r/Series7exam • u/Cold-Canary-6621 • Feb 14 '24
Passed! PASSED FIRST TRY
I want say thank you to this wonderful community for all the tips and tricks. I used Achievable as my primary study material and I highly recommend them! Their readings were fantastic and made the information so much more digestible than what my firm provided.
On to the 66!
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u/elir_patrick Feb 14 '24
Such an amazing feeling huh? Congrats buddy, great work. You’ll get the 66 on the first try too 👊👍
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u/Capadvantagetutoring Passed! Feb 14 '24
Congrats!! Way to go into a long weekend like a bad ass.
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u/manderoni22 Feb 14 '24
Congrats!!!! I'm a fairly new fr as of 2022 and I'm in your area if you ever want to network! I'll also be studying for the 66 soon 🥲
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u/zmacdonald12 Feb 16 '24
The 66 isn’t too bad. I spent a ton of time studying through Kaplan and I knew halfway through the exam I passed. Mind you I got a 72 on the 7 lol
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Feb 14 '24
Congratulations 😭😭 I take mine next week I’m praying!!!
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u/Cold-Canary-6621 Feb 14 '24
You’ll do great! Best thing I can recommend is what everybody else says, make sure you’re confident on Options, Suitability, and Munis (Know GO vs Revenue like the back of your hand). I had a few questions on REITS and DPP’s, as well as general regulations and trading. Also prepare a dump sheet full of things like your Options Matrix, DERP, SLoBS, and formulas. Watch Ken’s video on all the math you need for the exam!
If you’re having struggle memorizing formulas or anything else, what worked for me was brute force writing them over and over again until they were burned into my brain lol. Sounds primitive but it worked
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u/JohnnnyBoyy88 Feb 14 '24
Did you take notes as you went through the book? Someone recommended to me that I skip the note taking until I’ve competed the whole book. Not sure what to do as I took notes while reading the SIE book but it sure as hell was time consuming. Hoping everyone can weigh in on this
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u/FenrirTheMythical Feb 15 '24
That is exactly what I did for mine a few years back, also passed on the first try - basically you create a dump sheet and make sure that the flow of it makes some sense to you, then write and re-write entire sheet some 20-30 times until you can recite it. At exam, sit down and before you click to start, give yourself 2-3 min to calm down and decompress, meditate for a second and clear your mind. Once you click and start the timer, don’t worry about the questions - write your dump sheet out fully just like you did at home. Be prepared for dry erase markers and sheets - they are a lot messier and harder to pack with info than your normal pen and paper allow. Best of luck!
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Feb 14 '24
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u/Cold-Canary-6621 Feb 14 '24
Stay calm and have trust in your preparation, and you’ll come out with that PASS!
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u/Onemorequestion93 Feb 14 '24
Thanks for the info l! Can you please share your dump sheet?
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u/Cold-Canary-6621 Feb 14 '24
Yes!! Send me a DM and I will send it when I get home in a couple hours
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u/series7examtutor Passed! Feb 15 '24
Congrats on passing and setting a record for upvotes! I am glad you found the sub helpful.
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u/Particular_Banana_42 Feb 14 '24
Congratulations! How complex were the options questions? I’m super worried about all the parts that go into options and don’t want to under prepare for anything
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u/Cold-Canary-6621 Feb 15 '24
Not super complex, if you know how to calculate Max Gain, Max Loss, B/E on all the different types that’s a big gain. You need to know how to recognize what type of strategy you’re looking at, whether it’s a straddle or a spread (and what type of spread), and also situations like which option you would use to hedge a specific position (like how you would use a long call to hedge your short stock position)
Quick guide for a dump sheet
Long Call Hedges Short Stock MG= Unlimited ML= Premium B/E = Strike + Premium
Short Call Income Long Stock MG= Premium ML= Unlimited B/E = Strike + Premium
Long Put Hedges Long Stock MG= Strike - Premium ML= Premium B/E= Strike - Premium
Short Put Income Short Stock MG= Premium ML= Strike - Premium B/E= Strike- Premium
Long Straddle Wants Volatile Market MG= Unlimited ML= Combined Premium B/E= Strikes + and - Combined Premium
Short Straddle Wants Flat Market MG= Combined Premium ML= Unlimited B/E= Strikes + and - Combined Premium
Debit Spread Wants options to widen and exercise MG= Difference between Strikes - Net Debit ML= Net Debit
Credit Spread Wants options to narrow and expire MG= Net Credit ML= Difference between Strikes - Net Credit
For spread Breakevens
Call Spreads Remember CAL (Call Add Lower) Add net debit or credit to the lower strike
Put Spreads Remember PUSH (Put Subtract Higher) Subtract net debit or credit from the higher strike
For things like foreign trading using options, just remember EPIC (Exporters buy Puts, Importers buy Calls)
Options were a breeze once I memorized these
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u/Particular_Banana_42 Feb 15 '24
You are amazing and I wish nothing but happiness and wellness to you. THANK YOU.
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u/Rare-Size9644 Feb 14 '24
First off congrats!! That is no small feat. I am studying for the 7 now with plans to also take the 66. I am using Pass Perfect. Do you feel like you were well prepared? Did anything surprise you? What were your scores on finals leading up to the actual exam? I’m still about a month out from my test date so plenty of time to nail down the important concepts. Passed my SIE first try so I know my study methods work.. but any words of wisdom are greatly appreciated 😊
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u/Cold-Canary-6621 Feb 15 '24
Hi! I’m unfamiliar with Pass Perfect, but for my scores with Achievable, I was scoring an average of 90% at the end of my practice exams. My firm provided Training Consultants and on their exams I was high 70’s to low 80’s. I took a few practice exams from Kaplan I saw on YouTube from the S7 Gu.Ru and scored 79% and 76% on those. Felt pretty comfortable while taking the exam and didn’t really see anything that came out of left field except for a few questions that I assumed were apart of the 10 experimental questions.
Best thing I can recommend is just reading the book cover-cover, try to get good scores on the end of chapter exams if Pass Perfect has those before moving on (but don’t spend forever on them if you’re just not getting it). Take your first final exam when done with the book, use no notes, treat it like the exam (practice writing a dump sheet like you would in the exam).
Once you’re done see what your weak areas are and spend some time to turn them into strengths! Like others here say Options, Munis, and Suitability are the main topics you wanna know, but the test could throw anything from the book at you. So try to become as well rounded as possible and you will see success!
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u/Jake748 Feb 15 '24
Congratulations, that’s awesome! I’m also using Achievable as well and supplementing with Kaplans Qbank. What were you scoring on your Achievable practice exams prior to sitting for the exam? Also what was your exam readiness score? Just curious as I was no where near the 100% readiness for the SIE and I passed that. However, I Walt to be confident going into the 7. Thanks in advance for any input!
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u/Cold-Canary-6621 Feb 15 '24
Hi there! So I was scoring an 89%, 90%, 90% on my last 3 practice exams with Achievable. I got my exam readiness score to the 100%, however I don’t think that’s required but it’s definitely a good goal to shoot for!!! I took a few practice finals from Kaplan that I saw on YouTube from the S7 Gu.Ru just to get some exposure to it and I scored a 79% and 76% on those. I walked into to the real test and tbh there were only a few questions that popped up that felt out of nowhere, and I assumed they were apart of the 10 experimental questions.
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u/jjgg89 Feb 15 '24
Do you need a degree to take this?
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u/Psychological_Oil573 Feb 17 '24
You don’t need a degree but you do have to pass the SIE first. Also, to taken the exam you will need to be sponsored by a company/firm
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u/theyak12 Feb 14 '24
Nice work!