Start your preparation for the Series 7 Exam by taking a practice exam before studying any of the material. This will give you a benchmark score that you can use to rate your improvement. It will also allow you to discover which topics are your weakest. You will need to spend the most time studying these topics. Do not be discouraged if you score low on your first practice exam.
You can obtain free study information from FINRA, but it is advised to buy an additional study manual for the Series 7. Any major bookstore or online book retailer will have a large selection of Series 7 study manuals. The benefit of buying your own study manual is that it will give you tips and tricks not listed in the official FINRA study guide. Also, study manuals give you many more practice tests that will help you prepare for the test more thoroughly.
The mistake that many people make when studying for the Series 7 Exam is that they jump around from topic to topic. Granted, there are a lot of topics to cover. But if you take your time and study each topic in detail you will retain the content much better. After you finish studying a topic answer the practice questions relating to that topic in your Series 7 study guide.
After you finish studying all of the topics, take another practice exam. While scoring the exam, determine your weakest topics and spend more time studying these topics. Then, review the questions you got wrong on the practice exam in each topic. Another mistake that people make when studying for the Series 7 Exam is they have too much faith that their strong topics will carry them through the exam. The Series 7 is structured in such a way that you need to know at least the basics of every topic in order to get a passing grade.
The Series 7 Exam is administered on a computer. Make sure to take at least one of your practice exams on a computer. Luckily, most of the Series 7 study guides come with practice exams on a CD-ROM that mimic the actual Series 7 testing environment. It is important to become familiar with the test layout on the computer to ensure you are comfortable while taking the actual test.
Never take a full practice test the night before the real Series 7 Exam. You will likely be nervous and distracted before the exam. If you do poorly this will weigh heavily on your confidence. Instead, only spend a few hours reviewing your notes the night before the exam. At this point, the best thing you can do is relax and make sure you get a good night's sleep before the exam.