# Series 7 - 71% on first attempt **URL:** \ **Category:** FINRA Series 7\ **Created:** [October 23, 2023, 1:59pm UTC](https://talk.achievable.me/t/series-7-71-on-first-attempt/4230 "2023-10-23T13:59:28Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![Warren\_Prosacco](https://talk.achievable.me/letter_avatar/warren_prosacco/32/5_5575768a8748004e209b776fc1b2916d.png) [@Warren\_Prosacco](https://talk.achievable.me/u/Warren_Prosacco)\ **Post date:** [October 23, 2023, 1:59pm UTC](https://talk.achievable.me/t/series-7-71-on-first-attempt/4230/1 "2023-10-23T13:59:28Z")
Feeling a little bummed, I was consistently scoring in the 80s on Achievable so not quite sure what happened. Function 1 (Seeks Business for the Broker-Dealer from Customers and Potential Customers): **Low** Function 2 (Opens Accounts After Obtaining and Evaluating Customers’ Financial Information): **Borderline** Function 3 (Provides Customers with Information, Makes Recommendations, Maintain Records): **Low** Function 4 (Obtains and Verifies Customers’ Instructions; Confirms Transactions): **Adequate** Are there any tips in what areas I should focus on? Questions that I know for sure got me were REITs, UITS, BDCs, and Interval Funds. What really threw me off were a few questions about name changes. I don’t recall seeing that in the materials. ---
**Author:** ![brandonrith](https://talk.achievable.me/user_avatar/talk.achievable.me/brandonrith/32/29_2.png) [@brandonrith](https://talk.achievable.me/u/brandonrith)\ **Post date:** [October 23, 2023, 5:45pm UTC](https://talk.achievable.me/t/series-7-71-on-first-attempt/4230/2 "2023-10-23T17:45:15Z")
Hi @Warren_Prosacco - sorry the exam didn’t go your way. Your biggest area of opportunity is Function 3, as it represents 73% of your exam (91 total questions). The concepts you referenced (REITs, UITs, BDCs, and interval funds) are primarily from Function 3. Anything relating to the characteristics, risks, and/or suitability of an investment product or security can be attributed to Function 3. As you likely noticed, we cover suitability throughout our materials. I recommend focusing on Units 1-9 and 16 to improve your knowledge. Pay particular attention to the ‘Suitability’ chapters embedded in those units. I wouldn’t be too concerned about Function 1, as it only represents 7% of the exam (9 total questions). The most important concepts from this Function are: - [FINRA communication standards](https://app.achievable.me/study/finra-series-7/learn/rules-and-ethics-public-communications-general-standards) - [Types of public communications](https://app.achievable.me/study/finra-series-7/learn/rules-and-ethics-public-communications-types) - [Investment company communications](https://app.achievable.me/study/finra-series-7/learn/laws-and-ethics-public-communications-investment-company-communications) - [The IPO process](https://app.achievable.me/study/finra-series-7/learn/the-primary-market-the-ipo-process) - [Primary market exemptions](https://app.achievable.me/study/finra-series-7/learn/the-primary-market-exemptions) - [General obligation bond issuance](https://app.achievable.me/study/finra-series-7/learn/municipal-debt-general-obligation-bonds-issuance) - [General obligation bond underwriting](https://app.achievable.me/study/finra-series-7/learn/municipal-debt-general-obligation-bonds-underwriting) I also wouldn’t be too concerned about Function 2, as you were ‘borderline’ (average) and it only represents 9% of the exam (11 total questions). You did well in Function 4 (‘adequate’ is the highest grade), so all good there. I recommend you spend about a week reviewing the units and chapters referenced above. Re-read chapters, re-take the quizzes, and keep up on your assigned reviews. After, jump back into practice exams and take/review them as much as possible. If you notice you’re scoring consistently low in a particular unit (e.g., Options, Municipal debt), spend some time reviewing that unit. Rinse and repeat until your retake. A 71% is so “bittersweet” - it’s tough to get into the 70s, so you should celebrate that! But, you didn’t quite make it to the 72% mark. Continue to learn and build your knowledge, and I’m confident you’ll do enough to get one or two more questions right on your next exam. Last thing - you mentioned name changes. Were these in relation to U-4 updates? Or something else? Don’t share any specific questions from the exam, but I want to identify the concept you encountered and point you to where we cover it in our materials. ---
**Author:** ![Warren\_Prosacco](https://talk.achievable.me/letter_avatar/warren_prosacco/32/5_5575768a8748004e209b776fc1b2916d.png) [@Warren\_Prosacco](https://talk.achievable.me/u/Warren_Prosacco)\ **Post date:** [October 23, 2023, 6:15pm UTC](https://talk.achievable.me/t/series-7-71-on-first-attempt/4230/3 "2023-10-23T18:15:45Z")
Hi @brandonrith , Thanks for the helpful response and guidance! The score was definitely bittersweet knowing that I missed out due to a single question. Stinks that I have to wait 30 days until I can retest but hopefully that’ll give me enough time to get over the hump. (Hopefully by more than 2 questions!) Regarding my mention of name changes - it wasn’t pertaining to U-4 updates but changes to an investor’s account. I don’t recall the exact verbiage but the question had more to do with whether a trade could be executed while a name change was pending. ---
**Author:** ![brandonrith](https://talk.achievable.me/user_avatar/talk.achievable.me/brandonrith/32/29_2.png) [@brandonrith](https://talk.achievable.me/u/brandonrith)\ **Post date:** [October 24, 2023, 4:29pm UTC](https://talk.achievable.me/t/series-7-71-on-first-attempt/4230/4 "2023-10-24T16:29:09Z")
It’s likely FINRA was testing Rule 4515, which covers name changes and trade executions. We cover the rule in [this chapter](https://app.achievable.me/study/finra-series-7/learn/the-secondary-market-customer-orders-rules). Here’s a quote: > Another example of a situation requiring principal approval relates to name changes. For example, let’s assume a customer gets married and changes their last name. Shortly after being married, the customer requests for their name to be changed within the broker-dealer’s system. At the same time, the customer submits a trade request. [FINRA Rule 4515](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4515) requires the name change be reviewed and approved by a securities principal before any trades can be executed.