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There are a multitude of certifications for financial professionals. Each one specifies a distinct type of service an advisor is qualified to offer. A retirement management advisor (RMA) is one ...
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The Series 7 is a three-hour, forty-five-minute exam. [1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9] Average study time is between 80 and 150 hours depending on current financial knowledge. [10]
There are a total of 140 questions, but an extra 10 questions do not count towards the final grade. Source: [4] The examination is a closed book test. On completion of the examination, the score for each section and the overall test score are immediately available to the candidate. Prior to January 1, 2010, a score of 68.5% was required to pass.
Graphics interpretation questions ask test takers to interpret a graph or graphical image. Each question has fill-in-the-blank statements with pull-down menus; test takers must choose the options that make the statements accurate. Multi-source reasoning questions are accompanied by two to three sources of information presented on tabbed pages.
The questions were developed by the IRS and the IRS test vendor, Prometric, Inc., based on a job analysis survey sent to 700,000 tax return preparers. The computer-based exam must be taken at one of 260 U.S. test centers operated by Prometric. The test covered preparation of the Form 1040 series and its related schedules.
Values used in calculating financial ratios are taken from the balance sheet, income statement, statement of cash flows or (sometimes) the statement of changes in equity. These comprise the firm's "accounting statements" or financial statements. The statements' data is based on the accounting method and accounting standards used by the ...
ETS provides preparation software called PowerPrep, which contains two practice tests of retired questions, as well as further practice questions and review material. Since the software replicates both the test format and the questions used, it can be useful to predict the actual GRE scores.