SERIES 7 EXAM TUTOR - NEED TO PASS THE SERIES 7 EXAM?
Well, I am writing this post because I work with a lot of series 7, 6, 63, 65 and 66 students and a few of them have reported that their employers tell them not to read the series 7 or series 66 manuals and to instead only focus on the questions. This is bad advice. While answering questions is important, reading the textbook is just as important.
FINRA's Series 7 Content Outline makes it clear that being able to provide suitable recommendations to customers is an essential responsibility of a registered representative. Recently, FINRA changed its outline for the Series 6 Exam. As of December 16, suitability and responsibilities related to making recommendations will comprise 47% of the Series 6 Exam. This is a substantial change for the Series 6 Exam and as a result, working with someone who has hands on experience in the area of providing recommending is essential.
Students often think that equities are easy. Knowing the key differences between common and preferred stock is important; understanding dividends in terms of when an investor is entitled to them or what type of companies pay dividends is also important and so are the concepts around issuing stock. With that said, most students can learn these concepts on their own or with a little help. However, getting a handle on which stocks are suitable for various types of customers can be challenging for some students, especially those with limited investment experience. You should get to know the characteristics of the numerous equity sectors and why a particular stock would be suitable for your customer. This is hard to learn from a manual. You should consider working with someone who has experience analyzing securities, making recommendations and investing client assets such as the owner of Series 7 Exam Tutor. Doing practice questions also helps.
I know there is a lot to study for the series 7 exam and the last few chapters might be tough to get through after trying to absorb hundreds of pages of information. Don't let up when you get to the economics and analysis material. For some people, this can be the most difficult topic on the entire series 7 exam. Information about monetary and fiscal policy is not too difficult to understand but financial statements can be very challenging for many people, especially those without accounting or financial backgrounds. I highly recommend getting a Series 7 Tutor to help get you through this topic. The owner of Series 7 Exam Tutor has a deep understanding of financial statements. It would be hard to get through the CFA program without having a solid understanding of how financial statements work. ( The owner, Michael Weiss, is a CFA charterholder.)
To pass the Series 7 Exam, one needs to understand the material. The key to understanding the material is to read the manual and not just once, you should read it twice! Of course, answering questions helps reinforce your understanding of the materials but please do not rely on answering questions over and over again. Memorizing questions and their answers will not get you very far on exam day.