For you to become a recognized stock broker, you need to obtain both the series seven and sixty three licenses. A person working for any securities firm and has accomplished the requirements for the series 7 as well as 63 licenses is known as a registered representative. In this article we will look at how to best prepare for the series 63 licensing exam for becoming a stock broker.
What are some of the common series 63 test taking problem?
When you are preparing for your series 63 exam, the first thing is to understand the problems you will face when taking it. There are a few problems that come up when taking the series 63 exam:
- Often you will run short on time – you will be given sixty multiple choice questions to answer in seventy five minutes. That is about one minute and fifteen seconds for each question. If you dwell on one question for too long, you will have to rush for the rest of the session.
- Preparation issues – when you are preparing for your test, ensure that you familiarize yourself with any word you do not understand – it might appear on your exam. Through this, you will not spend a lot of time trying to interpret the language on the question, thus saving time.
- Question structure – series 63 exams have been known to have a very difficult structure. Most of them use double negative structure and are normally complex and long. The key to succeeding is to read them carefully while you avoid wasting a lot of time on any particular question.
How can you prepare for the series 63 exam?
Practice practice and practice
As the saying goes, “Practice practice makes perfect”. Find a good book on the series 63 test and do as many questions as you can. The more you practice, the more you will become familiar with the subject in the question and answer format – hence you will be more prepared for this exam. For instance, to reinforce your reading, you can read the question, try to answer it and then look for the answer.
Understand the definitions
The Series 63 Licensing exams are generally based on exemptions and registration – if you understand them you will be a head of the pack. Once you’ve completed this you’ll be on your way to receiving a nice stock broker salary.
When doing the exam, read the question carefully, look at the answers provided and then go back to the question. Eliminate the incorrect answers as quickly as you can and then read the question again. Select your answer and stick with it – changing the answers can lead to your downfall.
Get the simple questions right
Do not rush into a trap by not understanding the structure of the questions. Majority of the questions are often easy, but their structure makes them to look hard.