Passed Series 7 Yesterday

I passed my Series 7 exam yesterday and it was a LOT harder than the SIE in my opinion. There were lot more math-based questions (especially on options) and a lot more time-consuming questions, some of which required multiple calculations.

I would say it would be a good idea to focus on knowing the material and not just take practice questions/exams absentmindedly.

There were some questions on my exam that gave away answers to or at least eliminated choices of other questions so make sure to look for similar questions when you’re reviewing your exam; I even got 2 questions that were literally the same question asked in slightly different ways with the same exact answer choices.

@brandonrith I did get 2 questions that asked about which yield(s) show up on a callable municipal bond trade confirmation and some of the choices (I don’t remember exactly which question had which choices) were: Current; both YTM & YTC; the higher of YTM & YTC; the lower of YTM & YTC. I did not see in the study materials any mention of yields having to be disclosed on a trade confirmation. Is this something that’s not testable at the moment?

Anyway, thanks @Justin @brandonrith & the rest of the team for all your hard work and support. On to the 63.

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Congrats on passing your Series 7, and thanks for sharing your feedback! :blush:

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@Mass_coffee_louse I believe what you are referencing is the Yield to Worst, Lower of YTM or YTC is provided in callable bond quotes.

Discount bonds - YTM is quoted
Premium bonds - YTC is quoted

Is this right, @Justin ?

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Congratulations on your exam success, @Mass_coffee_louse! I’m so happy for you! To answer your and @Amber_Hegmann’s question, it seems like the test was focusing on the ‘yield to worst’ concept, which is covered in this chapter. As @Amber_Hegmann said, YTM is provided when a discount bond is quoted/purchased, and YTC is provided when a premium bond is quoted/purchased.

I made some updates to the program to make sure it’s 100% clear the ‘yield to worst’ is given when a quote is provided and on the trade confirmation. I hope this helps!