FINRA Makes Changes to Series 7 Exam Outline
FINRA made changes to its Series 7 General Securities Representative Exam outline. These modifications are mostly minor and include replacing the term "specialist" with "specialist/designated market maker (DMM)," updated short sale requirements, adding the Electronic Municipal Markets Access and various FINRA/NASD/NASDAQ rule updates.
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Series 79 Exam Prep Class in New York City
November 18 and 19 in New York City.
Taught by the experienced instructors at Solomon Exam Prep partner firm, FAST.
The two-day intensive course covers the four major topic areas of the Series 79 exam: Collection, Analysis and Evaluation of Data; Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities; Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions; General Securities Industry Regulations.
Contact Jeremy@SolomonExamPrep.Com for more information.
Solomon Exam Prep Publishes Free FINRA Series 79 Lite iPhone App
Do you need to take the FINRA Series 79 exam? Do you have limited time to study? If you answered “yes” to both of these questions, then you’ve come to the right place!
Officially known as the "Investment Banking Limited Representative Exam” the Series 79 exam qualifies candidates to advise on and facilitate debt and equity offerings and mergers and acquisitions. The examination tests candidates’ knowledge of topics necessary for investment banking.
The Series 79 exam was developed and is administered by the Financial Industry Regulatory Authority (FINRA). The Solomon Exam Prep Series 79 iPhone app offers 20 practice questions from the same topic categories and in the same proportion as the actual Series 79 exam. Each question is followed by an immediate answer and explanation, as well as an opportunity to review the question. Users may pause at any time and resume at the same point later on
Solomon Exam Prep Creates Guide to Series 79 Investment Banking Exam
Solomon Exam Prep has created a guide to the concepts, terms and formulas in the Series 79. Available immediately to users of the Solomon Exam Prep Series 79 Exam Simulator, the 30,000 word guide covers major concepts, terms and formulas covered in the FINRA Limited Investment Banking Representative Exam. For more information go to SolomonExamPrep.Com or email Jeremy@SolomonExamPrep.Com.
Solomon Exam Prep Advances Training for FINRA Series 79 Exam with “Comparable Companies Analysis” Worksheet
"FINRA doesn't want people to be saying they're investment bankers just because the've memorized the definition of Enterprise Value or EBITDA," says Jeremy Solomon, president of Solomon Exam Prep. The Series 79 investment banking exam requires you to be able to use your knowledge of investment banking, and Solomon Exam Prep's new Comparable Companies Analysis worksheet gives customers the kind of practice they need to be able to apply their knowledge and pass the FINRA Series 79 exam.
The Solomon Exam Prep "Comparable Companies Analysis" worksheet applies to Major Job Function One on the FINRA Series 79 outline: Collection, Analysis and Evaluation of Data. "This first section of the Series 79 is hardest for many and with 75 questions, it's a whopping 43% of the entire exam, says Jeremy Solomon. "It's critical that students master this material if they want to pass the Series 79. "
The Comparable Companies Analysis Worksheet is contained within the Solomon Exam Prep Series 79 Exam Simulator and Practice Questions PDF.
Solomon Exam Prep creates Series 79 LinkedIn Group
In order to help those studying for the FINRA Series 79 Investment Banking Exam, Solomon Exam Prep has created a LinkedIn Series 79 group. "LinkedIn is a great networking tool and we decided to create a professional group for anyone who has taken or is studying for this challenging FINRA registration exam," says Solomon Exam Prep president Jeremy Solomon.
Solomon Exam Prep publishes FINRA Series 26 Practice Exams with Bonus Questions
If you have to take the FINRA Investment Company Products/Variable Contracts Limited Principal Exam, taking practice tests is one of the best ways to study. Solomon Exam Prep has created 420 high quality practice questions that test the five subject areas for the FINRA Series 26 exam and offer detailed rationales so students can learn from their mistakes.
Priced at $29.95, the Solomon Exam Prep Series 26 product is a terrific deal. "On a per question basis, the Solomon Exam Prep Series 26 practice test product is less than half the price of most the competition," says President, Jeremy Solomon. "We're committed to helping our customers pass their FINRA and NASAA exams quickly and affordably."
Three sample questions:
First State Bank serves as trustee of the Milton Family Trust. As trustee, First State Bank has received information as to ownership of securities and would like to use this information to solicit purchases. Based on FINRA Rule 2060, which of the following is most accurate regarding First State Bank's ability to use this information?
A. Because First State Bank serves as trustee, they are entitled to use this information to solicit purchases, sales or exchanges
B. Because First State Bank serves as trustee, they are never permitted to use this information to solicit purchases, sales or exchanges
C. Because First State Bank serves as trustee, they are not permitted to use this information to solicit purchases, sales or exchanges except at the request and on behalf of the issuer
D. Because a financial institution is the trustee, First State Bank does not serve a fiduciary role and may use this information to solicit purchases, sales or exchanges
Correct Answer: C
Why: FINRA Rule 2060 states that information obtained through a fiduciary capacity may not be used to solicit purchases, sales or exchanges except at the request and on behalf of the issuer. As trustee, First State Bank is considered a fiduciary and such rule is applicable. Other fiduciary roles this rule applies to include paying agent, transfer agent, and others who operate in a similar fiduciary capacity.
All of the following statements regarding an investment company are considered misleading except which of the following?
A. XYZ company has outperformed the S&P Index for the past 10 years
B. XYZ has the most effective and experienced management company in the state
C. On average, XYZ clients experience a 5% greater return than the average return for clients at ABC company
D. XYZ is the oldest investment company in the state
Correct Answer: D
Why: If accurate, stating that XYZ is the oldest investment company in the state is not a misleading statement regarding the characteristics of the investment company. All of the other statements are considered misleading because they either exaggerate claims about management skills, or give performance data which is not properly warranted or explained.
You have a brokerage account with a broker-dealer fully insured by SIPC containing securities worth $375,000 and $150,000 in cash. The broker-dealer suddenly seeks bankruptcy protection. How big of a check do you receive from the SIPC?
A. $450,000
B. $475,000
C. $500,000
D. $525,000
Correct Answer: B
Why: Your account holdings are insured up to a maximum of $500,000, of which no more than $100,000 can be in cash. You would receive $375,000 for your securities and $100,000 for the cash in your account, and would then be a general creditor of the firm for the remaining $50,000.
To order, go to: Solomon Exam Prep
For more information about the Series 26 exam, see the FINRA exam outline
Ohio Department of Insurance Adds Solomon Exam Prep to Vendor List
The Ohio Department of Insurance has added Solomon Exam Prep's new "Life and Health Insurance License Exams for Ohio" to its Pre-Licensing Publisher List.
This new series, written by Ken Clark, CFP, provides both the general concepts you need to pass the life, accident and health exams as well as state-specific information.
Easy to read, up-to-date and, at $49.95, a great value!
The Solomon Exam Prep Guide to Life and Health Insurance Exam for Ohio
Big Changes Ahead for the Series 7 Exam
At the FINRA annual conference in May in Baltimore, FINRA announced that it is in what sounds like the final stages of a substantial revision to the Series 7 General Securities Representative Exam. The new Series 7 exam will test five major job functions, down from the current seven. Within the five major job functions, the revised Series 7 exam will test 29 tasks associated with the major job functions of a registered representative. According to the FINRA, the new Series 7 exam will contain "200+ knowledge statements" associated with the five functions and the 29 tasks.
The five job functions of the new Series 7 General Securities Representative Exam will be:
“Seeks business for the broker-dealer through customers and potential customers”
“Evaluates customers’ financial status, financial needs and risk tolerance, and helps them identify their investment objectives”
“Opens accounts, transfers assets and maintains appropriate account records”
“Provides customers with information on investments and makes suitable recommendations”
“Obtains and verifies customer’s purchase and sales instructions, enters orders and follows up”
These five functions are the same or substantially similar to ones on the current Series 7 exam. A notable change from the existing Series 7 exam is the addition of evaluating customer “risk tolerance.”
Removed or merged into other categories are:
“Explains the organization, participants, and functions of various securities markets and the principal factors that affect them”
“Monitors the customer’s portfolio and makes recommendations consistent with changes in economic and financial conditions as well as the customer’s needs and objectives”
The revised Series 7 will still be 250 questions long with an additional ten non-scored “pre-test” questions that will be randomly distributed on the exam. The revised Series 7 exam will remain six hours in length, broken into two three-hour segments.
Although no specific timeline was provided, the FINRA announcement said that the new Series 7 content outline would be submitted to the SEC first and then once the SEC approves the proposed changes, the new content outline would be posted on the FINRA web site and then some time after that the test would be launched at the testing centers.
Meet us in Baltimore at the FINRA Annual Conference
Solomon Exam Prep will be an exhibitor at the FINRA Annual Conference May 26-28 in Baltimore at the Baltimore Marriott Waterfront Hotel.
For more information, please go to finra.org