I self studied, and took the Series 7 exam in 1989, when I was only 20 years old, and had nothing more than a high school (trade school) education. I passed it on the first try. I was set up to work at Hibbard Brown, in Red Bank New Jersey. They sponsored me for the test. Something didn’t feel right about them, and I never even made a single cold call for them, and instead moved back to my home state of Rhode Island, and built submarines at General Dynamics. My gut instincts were correct –If you Google Hibbard Brown, or H. Ellis Ragland, you’ll see how I almost became an unwitting pawn in perpetrating a Ponzi scheme. They got shut down in ‘92, after screwing many investors.
A Registered Representative or Stock Broker license is only good for two years, after you leave your employer. Even then, it is ‘inactive’ until you begin employment with another firm. After two years of inactivity, it expires, and you will need to take the Series 7 exam once again.
Q001) How long can the license issued after a successful score of 72% on the General Securities Registered Representative Examination, (Series 7) offered by the Financial Industry Regulatory Authority (FINRA) –Formerly known as the National Association of Securities Dealers (NASD) remain inactive, before it expires?
A001) Two years
See that question/answer example above? That is how a 20 year old, uneducated, dumb-ass kid passed this tough exam, that only 66% of those who attempt it, many fresh out of business school, get a successful grade of 72% or better. It’s called ‘a horse.’ I first learned the effectiveness of a horse, when I built my first one, in ‘86, in order to pass (with flying colors –as in, in the top 10 of my class) the written and oral examinations for the U.S. Navy’s, propulsion engineering “A” school.
Back in ‘89, I was listening to Guns and Roses on a cassette deck in my conversion van. There was no InterWeb, no WikiPedia, no Bloggers, and my ‘horse’ was made up of 550 questions and answers neatly hand-written, in ballpoint pen, on 6” x 9” note paper. As I type this, I just had a flashback, and saw my 18 year old, pregnant wife of two years (true story *cue Deliverence banjo music*) sitting on the toilet, with those papers in her hand, reading the questions off to me while I soaked in the tub…
I’m going to self study, take this exam again, and pass it on my first try…Again!
Who’s with me?! *Imagine Tom Cruise, as Jerry Maguire*
I’m going to be a little more ‘high tech’ about it this time. Although, I’m going to incorporate a few low tech, but effective, tried and true methods as well. So, for those of you youngstas out there who aren’t even as old as my tattoos, be prepared to step away from the keyboard, and pick up a pen. I’m going to build this horse, question by question, right here on my Bangari Web site. Anyone is welcome to use it, for free –no need to ‘show me the money!’ — I’m not selling any bullshit flash cards, eBook, eCourse, DVDs…or nuthin’. My only requests are that you…
- Let me know you’re there with a comment or ‘follow’ –don’t secretly cyber-stalk me.
- Politely correct any mistakes you find in the information I put out.
- Understand and abide by the ‘Creative Commons’ agreement (in the right side bar)
- Let me know that I’m good enough, smart enough, and dog-gone-it, you like me!
Okay boys and girls, let’s begin our studies! I’m going to continue to guide this study ‘blogger style’ –A blog being like a personal diary that everyone is not only allowed, but encouraged to read. As you can probably tell from this opening page, I’m a certified narcissist seeking, desperately seeking, public affirmation from total strangers, so I guess, in a way, I’m forcing you to read about me as you glean the useful information out of all the personal TMI. But, there is a method to my madness. It’s all about retention! When you mix a bit of human anecdote and commentary into a big batch of dry information, it helps the brain to remember the dry information. Like, how a student learns more from a teacher with charisma (and/or big American breasts) than from one with a cardboard personality, like the role Ben Stein played as, appropriately, an monotone economics teacher, taking attendance for 10 minutes in ‘Ferris Buellers Day Off’ (an 80’s classic):
Get your 6” x 9” steno pad, and ball point pen, and put it aside your computer. Write out the first question and answer –verbatim! Also, for you Y and Z genenerationers, with chicken-scratch penmanship, take what time you need to write it legibly. Enough so, that random study helpers you recruit can read off the questions to you. Writing these out yourself, and having them read aloud to you, along with reading them as written in your own hand, will also help with retention.
Don’t expect this information to be organized! I’m shooting for 1000 random questions and answers, purposely ‘shuffled’ throughout this study guide blog. Again, this is for retention purposes. Most of the statements, turned into the form of questions, Jeopardy style, will be taken from WikiPedia. Don’t take this awesome online tool for granted. WikiPedia rocks! Show them some love by sending a small donation to keep it rocking.
The next post will get rolling with a few horse questions. Make sure you write them down on paper! I’m going for the perfect blend of high-tech / low-tech eLearning. Writing something down, manually, does something extra, to make it stick in a human brain.
- Free Series 7 Study Guide (Page 2)
- FINRA’s New Suitability Rule Goes into Effect July 9 (lawprofessors.typepad.com)
- FINRA Seeks Comment on Regulation of Crowdfunding Activities (lawprofessors.typepad.com)
- Bankrupt Stockbroker Fined And Suspended By FINRA (forbes.com)
- Securities Regulators Focus on Complex Products to Better Protect Investors (financialcounsel.typepad.com)
- Securities Regulators Issue Risk Alert for Brokerage Firms to Conduct Effective Branch Office Supervisions (financialcounsel.typepad.com)