Series 7 Exam is DIFFERENT than Your SIE Exam. Series 7 Exam Episode 1

PURPOSE OF THE EXAM
The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives. The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative. In order to obtain registration as a General Securities Representative, candidates must pass both the Series 7 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam. For more information about the activities requiring registration as a General Securities Representative, see FINRA Rule 1220(b)(2).

STRUCTURE OF THE EXAM
The exam consists of 125 multiple-choice items, and each item consists of four answer choices. The allocation of exam items for each major function is as follows:

Function
1 Seeks Business for the Broker-Dealer from Customers and Potential Customers 7% 9

2 Opens Accounts After Obtaining and Evaluating
Customers’ Financial Profile and Investment Objectives
9%
11

3 Provides Customers with Information About
Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
73%
91

4 Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions
11%
14
TOTAL 100% 125

ADMINISTRATION OF THE EXAM
The exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam. Each candidate’s exam includes 10 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidate’s exam consists of a total of 135 items (125 scored and 10 unscored). There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam.

All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.

Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.

[mattbarreto]

Dean, thanks for all your help. Just passed my 7 today on my second attempt. First attempt I got a 70. I was solid on all the options questions and there were a bunch of those. About 4 margin questions, also had two equivalent yield. Your series 7 in 60 minutes was super helpful as a few specific things you mentioned were on that like zero muni bonds interest is not taxable. Also going through practice questions with you and students I think helped me with how to process the questions. I will be back to watch your series 66 material.

[luisoma]

I passed my SIE last week on my 1st try, big part thanks to you! Now onto my sponsorship to take the Series 7 and 66

[passingstorm]

Hi, Dean, thank you for all your content. It's helping a lot.

The Series 7 is the most difficult test I've ever attempted. I failed my first test horribly with a 58. I studied using STC the first time, and then got Kaplan the second. Kaplan was working better, the phraseology in the book and the lectures helped to an extent. My Q-banks and practice test scores started around 40-50 percent and then climbed up to 60-70 over two months, with occasional 80's or higher. Unfortunately, I failed my second try last week with a 65%

I think I'm overwhelmed by the amount of content to go through to the point I don't know what else to study. I got low performance in section 1 and 4, with a slightly higher performance in section 3, and a high performance in section 2.

This self-study is mind-numbing. My coworkers/friends are relying on me to pass it. They all believe in me. I am eternally grateful for that. The pressure to pass my third attempt is higher than ever, but I know I'll pass. I got this.

I discovered your videos just before my second test. The way you explain and lay out the content feels real and makes sense. I'm just diving into more of your videos. Thank you. I see how much you help people and it is an incredibly thing you do. So many of us are thankful for your efforts.

[malloriemontesdeoca]

Dean! I just want to say thank you for all of the time and dedication you put into your videos. I passed my SIE exam on the first try! I came from working in the music industry with ZERO knowledge of this world, to pivoting careers after the pandemic and am now working at a financial firm specializing in alternative investments. Taking the 7 and 63 next so I can level up and become a rep! I used the STC study course and was so happy when I stumbled upon your channel. I purchased Kaplan this time (for 7 and 63 study packages). Do you recommend putting full focus into studying for the 7 first? Or toggling between both course materials at the same time?

[VeroNica]

I have one more chance to take my 7 (this will be my 3rd attempt)
My last score was a 71.
I used STC, Kaplan Q bank, TestGeek Program and now in using Achievable.

I’m new to the securities industry. But my job required these licenses.
It’s been rough.

[iamsam]

Thank you for this video. However, I just took the SIE, and I feel like there were more judgement questions than you would think. Maybe they're making a shift

[JakeChristopherson]

S7: My performance tracker on Kaplan is showing 60% overall so far. Is that good for Kaplan being a little more advanced?

[kailaneckles]

Hi Dean! Do you have any advice for how to navigate the psychology of the test? (Trick questions, different phrasing from the book) I am on my third attempt it seems like that was my biggest challenge. I knew the content but when I saw it phrased differently I was confused.