Series 7: 14.4.3. Retirement Accounts

Taken from our Series 7 Online Guide

14.4.3. Retirement Accounts

Retirement accounts come in many shapes and sizes and may be set up by an individual or an employer. Individual retirement accounts are opened by individuals, who may contribute an amount of money up to some maximum annual amount. They may be funded with pre-tax dollars (traditional IRAs and 401(k) plans) or after-tax dollars (Roth IRA). Taxes on earnin

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Thank you...thank you. I took my Series 7 yesterday and passed....1st try. Read the whole book 3 times. My system was to go through and answer the questions I was positive about. Good guess at the others and park them for review. The hardest part is trying to understand what they are actually asking. This way I wasn’t bogged down and stressed being stuck on a question. Second time around go through all those parked questions...digging deeper...checking my calculations etc. again parking the ones that totally stumped me. Third time around....educated guesses and what seemed to make sense. Also, on my way there, I was picturing myself in the room....sitting at the computer (yes, I took a dry run to see the inside). It took that part of the unknown out of the equation. Be prepared for the masks and Covid precautions. Any options questions, as tricky as they make them, I would look at my charts and was able to make sense of what they were asking. Finished the test in record time. Being prepared gave me the confidence to get through it. Many thanks Lorraine

Lorraine Harrod, PNC, Lewes, DE

At Phillips & Co., my job was to hire entry level applicants who could successfully pass the Series 65 and Series 7 examinations in three months and do it the FIRST TIME. After trying Kaplan/Dearborn, STC, and even the Series 7 for Dummies, 85% of our applicants were still having a hard time passing.

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Kary Youman, Phillips & Co. Portland, Oregon

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Ashley F, Citi. New York, NY

I had a super rough go passing this (Series 7) exam due to a number of personal circumstances, but on my third attempt, I finally passed, with 30 minutes to spare! After my second failed attempt (I failed by ONE question), I spoke to Jeremy Solomon on the phone and via email, and he provided me with some strategies to help me pass the exam once and for all. I focused heavily on rereading the study guide, and teaching concepts to my spouse so that I wasn’t just learning the information, but really understanding it to the point where I could teach it to someone else. The exam simulators are super helpful, but don’t overdo it… this really isn’t the kind of test where you can only learn by doing practice questions. Re-watching the video lectures was very helpful for me as well. I also recommend making flash cards for memorization purposes. If you fail like me, don’t give up - perseverance (and more studying) will get you to the finish line!

Molly Magnuson, CBIZ Retirement & Investment Solutions. Kansas City, MO

I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!

Briana Turner, Cambridge Investment Research. Virginia Beach, VA

Completing the Series 7 was a requirement for my current position. After seeing the material and dedication Solomon Exam Prep put into the SIE material, I knew Solomon’s material would be perfect for me again. I had access to STC material and tried to go through it first but it was too content heavy and at certain points, very confusing. I decided to move back over to Solomon for the 7 and was blown away yet again by how great the material is. Solomon has figured out how to properly prepare people for this exam in my opinion. Solomon Exam Prep focuses on teaching the concept rather than bogging you down with so much material. THAT IS SO HELPFUL! Of course the material is important but it’s extensive. After using Solomon Exam Prep for the Series 7, I was able to fully understand the concepts which made it so much easier to select the best questions on the exams. All the other training programs bury you deep with content, which makes it almost impossible to understand the concepts. If you get questions on the exam that you have not seen before, only knowing specific material will not help you. But if you understand the concepts (like Solomon Exam Prep helped me do) you can break down the question and find the best answer based on your understanding of the concept as a whole. That’s a much better method and Solomon Exam Prep has figured this out! I strongly suggest buying the study guide. You won’t regret it!

Jared M. Albany, New York