I just received my charter and I was encouraged to get my Series 7 license. For those who have both (I also have an MBA in finance if thats relevant) how long would you anticipate I will have to study for the 7? Should a month be sufficient or does the exam really require more time?
Who’s “encouraging” you? Are you in a sales role where it’s required? If not, then it’s really only good if you’re looking to switch into a sales role that does require it one day. And, is the sponsoring BD paying for it all?
As for the actual test, some people study for 2-4 weeks and are fine, others struggle with it and need a few months. Can’t really tell you how long it will take you to pass it.
I have the dubious honor of passing the 7 twice.
The first time, I knew nothing about nothing. I didn’t even know what an option was. I didn’t know the difference between a stock and a bond. All I knew was that I had to take the Series 7 to get the job with the chop shop.
So I studied 3-4 hours a day for about six weeks. Probably put in ~100 hours. Barely passed it.
Fast foward ten years–I had let my 7 lapse, so I had to take it again. This was after finishing a BBA in accounting, an MBA in finance, the CPA exam and the CFA exam. I studied about 20 hours (mainly practice questions) and passed with flying colors.
Very helpful - thanks so much!
I took the 7 before L1. I studied for 6 weeks, 3 hrs a day. Those 120 hours were too much as i scored high 80s and I think you only need a 70 to pass. After passing L1, I can tell you the 7 is considerably easier - with the exception of the muni debt chapter. There is so much useless information in that chapter and they want you to memorize such random little details. As long as you watch out for that section you should be able to pass with a few weeks of study.