How to Prepare for the Series 7 — Preparation Tips
The Series 7 exam is a tough test by any measure. The many hours of study require high levels of discipline and mental endurance. By mapping out a study guide and following it faithfully, however, you may avoid the stress that sometimes characterizes the period of preparation for a pivotal test and approach exam day with confidence.
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Instructions
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Know the breakdown and weights of each topic as they will appear on the exam. Your exam guide will provide a breakdown of the number of questions for each category. Municipal securities accounts for 40 to 55 questions. Margin is the focus of the least number questions — five to 15. You could answer every question on margins incorrectly and still get a 94 on the exam. Spend more time on the subjects that carry the most weight.
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The exam has three levels of questions: easy, medium and difficult. You will not know the exact breakdown or in what order they will come, but there will be many of each. Make sure you answer all of the easy questions and most of the medium questions. Know that you are highly unlikely to answer all of the difficult questions correctly. Be prepared to abandon a question in order to move on to a question you may answer correctly. Good time management is critical to passing the exam
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Understand the numbers. There are 250 questions on the exam. Ten additional questions that are not graded. A passing score is 70. You may miss 75 questions and still pass. You could miss 10 straight questions seven times during the course of the exam and emerge with a passing grade. Remember that to avoid becoming discouraged during challenging moments.
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Get a good night sleep two nights before the exam. You will likely be stressed, anxious or nervous the night before the exam, and that might cause you to lose sleep. This is normal. If you have eight to 10 hours of sleep on Thursday night before the exam on Saturday, however, lost sleep on Friday night will have little impact.
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Expect to be nervous. Everyone is nervous, even those who seem to be so calm.
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References
- "Pass the 7: A Training Guide for the FINRA Series 7 Exam"; Robert Walker; 2011
