Just want to give the Achievable team a massive thank you for helping me get through the SIE, 66, and now 7, all on the first go!!! I cannot stress enough how amazing the program is overall and how instrumental it was in my success.
Preparation:
94% readiness; 13 practice exams (all passed!)
Exam observations:
The exam is immensely challenging, and I was legitimately exhausted at the end. On a difficulty scale of 1–10, it was an 11 (I’m not even joking), and that’s with me having a finance background in capital markets AND already passing both the SIE and 66. Time management was never an issue for me during my practice exams, and I consistently finished with at least an hour remaining. However, I nearly ran out of time on the actual exam.
Question Style and Format:
Just like the material states, UNDERSTAND THE CONCEPTS. The exam tested deep understanding rather than simple memorization. Many questions involved picking the “least terrible” answer. For instance, a question would be:
Which investment is best for a client in the 37% tax bracket looking for a tax-advantaged income?
A) Listed ETF
B) Investment Grade Bond Fund
C) US Government Bond Fund
D) Growth & Income Fund
Notice how none of the choices are munis! You have to know exactly how each can provide returns and how those returns are taxed. That one question alone covered topics from five chapters (likely more), and the exam is full of them.
Calculation questions outside of options were rare, and I didn’t have any that asked me to recite a formula verbatim (i.e., conversion ratio = par / conversion price). Again, the emphasis was placed on understanding a broad range of financial products and whether or not they are appropriate for a specific situation.
Another challenging aspect was the difficulty in whittling down the incorrect answers. With the practice exams, it was fairly easy to eliminate at least two of the choices. However, on the actual test, I was usually only able to remove one. Just as with the question above, a fundamental understanding of each product is crucial.
Recommendations and Key Points:
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Truly understand each product family.
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Don’t just pick the correct choice on the practice exams; instead, you need to be able to elaborate on why the other choices aren’t correct. Even if you know that choice “A” is the right answer, if you can’t thoroughly explain why “C” is wrong, flag it and review that topic.
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Take at least 10 practice exams and thoroughly review each question, not just the ones you got wrong.
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Really study preferred stocks, options, taxes, and recommendations.
Again, thank you to the Achievable team! Please make a Series 79!!!
That’s an incredible accomplishment, and we’re so proud to have been part of your journey.