Series 7----musings

Since I told my boss I was willing to take the Series 7 Test (aka General Securities Rep Exam), I have been questioning my sanity. I am sure if put all the time and effort needed, I would be fine. But my boss thought I could do it in under 2 months. (He did it with an aggressive study schedule of 3 weeks.) Then again, he had to for his job when he first started out. I bet you he had time to study for it (as in not a full time job) that I have right now. He lived and breathed the Series 7 Test. After the test I have the option to take the #63 (Blue Laws) or #66 right afterwards. (Highly recommended as you are already in study mode.)

I have been asked if I want to be a financial planner, truthfully I fell into working with my boss who is a CFP(TM) and Financial Advisor. But I knew after talking to a few good friends, getting a certification would not hurt. This is the big first test for the industry.

Can I say, after going to the halfway mark it is a bit painful especially the lovely three chapters on "BONDS." I have started to do some flash cards, if I want to make them for all the terms that is almost 1,000! I have been asking a lot of people their personal experiences. I have talked to two people today---one studied for 6 months and passed (but she took a class, has a kid, and was starting a new job) all at the same time. The other guy, took it for kicks and failed. But he studied for four months 2 hours every day after work and half a day every weekend on Saturdays/Sundays. After hearing those testimonials, it is making me reconsider my aggressive under 2 month regimen.

Plus my boss will not pay for the test UNLESS I pass. (He wants to put the pressure on to make sure I pass. Then again it costs $250 for the exam each time not including a good $250 in fees on top of it. So I can see why he wants me to pass on the first go.) I have a trip planned end of January. Now I am rethinking my strategy. I have heard some good advice and after taking the first PROGRESS exam I had the harsh reality. I have to get to know the "laws", "bonds", "formulas" well as they are my current weak points. I will know more once I finish all the chapters to go back over the concepts.

One key word that came up time and time again, "PRACTICE", "PRACTICE" on the practice exams and do not get caught up just memorizing the answers but actually know the concepts. It makes sense. After hearing that, I feel a bit better. This is the time of year it is hard to be TRULY anti-social. I have heard testimonials from others saying they really sequestered themselves from their social lives while preparing for the test.

I think that reality sunk in for me, when I talked the the licensing department today with the broker/dealer. I had to fill out the forms and sign my life away. I get a 120 day window once I pass in the (Uniform Forms 4) U4. Phew! I had to detail the last 10 years of my life residential and employment histories. Luckily for me, I actually remembered it all and did NOT have to supply any addresses (this helped a lot!).

I must say the last thing I want to do is study after a full day's work. I have tried studying at work but there is too many distractions while my boss is around. I find the library helpful I just dislike schlepping the BIG STC binders with me.

But I guess this would be a great certification once I get it. It will open doors and opportunities and responsibilities for me working with my boss.