About a week or so back I took the General Securities Representative Exam which is commonly referred to as the “series 7″. The exam is required to be a registered representative of a broker-dealer in the United States. The exam consists of 6 hours and 250 questions with 70% required to pass.
I got 213 questions correct and passed with an 85%.
According to wikipedia, the average score of test-takers is around 73%, with around 66% of test-takers achieving a passing score.
I didn’t think the exam was as hard as people made it out to be. I studied on/off for about 3-4 weeks using the Kaplan materials provided by my employer. The Kaplan practice questions were extremely helpful in that they are very similar to the way questions are posed on the exam.
My biggest tip to people taking the exam is to bring soft ear plugs as there are other people in the room taking their GREs and misc other tests so there is a lot of typing noise in the background. The testing center does supply headsets but they weren’t too comfortable or effective in my experience.
The test is split into two parts and there is a mandatory half hour break in the middle. My exam started at 8 AM and I finished the first half by 9:30 AM so I bought some coffee and spent half an hour pacing back and forth. I finished the second part even quicker because I was too anxious to get my score so I didn’t go back and review any questions.
One of the best parts about the computerized exam is that you get your score instantly. You’ll also get a print out of how you scored in different topics of the exam.