A lot of new investment banking analysts are starting their jobs this September and the same old Series 79 Exam is their common foe. In today’s post we offer up a few tips on how to best approach this exam as a new analyst, and likely one with limited free time.
Same Old Series 79…So Start Studying Early
The best piece of advice that we give to any of our students for the Series 79 Exam is to start studying early. Yes, that seems like pretty cliche advice, but it’s beyond important for the busy life of a banker.
Most bankers have to take the SIE Exam first. You can take this exam before you even start your job (no sponsorship from a broker-dealer is required). If you wait until you start your job however, studying for it can be time consuming. Unfortunately you could be using this time to spend on the Series 79. Some employers might only give you a few weeks for the SIE. Others may only give you one week. Either way, try to get this one done as fast as possible. The Series 79 is a much more difficult exam than the SIE and you may need more time especially if your first time around is not successful.
Don’t Worry About Brilliant Test Takers
There are a lot of smart investment bankers out there. To this point, there are a few that are really, really, really good test takers. Whatever you do, do NOT compare yourself to this sliver of the population. Most people can’t read textbooks and then take an exam and pass without much review. If you know someone like this, the best advice we have is not to take their advice. You should not study like they studied. Most people need to study, review, take practice questions, and study hard. Keep in mind that just because they passed the exam very easily, doesn’t mean that you won’t pass it ever. If you’ve made it into an investment banking job, you are definitely bright enough to pass this exam.
The best you can do is put in the amount of effort that it takes to pass FINRA’s Series 79 for the average person. That’s typically three weeks minimum and sometimes up to six weeks for some.
Not Enough Hours in the Day
One reason why it takes very smart, high achieving people multiple tries on this exam is because there are very few hours provided to them for study time. If you’ve ever had to study for this exam while an investment banker, then you will know first hand that it’s hard to find time to study. You are likely overworked, and your bosses have extremely high expectations for you.
For this reason, you will not have a lot of time to study for the exam.
All we can recommend at Professional Exam Tutoring here is to carve any extra time that you possibly can into studying. Some people wake up an hour earlier. Others squeeze in an extra 30 minutes during any down time at lunch. None of this might sound ideal but it can be quite necessary to make sure that you can get some time studying in mid week. On average, studying only over the weekend is not enough time to pass for the average student.
Knowing Where to Focus Your Attention
The same old Series 79 exam material that students find hardest is the analytical portion. Check out some of our tips and tricks on how to avoid a failed Series 79 exam here.
For a quick guide, first focus most of your attention on the analytical portion. The analytical portion is difficult and can be challenging even for those of you who took finance in undergrad. Next, be sure to review the Series 79 definitions at least every other day (make a list or some flash cards). You will need to keep your material as fresh as possible for as long as possible. There is no secret here other than constant juggling of key terms you need to have memorized, and formulas needed for the calculations.
Stay focused, and try to do something every day, and you’ll be ok.
All in all, this exam is not going to be the hardest exam that you’ve ever taken. What makes it difficult is the minimal time that you will have to study. As mentioned, sneak in hours anywhere in your day, and that will help massively. Don’t worry about going out for lunch with future coworkers if you could use the extra 45 minutes to study. So stay focused and you’ll get through it! Good luck!