If you are reading this post, your Series 7 test prep has most likely begun. Of all of the licensing exams that I had to take for my Equity Research job on Wall Street, this was the most tedious.
In this post I’ll help you figure out the best way to tackle the study material, and try to help ensure you a passing grade.
1. Get the STC Series 7 Test Prep Material
There are plenty of other Series 7 blogs and tutoring services that insist their Series 7 test prep methods are best. I can’t tell you who’s right and who’s wrong but what I can tell you for sure is that you’ll need to study. By far the most tried and true study material that I’ve come across is that of the Securities Training Corporation (STC). It is the industry standard, and the popular choice among investment banks. The most important component of the STC study material is the practice tests. I HIGHLY recommend you thoroughly review the practice tests. Check out one of our earlier posts about the scores you should aim for on the practice tests. Also, more about that below…
2. Skim the Material and Make Note of What Chapters Aren’t Familiar
Don’t start reading the material as soon as it arrives. Take a look at the material from a high-level perspective, and make notes on what sections appear completely foreign to you. These are the sections that will obviously need the most attention.
Once you are familiar with the sections of the exam that will need attention, take a look at the exam weightings. How important are these sections? Do they make up large portion of the test, or do they have a more minor role?
3. Time to Review the Material
Stick to the hard stuff at first. Locate, read, and study the portion of the material that is LEAST familiar to you. You want to start this early on in your Series 7 test prep so that by the final week, the hard stuff has become second nature. After you take in the more challenging material, review the content with which you’re more familiar. More than likely, you’ll find some sections that you thought you knew well but don’t quite know as well as you thought. Don’t panic. This is why you are reviewing material before taking the practice tests. Spend a little time on this portion of the review, but make sure to save most of your study time (approximately 60%+) for practice tests.
4. Take the Practice Tests
This will be the most important part of your Series 7 test prep. The practice tests will not only solidify your understanding of the material, but preview the range, and types of questions that will be asked. There are 12 practice tests that come with the study material from STC. At a minimum you should take every practice test at least once. If you are scoring below 70% by your 12th practice test, then I would highly encourage you to take them again. Don’t worry about seeing the same questions twice. Some will be familiar, but many will feel like you’re trying them again for the first time.
5. Set the Exam Date
Wait until your comfortable with the material before you set the exam date. Of course, if the exam center is booked weeks in advance you might not be able to hold off. The bottom line is that the diverse backgrounds of test takers for the Series 7, make it impossible to know how long the Series 7 test prep will take. From what I have seen as a Series 7 tutor, most take any where from six weeks to ten weeks, so if that is any help in determining your own schedule based on how you fare compared to the average student, use the range as a guide. Ultimately, keep in mind that you have a full time job in the interim, so it’s best not to add more pressure on yourself by setting an unrealistic date for the exam (unless it’s being demanded by your boss!).
Overall, upon opening the text book, the study process can at first appear quite daunting. If you don’t think you can discipline yourself to study after work, we would CERTAINLY recommend some Series 7 tutoring help (nudge nudge, wink wink). In all seriousness, a regular Series 7 tutoring schedule will keep you on track but we know that’s not for everyone. If not, I hope the above points help, and just try your best! Good luck!