As we all know, studying for a test is essential to increase your chance of passing and getting a perfect score, if possible. In fact, we are already accustomed to this practice since we have all done this in school. And if you want to work in the financial planning industry, taking the Series 7 exam is part of the process before beinghired in your desired job.
The Series 7 is a3-hour 45-minute entry-level exam that you need to pass for you to become a licensed broker, dealer, general securities representative, etc.
And if you want to know how do you study for the Series 7 exam, then this article is for you. So we advise you to read further as we will talk more about this topic here today.
What You Need To Do
Like any other tests, the earlier you prepare for the Series 7 exam, the better your chance of getting a high passing mark. And there are actually 2 ways to prepare for the Series 7 exam: through enrolling in a review course or self-study.
Of course, if you’re going to choose the online prep course route, all you need to do is to select the best training school and they’ll take care of you the rest of the way. But if you opt to study on your own, then here are the things you need to do to ace the Series 7 qualification exam:
1. Have The Right Mindset And Get To Know What The Test Is All About
The first thing you need to do is condition your mind for the test and allow 80 to 100 hours of your time for the preparation. Then, know the subjects that will be covered in the exam, specifically:
- Acquiring business from both existing and potential customers (9 questions).
- Evaluating the investment objectives and financial profile of the customer (11 questions).
- Providing accurate information, transferring assets, maintaining good records, and making recommendations (91 questions).
- Verifying, and obtaining customer’s agreements, sales instructions, and purchases as well as processing, closing, and confirming transactions (14 questions).
2. Focus On Concepts And Not On The Questions
Less memorizing and more understanding is the key because if you exert more effort in memorizing the answers, then you’ll surely have no backup if your memory fails during the actual exam. So we suggest you focus more on familiarizing concepts as this will give you a better chance of answering the questions correctly.
3. Don’t Dwell More On Technical Subjects
The Series 7 exam is made to test your practical knowledge in constructing client portfolios and your proficiency in meeting their investment needs. So don’t spend too much time learning on corporate bond sectors and options as this will only account for 20% of the entire test.
4. Expect To Get Tougher Questions In The Middle Of The Exam
More often than not, the easiest questions are spread at the first and last portion of the test. So don’t panic if you’re going to encounter tougher questions in the middle part of the actual exam as this will only ruin your ability to manage your time properly.
5. Take Practice Tests
Since the Series 7 exam is more than 3 hours, you should condition your mind and body early. And the only way to do that is by studying hard and taking practice tests until you feel you’re already set to take the actual exam.
6. Tap Into Updated Review Materials
And finally, make sure to use updated studying resources by going through materials that are less than 1 year old, watching Series 7 video course, and going through online articles over the internet. This is necessary so you’ll be prepared with any changes that the regulators might with the order of the exam.