SIE Exam

[djhiram]

Guys and gals,

Hope everyone had a nice holiday and enjoyed their time with their loved ones. I’ve been offered a conditional promotion at work. It’s contingent on me passing the Florida SIE (Securities Industry Essentials) Exam and later the Series 6 top off exam.

I am really struggling to understand some of these concepts and since it all builds up, having a hard time understanding the material. I find myself just going through the motions to keep up with the lessons but not truly understanding and learning.

Any tips or suggested reading from the resident gurus?

Thanks so much in advance.

[jrs146]

Here is my advice:

What program are you using? I recommend the Kaplan program.

Read each chapter and then take the quiz online. Always take a quiz where you immediately get the answer. If you get it wrong read the explanation and go back to the pages in the book.

When you’re all done bang out as many practice quizzes as you can. Always with the answers right away.

If you’re having trouble with a few sections let me know and we can chat over the phone for 30 minutes. I’ll get you ship shape.


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[TheVTCGuy]

Hiram, I wish I could help, but I am not even smart enough to spell SI- Er.. Se.. I Uhm... S... AeeI....

Well, I wish you the best of luck my friend and allow me to bid you an early congratulations on your promotion!

[djhiram]

Originally Posted by jrs146

Here is my advice:

What program are you using? I recommend the Kaplan program.

Read each chapter and then take the quiz online. Always take a quiz where you immediately get the answer. If you get it wrong read the explanation and go back to the pages in the book.

When you’re all done bang out as many practice quizzes as you can. Always with the answers right away.

If you’re having trouble with a few sections let me know and we can chat over the phone for 30 minutes. I’ll get you ship shape.


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I keep hearing good things about Kaplan. Since I’m sponsored I wasn’t able to choose. We were assigned Pass Perfect. The practice quizzes give you answers, but for some reason the videos that teach you the concepts and are attached to the lessons don’t play. Depending on the content of the videos, this may help me since I am a very visual learner. I think I’m going to try logging in from my home computer and see if it’s a browser issue.

I appreciate the phone call offer very much.

Let me hit the books hard this week after work and give it till the weekend and see where I’m at before I do that.

Test date is 12/14.

[jrs146]

Originally Posted by djhiram

I keep hearing good things about Kaplan. Since I’m sponsored I wasn’t able to choose. We were assigned Pass Perfect. The practice quizzes give you answers, but for some reason the videos that teach you the concepts and are attached to the lessons don’t play. Depending on the content of the videos, this may help me since I am a very visual learner. I think I’m going to try logging in from my home computer and see if it’s a browser issue.

I appreciate the phone call offer very much.

Let me hit the books hard this week after work and give it till the weekend and see where I’m at before I do that.

Test date is 12/14.

No problem brother. Good luck and my offer stands.


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[djhiram]

Originally Posted by TheVTCGuy

Hiram, I wish I could help, but I am not even smart enough to spell SI- Er.. Se.. I Uhm... S... AeeI....

Well, I wish you the best of luck my friend and allow me to bid you an early congratulations on your promotion!

Thank you Paul! Hoping I can hold up my end to make it official. Thanks for the moral support anyway, even if you can’t spell.

[CamSLC]

I used Kaplan in a previous career (7/63/65). Doing as many practice test as possible was what worked for me and others.

[bdex75]

Kaplan. It is not the cheapest but it is the best in my opinion.

I have been waiting as I want to take my 7 and didn’t want to have to do the huge 7 exam as I am also studying for my CFP.

I have had a 6/63/65 CLU and ChFC for years. Had a 26 and once I got out of management my firm would no longer hold.

Your firm cannot tell you that you can’t spend your own money on the Kaplan materials. Do whatever it takes to pass.

I would also offer to help you if you are struggling with a specific concept.


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[Wcdhtwn]

Originally Posted by djhiram

Guys and gals,

Hope everyone had a nice holiday and enjoyed their time with their loved ones. I’ve been offered a conditional promotion at work. It’s contingent on me passing the Florida SIE (Securities Industry Essentials) Exam and later the Series 6 top off exam.

I am really struggling to understand some of these concepts and since it all builds up, having a hard time understanding the material. I find myself just going through the motions to keep up with the lessons but not truly understanding and learning.

Any tips or suggested reading from the resident gurus?

Thanks so much in advance.

Read the material thoroughly once. I stress once. Then take as many practice tests as possible. Get to the point you’ve seen so many questions and know the answer that you can guess the answer before finishing reading the question. This is like getting any other license, learn how to pass the test, what you need to know for your job will be much different that what you learn to pass the exam.

I’ve had my series 7, 6, 63, 65, life&health insurance licenses. They are all the same. The info is more boring than difficult. Good luck. And I’ll remind you, take practice tests, even if you get 30% on them just keep taking them. Learning the tricks to the questions is essential and you can’t without practice exams.


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[djhiram]

As an update:

As much as I review, I am having considerable difficulty understanding and processing the following:

- Lingo (so many diff ways to say something)
- Calls and Puts (long/short, etc.)
- Strategies
- Hedge

Since I don’t understand it so well, scenarios and equations aren’t being answered correctly. My practice scores are taking a hit and I’m afraid I’m beginning to panic a little. I realize this is the meat & potatoes of what this is all about but after watching videos, listening to webinars and the like, I haven’t been able to find an easy way to keep my head on straight about these things. I’m terrified of failure.

All else thus far is a walk in the park. Anyone have any tips on the above?

I thank you all in advance for trying to help me keep my head from spinning.

[GerardoG]

Originally Posted by djhiram

As an update:

As much as I review, I am having considerable difficulty understanding and processing the following:

- Lingo (so many diff ways to say something)
- Calls and Puts (long/short, etc.)
- Strategies
- Hedge

Since I don’t understand it so well, scenarios and equations aren’t being answered correctly. My practice scores are taking a hit and I’m afraid I’m beginning to panic a little. I realize this is the meat & potatoes of what this is all about but after watching videos, listening to webinars and the like, I haven’t been able to find an easy way to keep my head on straight about these things. I’m terrified of failure.

All else thus far is a walk in the park. Anyone have any tips on the above?

I thank you all in advance for trying to help me keep my head from spinning.

Yup. Tequila.

[Abdullah71601]

Originally Posted by djhiram

As an update:

As much as I review, I am having considerable difficulty understanding and processing the following:

- Lingo (so many diff ways to say something)
- Calls and Puts (long/short, etc.)
- Strategies
- Hedge

Since I don’t understand it so well, scenarios and equations aren’t being answered correctly. My practice scores are taking a hit and I’m afraid I’m beginning to panic a little. I realize this is the meat & potatoes of what this is all about but after watching videos, listening to webinars and the like, I haven’t been able to find an easy way to keep my head on straight about these things. I’m terrified of failure.

All else thus far is a walk in the park. Anyone have any tips on the above?

I thank you all in advance for trying to help me keep my head from spinning.

I had similar problems with thermodynamics years ago. I found a mentor who could explain it using what I already was good at. I would suggest you hook up with someone that can easily tie all the new concepts to what you do now. Work it over beer and pizza. Relax and allow the connections to settle before you move to the next topic.

[Etschell]

Originally Posted by djhiram

As an update:

As much as I review, I am having considerable difficulty understanding and processing the following:

- Lingo (so many diff ways to say something)
- Calls and Puts (long/short, etc.)
- Strategies
- Hedge

Since I don’t understand it so well, scenarios and equations aren’t being answered correctly. My practice scores are taking a hit and I’m afraid I’m beginning to panic a little. I realize this is the meat & potatoes of what this is all about but after watching videos, listening to webinars and the like, I haven’t been able to find an easy way to keep my head on straight about these things. I’m terrified of failure.

All else thus far is a walk in the park. Anyone have any tips on the above?

I thank you all in advance for trying to help me keep my head from spinning.

https://www.testprepreview.com/serie..._breakdown.htm

i know a lot of it but just through professional experience. a review course may help as well.

[cruise_bone]

This brings back memories. The 6 isn't too bad. I may have used Kaplan for the 7/63/65 but damn, it was soooooo long ago, I don't remember. Just be happy that the CPA and CFP are much tougher. LOL.

I think the key would be taking as many review exams answering as many multiple choice questions as possible. You WILL start to understand the concepts that you are struggling with the move you go over questions. Don't be so concerned about knowing all the lingo right now. Keep doing questions and I guarantee they will come to you. There will be a point where you may physically feel that AHA moment when it all clicks.

The only way I passed the CPA exam was using a course (Conviser Duffy) and answering 3k multiple choice questions over, and over, and over again. Yup, 3k. Never did a single long problem or essay question. 100% of my prep was multiple choice questions.

You may have to treat it like a second job - as much time as it takes until you get those concepts down. Once you know them backwards and forwards in your sleep, you will sail through. And seriously, this should only take a couple to a few weeks.

Puts and calls are simple, in hindsight. Just remember that one has unlimited upside and one has limited downside, depending on whether you are buying or selling that a particular puts/calls. Unless you get into uncovered stuff. OK, they can be a little confusing, but I promise there is a road map and they will seem easy once you see them enough.

[Wcdhtwn]

You are learning options for the 6? That must be new. Anyway options, calls and puts. Remember this saying "call up; put down". That means calls are bought when the buyer think the price of the underlying stock will go up. Puts are bought when the buyer expects the price of the underlying stock to go down. If you sell/ short a call you think the price is going to stay flat or go down, sell a put when you think the stock is going to go up. Just remember the saying and the other side is obvious.

Options are contracts, you buy one from someone who sells one. If stock XYZ is at 50 and you think it's going to go up you can buy a call. The person selling the call disagrees, they think XYZ is going to stay flat or go down. So you buy the 50 call, and you are correct! It goes to 60. Now what? Most people will sell the call as it will have gone up in value, assuming the expiration date isn't imminent. Your other choice is you can exercise the option against the seller, you get to buy 100 shares from him at 50 instead of having to buy 100 shares in the market at 60. He has to sell a stock worth 60 to you at 50. You bought that right in the contract. You paid the price of the option to him, so he has that payment to offset the $10/ share he loses. If he was smart he already owned the shares, so when he sold the option he sold a "covered call". He doesn't have to go to the market and buy at 60 to sell it to you at 50. If he didn't own the shares of XYZ and sold a call that is an "uncovered call" and highly risky. If the stock went to $160, he'd have to go buy at $160 and sell to you at $50.

Puts are the opposite. You think XYZ is going down, you buy a put. The seller thinks XYZ is going to go up, or stay flat. Good news! You were right again. XYZ went from fifty to forty. Your put increases in value. You also have the right to put the stock to the seller at fifty, he has to buy the stock from you at fifty though it's now only $40 in the market.

Other option strategies are variations on these. Spreads, stratles, butterflies, etc. much too complicated to explain here, the best way to figure them out is look at each option position individually as it relates to the price of the underlying stock, then consider them as a whole. These are all basically complicated ways to profit if a stock moves one way but limit risk if it goes the opposite direction.

Hope this helps, and good luck! Keep taking practice exams...

[djhiram]

Wanted to share with everyone that I passed. Thank you all for your suggestions! Series 6 top off exam is next. Then 63.

[Abdullah71601]

Congrats!

[returntorolex]

Congrats on passing! I passed my Series 7 and 63 in November 1987. Rough time to enter the business....

[chicagonoob]

Nice work!! Gotta feel good to knock that out before Santa shows up! I remember waiting for the score to pop on screen for the 7 many years ago...nerve wracking to say the least!

[TheVTCGuy]

Congrats Hiram! I know absolutely nothing about it, but congratulations for passing!

[kcmo]

Originally Posted by TheVTCGuy

Congrats Hiram! I know absolutely nothing about it, but congratulations for passing!

X2

[djhiram]

Thank you all. Yea the worst part was the end.

“Do you want to end your exam”

Yes

“Are you sure you want to submit your answers”

Yes

“This will end your exam. Are you sure?”

YESSSSS

*

[bdex75]

Congrats!!! Just looked at the Series 7 top off as I am going back into private practice after many years and will need it. Not looking forward to it but Kaplan has a class in Indy in February so that should help.


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[djhiram]

Series 6 Top Off exam today. Focus is packaged products (Mutual Funds) and Variable Annuities. Really hoping I pass on the first shot. I can’t take another 30 days of studying this material *

[teqp]

Originally Posted by djhiram

Series 6 Top Off exam today. Focus is packaged products (Mutual Funds) and Variable Annuities. Really hoping I pass on the first shot. I can’t take another 30 days of studying this material *

Good luck!

[Etschell]

Originally Posted by djhiram

Series 6 Top Off exam today. Focus is packaged products (Mutual Funds) and Variable Annuities. Really hoping I pass on the first shot. I can’t take another 30 days of studying this material *

I feel your pain I just finished my last CPA test, hopefully, 7 months and 400 hours later.

[GradyPhilpott]

All I can say is that I always tried to read everything at least three times in college and grad school and I studied for months for my professional exam, using materials handed down from others.

Others whom I knew at the time attended seminars.

Good luck.

[djhiram]

As an update to my virtual family. I passed my final exam today and am now fully licensed for the bank.

Series 6 License:

Able to register as a registered rep and sell mutual funds, variable annuities and insurance.

Cannot sell corporate or municipal securities, direct participation programs or options.

Series 63 License:

Entitles you to solicit orders for any type of security in a particular state. Must be acquired in combination with a Series 6 or 7 to sell securities. (See above)

Florida Agent License (214)

Licensed to sell life, annuities, and variable contracts.

Glad it’s over! Thank you for all the well wishes. As they say, now the real fun begins.

[walds11]

Congrats Hiram! I remember taking these exams back in 2001 when I started with the bank. I had an investment background, so the 6 exam was a piece of cake. The PA Life wasn’t too far behind, but I thought the 63 was really tough. Anyway, I got into a new position within the bank just over 6 years ago and all my licenses lapsed.

[Etschell]

C9ngrats