Series 7 Exam Prep Tips

There are many different types of business careers out there that people are interested in, but perhaps none seem quite as fantastic as a stockbroker. There’s just something about the mystique of trading that sends millions to school every year with the hopes of brokering trades on the market. However, like with the bar exam for would-be lawyers, many would-be brokers are stopped in their tracks by the series 7 exam.

Officially known as the General Securities Representative Exam, the series 7 exam is a test that’s given to stockbrokers in order to receive their trading license. Without a license, you cannot trade on the open marketplace. And in terms of difficulty, this is one of the toughest exams out there, thus a lot of prep work is needed.

Tips to Help You Prep for the Series 7 Exam

Watch the Industry

Some say that the best way to ace your driver’s test is to actually drive. And perhaps the same can be said for stockbrokers. The best way to ace your series 7 is perhaps to actually participate in the industry. Now, this doesn’t mean you should participate in unregulated trades, but you can get mock software, pay close attention to real brokers, and emulate the goings-on inside of the industry. Hands-on experience is one of the best preparation tools available.

Isolate Yourself

When studying, it’s important to eliminate distractions. Whether speaking about a 5th grade English test, the SATs, or the series 7 exam, it’s all about allowing yourself to absorb the material. This is done best when you create an isolated environment where it’s just you and the work involved. Eliminating distractions will help you to keep your eye on the prize and to retain the knowledge necessary to pass the exam.

View Current Sources

One of the real landmines when dealing with the series 7 exam is that financial regulations are forever and constantly changing. What was an acceptable answer in 2010 may no longer be relevant in 2014. This is why you have to stay up-to-date with the latest regulations and answers in the market. Always make sure you’re researching current materials for your exam; do not rely on old knowledge.

Preparing for any test can be difficult, but the series 7 exam is in a class by itself. Use the prep tips above to help you ace your exam and to achieve your stockbroker dreams. For more information visit http://www.knopman.com/

Taryn Johnson is an avid writer. She loves all things about electronics and marketing. In a perfect world, Taryn would be writing from the beaches of Hawaii all day long.