I take my Series 7 exam tomorrow...

[vi edit]

oops damn enter key

Employer put me through a 4 week crash course and is sponsoring me. I feel *mostly* confident in it. Greenlight exams are around mid 80's. Only need a 70 to pass.

Still a bit anxious about it though.

EDIT:

Passed with a 77%. Only took me 2.5 hours out of the allowable 6 hours.

Glad that's finally over.

I'm no longer an IT monkey.

 

[Hyudra]

have fun being a broker

 

[Paul Ma]

it's easy.

 

[vi edit]

Originally posted by: Paul Ma
it's easy.

Sadly that isn't what everyone that's taken that I've talked to has said. D'oh.

 

[KillyKillall]

eat chili about 1 hour before the exam

 

[brxndxn]

One of the more quirky things about the Series 7 is that the writers are somewhat supersticious and there are never any 7's in the answer. No matter what question, if your answer has a 7 in it, then it's the wrong answer. Most people that take it don't even know it..

 

[vi edit]

Originally posted by: brxndxn
One of the more quirky things about the Series 7 is that the writers are somewhat supersticious and there are never any 7's in the answer. No matter what question, if your answer has a 7 in it, then it's the wrong answer. Most people that take it don't even know it..

I read it on the intrarweb, so it must be true.

 

[Dessert Tears]

Originally posted by: vi_edit
Greenlight exams are around mid 80's.

Easy peasy, no worries. That's plenty of a margin.

 

[vi edit]

It's stupid trick questions like this that are going to royally screw me over:

---------------------------------------------
7. When Miss. Olive gave a gift of 1,000 shares of Sparks Electronics to her niece, the stock was valued at $50 per share. But, the stock was purchased thirteen months ago for $45 per share. Which of the following statements would apply?

I. Miss Olive must pay gift taxes on $ 5,000.
II. Miss. Olive must pay gift taxes on $40,000.
III. The niece's cost basis for the stock is $50 per share.
IV. The niece's cost basis for the stock is $45 per share.

A. I & III
B. I & IV
C. II & III
D. II & IV

D Miss. Olive is a single person (the Miss. tells you that). Single people are entitled to a $10,000 annual exclusion on gifts. Since the stock was worth $50,000 at the time of the gift, Miss. Olive pays a gift tax on $40,000 ($50,000 - $10,000 exclusion) (II). The niece's basis in the stock is the lower of the donor's cost or the market value at the time of the gift, which in this case is the donor's cost of $45 per share (IV).
-----------------------------------------------------------------

Yeh, I understand the tax consequences and the basis of everything...but I didn't even think to look at the "MISS" part of it and that she is a single person and has different tax consequences.

That's mean! MEAN!

 

[bleeb]

Gewd luck!

 

[AStar617]

Your first six months at the firm are as a trainee... you make one hundred and fifty dollars a week. After you're done training, you take the Series Seven test. When you pass, you become a junior broker and you'll be opening accounts for your team leader. After you open forty accounts you begin working for yourself and then... sky's the limit. Now a word about being a trainee. The other brokers, your parents, whoever: they're gonna give you sh!t about it. And it's true, a hundred and fifty a week is not a lot of money, but pay no mind. You need to learn the business and this is the time to do it. Once you pass the Series Seven none of it will matter.

Your friends are sh!t. You're gonna tell them you made twenty-five thousand last month and they're not going to believe you. Fcuk them! Your parents don't like the life you lead? Fcuk you Mom and Dad! As a trainee you will be building a foundation for yourself. Think of it as the foundation to a building. Right? Gotta build the foundation before you can put up your skyscraper. You know what I built? The fcuking twin towers. Now go home and think about whether this is for you. If you decide it isn't, nothing to be embarrassed about. It's not for everyone. But if you really want it, then give me a call on Monday and we'll talk. Just don't waste my time. Alright. That's it.

 

[vi edit]

I'm only going to be a broker by title. The Series 7 is more of a formality that is required for me to be able to do my job which is more about providing support to our clients.

My income is pretty much a guaranteed with the only adjustment being when I meet or exceed bonus criteria.

 

[Zim Hosein]

Good luck vi_edit :beer:

 

[everman]

Pretty easy question really, you'd see something similar on the CFP exam.

 

[Merlyn3D]

The BMW 7 series requires an exam to buy it?

 

[vi edit]

Originally posted by: Merlyn3D
The BMW 7 series requires an exam to buy it?

Yeh. It's called a credit app. Under 800 and you fail.

 

[dnuggett]

I took it twice. The first time I didn't study at all and got a 68. The second time I studied the day before and got a 74. This was about 4 years ago, but I don't think the test has changed much. Oddly enough I think the 63 gave people more problems than the 7 at my firm. Who did your crash course Maggie Shine or Dearborn?

 

[vi edit]

Originally posted by: dnuggett
I took it twice. The first time I didn't study at all and got a 68. The second time I studied the day before and got a 74. This was about 4 years ago, but I don't think the test has changed much. Oddly enough I think the 63 gave people more problems than the 7 at my firm. Who did your crash course Maggie Shine or Dearborn?

STC - Securities Training Co. is who did our study materials. It was largely self study. Basically read the book. Then take 13 exams w/ 125 exam questions each. A couple videos thrown in for fun. Then retake the 13 exams a second time. A couple progress exams thrown in for good measure.

After I *hopefully* pass this tomorrow, I start studying for the 66 exam on Thursday.

 

[AccruedExpenditure]

What company are you working for?

 

[vi edit]

Originally posted by: AccruedExpenditure
What company are you working for?

I'll leave it at "an online broker company".

 

[dnuggett]

Originally posted by: vi_edit

Originally posted by: AccruedExpenditure
What company are you working for?

I'll leave it at "an online broker company".

Meaning Ameritrade.... they are forcing all their reps to pass the 7 or hit the road. So what's the weather like in Omaha?

 

[vi edit]

Passed today!

It's beer time.

:beer::beer:

 

[rh71]

CONGRATS!

So is there a 23% chance you'll lose cases ?

 

[vi edit]

Originally posted by: rh71
CONGRATS!

So is there a 23% chance you'll lose cases ?

Makes me 3% better than the average person who takes the 7.

Average passing score is 74%. Average pass rate is 66%.

 

[kranky]

Congrats on passing your test, vi_edit. Keep up the good work.