Good morning all! In today’s post we discuss failing FINRA exams, and how that leaves less of a stain on your career prospects than it used to.
Failing FINRA Exams: Why the Change?
Around 2018 FINRA introduced the SIE exam. This exam split the old Series 7 Exam basically in half. The old Series 7 used to be about a six hour exam, and subsequently split into a 1 hour and 45 minute SIE Exam, and a 3 hour and 45 minute Series 7 Top-Off Exam.
While their combined difficulty level is still very similar, a key difference is that with the two exams separate, a really high score on the SIE portion can no longer make up for a potentially lower score on the Series 7. Hence, more people seem to fail the Series 7 Top-Off than what we believe was previously the case (although we are aware of no published data).
Consistent with this hypothesis, we at Professional Exam Tutoring noticed a significant uptick in the failure rate after the transition to the two exams. While failing used to be less common, and looked upon negatively, things are changing. More on this below.
When it comes to NASAA exams like the Series 63, 65, or 66, things have not changed as much in recent years but the exams have certainly become more difficult over the decades. More regulations, and changing requirements at broker-dealers make these more regularly required.
Bosses Know Best?
Exam difficulty for the exams required to become a registered representative, have become more difficult in the last 20 or 30 years. As mentioned, more testing is required than before, and the content is more involved than it used to be.
The unfortunate side effect of all of this, is that many more students seem to fail than has historically been the case. Fortunately, however it seems that employers are starting to be more understanding, and provide more leeway in allowing students to retake their exams. Many supervisors are now realizing how difficult these exams have become.
From what we’ve observed, and from the feedback we hear from students, many employers allow for two or three chances at an exam. Usually three is the limit, often because after three fails the waiting period is six months before you are allowed to retake an exam. Many employers do not want to wait that long. In the past however, one or two fails was all you would get so things have improved.
Overall, it has taken some time for employers to catch up to the new reality that the exams are harder than they used to be. But, it seems that many are finally acknowledging the difficulty level. This is all good news.
All of that of course is to say that you still need to be able to pass your exam.
Although getting through all of the exam may be harder, it is still very doable!
Keep up the hard work and you’ll get there. If you need any help, you know where to find us! Good luck!