Series 7

[james_gsx]

I thought I made a thread about this already, but I can't find it anywhere lol

Anyways, I'm getting sponsored to take my series 7 and I was wondering what kind of advice you guys could give me to prep for it. Thanks

[brownsfan019]

Study hard and take it seriously. It's an easy test to pass if you are prepared. It is not a cake walk in my opinion. When I took the test, the firm I had signed on gave us one time to pass. They provided over one month of at home study that required well over 40 hours per week in study.

Good luck!

[namstrader]

I passed it twice and I would say that studying hard works for me. I was so overwhelmed and worried about some particular areas of study like options with puts and calls and different strategies with butterflies...in the money...spreads...whateve r and at test time I was surprised how easy the questions were. So for me a general understanding was all that was necessary and it was not necessary to drill down so much, thinking the complicated stuff would be tested. Try studying for the CFA, now that was tough! Level II was too much for me. Series 7 is not that difficult but make sure you have understanding of all material and the test will flow easily. Don't stress just read thoroughly all required sections.

[brownsfan019]

James - on other thing I thought of - there was quite a bit on muni bonds when I took it. Make sure you get good study material and if muni bonds are highlighted, study them pretty hard!!

[Nick1984]

Ignorance question here for those not in the US but whats a Series 7?

[brownsfan019]

	Quote:	Nick1984
	Ignorance question here for those not in the US but whats a Series 7?

http://www.investopedia.com/professionals/series7/

This exam is administered by the National Association of Securities Dealers (NASD) that provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, except commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with the NASD. The Series 7 exam must be passed in order to take many other principal exams offered by the NASD.

[cooter]

	Quote:	brownsfan019
	This exam is administered by the National Association of Securities Dealers (NASD) that provides an individual with the qualifications necessary in order to make different types of trades with all types of corporate securities, except commodities and futures.

For those interested in commodities and futures, there is the Series 3 exam.

More info on this video here:

+ YouTube Video

[brownsfan019]

And the nice thing about the 3 is that you do NOT need to be sponsored to sit for the exam. With the 3 you can just signup on the NASD website. Even though the 3 is really governed by the NFA/CFTC, the NASD is where you schedule it. I know, a word mumbo jumbo there.

In other words:

SERIES 7 - REQUIRES that a member firm sponsor you. This can be a brokerage firm or a prop firm typically. The 7 is for stocks, bonds, mutual funds, etc. except commodities and futures.

SERIES 3 - you can schedule on your own with no affiliation of a member firm. The 3 is for commodities and futures and is required for certain designations such as the CTA or CPO.

[Nick1984]

So without the series 7 you cannot trade those listed types of securities?

In Aus we have the Australian Securites and Investments Commision (ASIC) but the only type of qualification you get form these guys is called PS146 which is required to give financial advice provided your licensed by ASIC themselves.

[brownsfan019]

	Quote:	Nick1984
	So without the series 7 you cannot trade those listed types of securities?

Nick - it just depends in what capacity you are 'trading'. Just trading your own account, have at it w/o licenses. Want to trade prop and/or OPM? You'll probably need to be registered in the US.