATIBLE BUT IS VISTA COMPATIBLE
  • 24/7 instructor support via e-mail
Price - $75 plus shipping

OR GET BOTH ONLINE AND HARD COPY VERSIONS FOR ONLY $99

Series 7 EXAM INFORMATION


What is the Series 7 exam?

The Financial Industry Regulatory Authority (FINRA (formerly NASD)) Series 7 exam is the licensing test that one must pass in order to become a stockbroker. In order to take the exam, one must first obtain "sponsorship"/employment from a FINRA or exchange member firm. In addition, one must submit a set of fingerprints and undergo a basic background check. Typically to register with a firm and consequently the exam you have to complete a U-4 application. On this application you must disclose such things as prior work history, criminal background (if any), etc.

Series 7 Exam Overview

  • Time limit: 6 hours (the exam is broken into two parts, each part has a 3 hour time limit)
  • Exam administration: The Series 7 exam is multiple choice and is given on computer
  • Number of questions: 250 total (125 for each part).
  • Pre-requisites: You have to be sponsored by a broker/dealer to schedule to sit for the Series 7 exam through FINRA
  • Exam fee: $250. Note that this includes a $90 NYSE development fee.
  • Exam Locations: You can schedule your Series 7 test with either Prometric ( www.prometric.com) or Pearson VUE (www.pearsonvue.com)
  • Exam dates: The Series 7 exam is administered Monday through Friday

Common Series 7 requirements and exam candidate questions:


What is the Series 7 exam?

If you have come this far you should have a pretty good understanding of what you are in for. The Series 7 exam is probably the most well known securities exam to the general public. You have most likely heard of it before on the silver screen in such movies as Wall Street or Boiler Room. There is a good chance the Series 7 exam will be the most difficult exam you have or will ever take. The Series 7 exam is also known as the General Securities Registered Representative exam. A person who holds a Series 7 license is usually referred to as a stockbroker. The Series 7 license is the broadest securities license you can attain and will allow you to sell most all types of securities. Depending on your state you may also be required to obtain a Series 63 license, and your firm may require you obtain a Series 66 license in place of the Series 63 license depending on the capacity in which you will work.

What content specifically does the Series 7 exam cover?

The Series 7 exam covers content such as corporate securities (stocks and bonds), municipal securities and U.S. government securities, options, direct participation programs, investment company products, variable contracts and federal securities laws.

Series 7 Exam - Emphasis on Critical Functions


Series 7 Exam - Emphasis on Critical Functions

What happens if I fail the Series 7 exam?

If you study correctly you will pass this exam. However, if for some reason you do fail on your first attempt at the Series 7 exam, your sponsor can submit an amendment to reopen a window in which you can take the exam again. This window will not open until 30 days since your last exam attempt has transpired. At this point, your window will be open for 90 days.

There is no requirement for a sponsor firm to terminate your employment should you fail. However, every time you rewrite the exam, you must pay the required $200 registration fee. So your employer may require you to reimburse the fees paid to re-schedule the exam.

After three failed attempts, you must wait six months before you can re-take the exam for the fourth time. The six-month waiting period is appropriate since by that point you would have paid a total of approximately $600, and the cumulative expense by the fourth time would be $800. The six-month requirement is intended to provide a window in which an individual can ensure he or she is prepared for the fourth exam attempt. This process will then continue indefinitely, as there is no limit as to the number of times you can attempt the series 7 exam.

What do the questions on the Series 7 exam look like?

Here are two Series 7 exam questions that come from our materials that are very similar to the formatting and content of the questions on the exam:

1. Which of the following generally does not fall within a municipal securities dealer's authority?
  1. Asking for bids
  2. Asking for offers
  3. Committing for primary underwriting
  4. Scheduling settlement dates
2. A client writes an April 50 put for 6 in December and is exercised on April 7. If 8 weeks later the client sells the same stock for $52 a share, the client would have made which of the following?
  1. An $800 capital loss
  2. An $800 capital gain
  3. A $200 capital loss
  4. A $200 capital gain

Answers and explanations to the above questions as found in our comprehensive Series 7 exam prep online and print materials as follows:

  1. D Municipal securities dealers engage in the business of underwriting, trading and selling securities. Industry regulations schedule the settlement for secondary trades not municipal dealers. For example, U.S. government settles the next business day; regular-way settlement for corporate and municipal bonds is three business days.
  2. B In order to determine capital gain or loss, it is very important to know what the customer's basis is. Since the customer in this question was exercised at 50, that means that the customer must buy the stock for $50 a share or $5,000. But since the customer received a premium of $6 a share or $600, he really only paid $4,400 ($5,000 minus $600). He sold the stock for 52 or $5,200, thus, his gain is the difference between the $4,400 and the $5,200 for a total of $800 capital gain.

FREE SERIES 7 EXAM TEST PASSING TIPS/TRICKS

The Series 7 testing tips below have been compiled by our FINRA/NASD Series 7 exam prep instructors which have over 35 years of Series 7 exam training experience and are provided for FREE to anyone taking the Series 7 exam as a thank you for visiting our site. Our primary goal is to help you pass the Series 7 exam. Please make sure to tell anyone you know about our site so they too can view these Series 7 exam study tips prior to taking their Series 7 test.

How to prepare for the Series 7 Exam:

Your Series 7 prep is crucial. You cannot simply attend a Series 7 training lecture class or read a Series 7 training book and pass the Series 7 test. You MUST understand the concepts the Series 7 exam is based upon. We have the most test specific Series 7 training in the industry.

How you know who has the best Series 7 exam prep course:

The best way to find out who has the most exam specific Series 7 study course is to check the provider's student feedback. You can view ours by clicking our testimonials link at the top of the page. If a company does NOT have testimonials from students who have taken the Series 7 test recently and passed, how can you be certain you will? We have trained thousands of individuals to pass the Series 7 test since it was created. Our online Series 7 exam course has everything that you need to pass your exam on your first attempt including over 16 hours of Series 7 exam specific video lecture. It also includes our exam specific Series 7 study guide.

How to know you are ready to pass the Series 7 exam:

You should be able to pass all the exams included in your Series 7 study materials until you can score a minimum of 90% or better, understanding why the correct answer is correct, and the incorrect answers are incorrect.

Click here to print 25 of the best Series 7 practice exam questions that we have to offer for FREE

The questions above are included in our full Series 7 online course. Our full online video Series 7 study course actually includes over 1,400 practice exam questions with answers and explanations.

DO NOT memorize the questions included in your Series 7 study materials!

Why? The questions on the real exam will be different. It doesn't matter whose materials you are using to study for the Series 7 test. The company that creates the questions on the real Series 7 exam has thousands of questions in their database that they pull from to create your Series 7 test for you on the spot. Memorizing the Series 7 questions in your Series 7 exam study material is a sure fire way to fail the exam.

What to do the night before your Series 7 test:

DO NOT stay up all night cramming. This may have worked in college but it will not work now. Why? Let's face it. Most of us taking this exam are NOT fresh out of college. When was the last time you stayed up until 4 in the morning? Shocking your body is not a smart thing to do the night before what could be the biggest test of your life. You must be rested the day of your Series 7 exam. Get a good nights sleep and make sure to eat a good breakfast the morning of your test.

What to do on the day of your Series 7 exam:

Get to the test center early. There is nothing worse than encountering a traffic jam on the way to your test and getting stressed out about making it on time. You will have to arrive early as you will want to sit in your car at the test center and read the Key Facts that were provided in our online video course three times prior to going in to take the test. This is one of the most important steps in preparing to obtain your Series 7 license. Why? It is imperative that you load your memory of the concepts you will be asked about on the Series 7 test just prior to taking it. This way, all of the most important information is fresh in your mind when you go into the exam. Our Series 7 online course includes hundreds of Key Facts that are very Series 7 exam specific.

Click here to print some FREE Series 7 Exam Key Facts to take with you to your test

The Key Facts above come from our online course. Of course, if you would like the full copy you can register for our Series 7 Online Video course to access them.

How you should take the Series 7 test:

The most important tip we can give you is to READ THE QUESTION! This most likely sounds pretty stupid. However, I would imagine as you have studied for the Series 7 test you have missed many questions simply because you did not read them correctly. Read the question twice before even looking at the answers, then read every answer before picking which one you think is correct. Answer A may look good, but answer D may be better.

NEVER pick an answer you have not heard of. They will make words up on the Series 7 exam that do not even exist. If it has not been covered in our Series 7 online video exam prep course, it is not a correct answer on the exam.

Only mark those questions for review you really don't know the answer to, or you have narrowed it down to two possible correct answers. DO NOT review the full exam once you have completed it. In our experience if you review the full exam you may get confused and start changing answers. Your first selection is your best. Only review those questions you have marked for review.

Here are the SECRETS to passing the Series 7 exam:

The following Series 7 secrets will teach you how to attack the most difficult Series 7 exam question formats. The two following sample Series 7 exam question formats are presented directly from our Series 7 Exam specific Study Manual:

Question format #1 - The double negative EXCEPT question

All of the following will cover a put writer in a margin account EXCEPT:
  1. If she is long the underlying stock
  2. If she is short the underlying stock
  3. If she deposits cash equal to the exercise price of the put
  4. If she owns a put on the same stock with at least as long of an expiration date and at least as high an exercise price.

How to attack this question: These EXCEPT questions are very difficult for your brain to interpret. Here is why. You have never encountered exam questions in your entire testing lifetime that were worded this way. For example, if the above question was on a test you took back in school it would be worded the following way:

Which of the following would NOT cover a put writer in a margin account:

However, on the Series 7 exam most of the questions are not straight forward and are written in a format that is very confusing. You have to train your brain to learn new key words. I bet you think the most important terms in the Series 7 Exam sample question above are, "Put writer", and "Margin Account". Normally this would be correct, however the most important word in the question is actually EXCEPT. When you see the word EXCEPT it means the correct answer to the question is actually the opposite of what the question is stating.

Remember that you must READ THE QUESTION at least twice to determine what the question is asking prior to looking at the answers. So, which of those answers listed would NOT cover a put writer in a margin account? Well, since answers B, C and D will cover a put writer you know the odd one out (answer A) must be the correct answer. Answer A is correct since it is false in that owning the underlying stock will not cover the writer because when a writer is exercised, the writer must buy the stock, not deliver the stock.

These questions are great because they give you three true statements that may help you answer another question within the Series 7 exam (answers B, C and D).

Question Format #2 - The dreaded roman numeral question

Reductions in the maximum sales charge for investment company shares may be made available under which of the following circumstances?
  1. An investor purchases a substantial dollar amount of investment company shares.
  2. An investor elects to reinvest income dividends.
  3. Shares are purchased by the trustee of a company pension plan.
  4. Shares are purchased by a unit investment trust as the sole investment underlying a contractual plan.
  1. I only
  2. I and II
  3. II and III
  4. I, II, III and IV

How to attack this question: When you encounter this question write down the roman numerals and answers on your scratch paper then read through the first roman numeral response and determine if it will be in the correct answer or not.

On your scratch paper after you read through response I above you would write yes since response I will be in the answer. Then you can look at the answers. LOOK AT THE ANSWERS ABOVE. Since answer C does not have roman numeral I in it you already know it is not the correct answer. You can now eliminate answer C as the correct answer. You have now significantly increased your chances of getting the answer correct. Then you move on to roman numeral II. Is it going to be in the correct answer? Yes. Knowing this rules out answer A since you now know I & II are both going to be in the correct answer and answer A only lists I. Now we are down to 50/50 between answer B and D. Is roman numeral response III going to be in the correct answer? Yes. There you have it! THE CORRECT ANSWER HAS TO BE D!! You did not even have to read response IV. However, you might as well since it is a true statement. It might help you later on in the Series 7 test!!

Once you have mastered the Series 7 exam question techniques outlined above you will significantly increase your chances of passing the exam the first time and obtaining your Series 7 license.

They will provide you everything you need at the test center:

They will provide you a calculator, scratch paper and pencil. You do not need to bring any of theses items with you. You cannot take a programmable calculator into the Series 7 test.

Why are we providing you this information for FREE? We want you to pass your Series 7 exam on your first attempt. In fact, we will do whatever we can to assist you in passing your exam short of taking it for you! There should be absolutely no reason for you to fail the Series 7 test. We are confident if you employ the information provided above you will find success on your Series 7 exam and obtain your Series 7 license. You may know others within your organization that will be taking the Series 7 exam as well. Please share our site them. Thank you for visiting our site and good luck with your exam!!

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