What is the Pass Rate for the Series 7? Why this Fact is Unpublished
What is the pass rate for the series 7? And why is this big mystery left unpublished? Officially, there is no number that is given by the testing authority regarding the actual pass rate for the series 7. Why they don’t want those in the securities industry to know this fact is up for debate, however I would imagine it’s related to a lack of tracking and mere laziness on the part of the testing agency, in comparison to an actual strategic reason for them doing so. With this being said, plenty of test takers and those in Wealth Management have speculated at what the pass rate of this golden exam is, and I have heard that it is somewhere around 40-60% in terms of a pass rate.
The general sense is that it is about a 50% fail rate, which means that it is a 50% pass rate. Now I would say that this is too high of a fail rate, in that this is about the same pass rate as each separate portion of the CPA Exam, however…..I have been in the field of Wealth Management for several years now, and I can say that without a doubt, that number is probably pretty dam spot on. Not insulting anyone in the field, but it is a sales field, not an academic or an analytical field, so…while not a horribly difficult exam, I can see about 50% of people failing the test, and I’ll explain why in this blog post! Read on or subscribe to our blog for additional details and information.
Other similar and related exams that we’ll be covering on this blog, include the following:
The Series 7 Exam
The Series 9
The Series 10
The Series 24
The Series 6 Exam
The Series 79 Exam
All Securities License Exams
The 2-15 Exam
The 2-20 Exam
And a host of other licensing exams, read on or subscribe to our blog for additional details and information.
What is the Pass Rate for the Series 7? About 50%
So, given my experience and my opinion on the subject, I give the Series 7 exam a 50% pass rate, meaning a 50% fail rate. I have seen people in my office fail this thing 3 times, or 4 times, and almost every single person that took this exam failed it at least once or twice before passing. We have financial advisors who make millions of dollars per year, and they failed this thing twice. I have a few theories for why this is the case, and I think it is because first off, people in this field are cocky.
The typical personality type in this field is disagreeable and confident, as well as extremely extroverted. It is not an academic field, and aside from a handful of percentage of people in the field who are true nerds (15% or so?) and that are academic types, having come from engineering, tech or accounting backgrounds, as opposed to finance, most people spend their time drinking and socializing, as opposed to studying. Mainly, the types of personalities, lack of academic backgrounds, and underestimating the exam, is why I think the pass rate is so low.
Why The Fail Rate is So High for the Series 7
I’ll play devils advocate as well (and I am somewhat biased as I have passed all of these on the first shot so far, being the SIE, 7 and 66) and say that one of the main reasons why the fail rate for this exam is so high is because:
- It is a very difficult exam
- It is a stressful work week, and working and studying makes it about 60+ hours
The test is very difficult, and although I passed, I definitely did not get a 100%, and in fact if you had told me that I was on the border, I wouldn’t doubt it at all. Aside from this, it is very difficult to pass these licenses, while working full time. Say a typical work day has you leaving the house at 8am, getting to the office at 830am, and getting back from work at 530pm. You eat dinner, now it’s 7pm, you have 3/4 hours of studying and then you have to go to bed to get ready for work. You have your weekends as well, so its not impossible, but it is difficult to work full time, and have a social life, and go for these licenses, I’ll give candidates that one for sure.
My Final Thoughts on What is the Pass Rate for the Series 7? And Why 1/2 Fail the First Time!
And so, I would expect that it is something like a 50% fail rate for the Series 7 exam. And of course this is going to vary from office to office, but this is pretty spot on, a lot of the people in this field that join are older than your average newbie college graduate, say 40 or 50, and I would imagine it is much more difficult to pass the Series 7 exam if you have a family to take care of as well. And so, that’s my thoughts on the test, have a different opinion? Leave a comment down below and let us know, and until next time, you heard it first right here at Inflation Hedging.com.
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