Happy New Year! We hope you’ve had a restful (or maybe, productive!) couple weeks. In today’s post, we are going to talk about passing your FINRA exam in 2023.
We have already received a large number of requests from new students. Some are taking their exam for the first time. Others are on their second, or third attempts.
For many of our students, not knowing where to begin is the issue. Below we try to detail some basic first steps.
Passing Your FINRA Exam in 2023…Set a Target
First, it helps to start with the end in mind. Find out from coworkers that have already taken your exam, or a tutor with the knowledge (Professional Exam Tutoring!), what practice scores you should be aiming for when taking full practice exams.
Here is a rough guideline for several exams and the associated study material:
- SIE Exam: Low 80% range (using STC Practice Final Exams – not Greenlights)
- Series 7 Top-Off Exam: 82-85% range (using Kaplan custom exams of 125 randomized questions)
- Series 79 Exam: 83-86% range (using Knopman Marks custom exams of 90 randomized questions)
- Series 86 Exam: 90%+ range (using STC practice final exams – Greenlight will likely be 10-15% lower)
Create a Structure…Like This
Now that you have an idea of what scores you should be aiming for, you are likely to do best by studying in a systematic way.
First, start with reading.
Reading the textbook is certainly the first step, and although some people can get away without reading, it’s going to help. One way to save time on this step is to read the textbook like a novel. Don’t worry about taking notes as you go (this will prolong the period before getting to practice questions, and practice questions are most important!). Although you will certainly forget much of what you read, you will absorb plenty!
Note: Don’t start note taking! It will take you SO much longer to read the text, and you may leave yourself little time for practice questions. Your note taking should ultimately start AFTER your done reading the whole textbook and after you’ve started practice questions.
Take (So Many) Practice Questions…
While tackling practice questions, set a schedule for yourself.
Commit to certain days where you will take full length practice exams, such as on a Tuesday and a Friday. Then, use the other days for practice questions on specific topics.
For example, on Sunday, Monday, Wednesday and Thursday, try to aim for about 100 questions each day. However, choose heavily tested topics where you have some issues to hone in your knowledge, and fill in gaps.
For the Series 7 Exam, this might mean doing 20 questions from Municipal Securities, 20 questions from Options, 20 questions from Margin, etc. If using Kaplan, which we strongly recommend, also make use of the fact that you can get even more granular with your practice questions. Click on their topic headings to view the subtopics and where you are weakest. Make tests specifically with these subtopics (not including any other subtopics on each practice test).
The same goes for Series 79 students using Knopman Marks. Knopman has an excellent tool to get more granular with your practice questions.
Overall, have a plan to pass your exam for the new year. It will make you feel more organized, and structure can help with the learning process. If you need any more help, feel free to reach out! Good luck!