Series 7 study plan: 6 weeks to the FINRA exam
Your firm sponsored you for the Series 7 and gave you a window to pass, often while you start the job. This prompt has your todo.is agent plan your weeks around FINRA's four job functions, put most time on recommendations and options, and send daily questions so the long exam does not feel new on test day.
The prompt
- Make me a Series 7 study plan. My exam is on [EXAM DATE] and my firm needs me to pass by [FIRM DEADLINE]. I [SIE STATUS]. I study [STUDY TIME] with [PREP PROVIDER]. Check the current Series 7 content outline on the FINRA site (with a link) and plan the weeks by its four functions and weights. Give options extra time, with a set of options strategy problems twice a week. Send me 10 questions a day at [TIME] on WhatsApp with explanations after I answer. Schedule four full timed practice exams in the last two weeks. Give me an Excel plan and a one-page PDF of options strategies.
What to change
- [EXAM DATE]: The date you scheduled.
- [FIRM DEADLINE]: The date your firm set, if any.
- [SIE STATUS]: E.g. "passed the SIE in March" or "still need to take the SIE". You need both to be registered.
- [STUDY TIME]: E.g. "2 hours on weekdays after work, 4 hours on Saturday".
- [PREP PROVIDER]: The course your firm gave you, or "none".
- [TIME]: E.g. "7:00".
Example result
- Series 7 plan: 6 weeks
- Exam: June 20 · Firm deadline: July 1 · SIE passed · 2 h weekdays, 4 h Saturday
- The exam
- • 125 scored questions plus some unscored ones, 3 hours 45 minutes
- • Passing score is 72. You also need the SIE to be registered.
- • Four job functions (check the current outline on finra.org):
- • F1 Seeks business for the broker-dealer from customers and potential customers
- • F2 Opens accounts after obtaining and evaluating customers' financial profile and investment objectives
- • F3 Provides customers with information about investments, makes suitable recommendations, transfers assets and maintains records (by far the largest)
- • F4 Obtains and verifies customers' purchase and sales instructions and agreements; processes, completes and confirms transactions
- Week 1: accounts and rules
- • Account types, margin accounts (Reg T 50%, minimum equity), customer information, suitability, Reg BI
- • Communications with the public, prospecting rules
- Week 2: equity and debt
- • Common and preferred stock, rights and warrants, ADRs
- • Bonds: price and yield, yield to maturity and call, duration, Treasuries, agencies, corporate debt
- Week 3: munis and packaged products
- • GO vs revenue bonds, tax-equivalent yield, MSRB rules
- • Mutual funds, breakpoints, ETFs, annuities, REITs, DPPs
- Week 4: options
- • Calls and puts, long and short, breakeven, max gain and max loss
- • Covered calls, protective puts, straddles, spreads
- • Options account rules and the options disclosure document
- Weeks 5 to 6: practice
- • Four full timed exams: two in week 5, two in week 6
- • Review every wrong answer the same day
- • Aim for 80% or more on practice exams before the real one
- Options cheat sheet
- • Long call breakeven = strike + premium. Max loss = premium.
- • Long put breakeven = strike − premium. Max gain = strike − premium.
- • Covered call: own the stock, sell a call. Earns income, caps upside.
- • Long straddle: buy a call and a put, same strike. Profits from a big move either way.
How to do it with todo.is
- Fill in your exam date, firm deadline, SIE status and study hours, then copy the prompt.
- Paste it into todo.is, or send it to your agent on WhatsApp.
- You get an Excel plan, a PDF of options strategies and 10 questions every morning.
- After each practice exam, send your score by function. Your agent changes the next week.
Tips for a better result
- Spend most of your time on function 3. It makes up the large majority of the exam.
- Draw a T-chart for every options problem: money in on one side, money out on the other.
- Learn suitability by customer type. Many questions ask what is best for a retiree, a young investor or a trust.
- Do full timed exams. Almost four hours of questions takes practice to stay sharp.
Series 7 study plan: FAQ
- How long should I study for the Series 7? Many candidates study 4 to 8 weeks, often about 80 to 120 hours. Working full time usually means the longer end.
- Can I take the Series 7 without a firm? No. You need sponsorship by a FINRA member firm to take the Series 7. The SIE can be taken without one.
- What is the passing score? The Series 7 passing score is 72. Check FINRA for the current exam details.
- Can todo.is give me investment advice? No. Your agent helps you study and explains exam concepts. It does not give personal investment advice.
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