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Financial advisor

The 3 Benefits of Taking Practice Tests

We’ve all heard that practice makes perfect. This old saying couldn’t be more true than when you’re preparing for an important test, like the financial industry’s Series 7 licensing exam. While adequate preparation for this exam includes study steps like reading the study manual, watching videos and studying flashcards, nothing prepares you more effectively than completing Series 7 practice questions and full exams.

These are the top 3 benefits of completing as many practice questions as you can before the final testing day.

Format Experience

The last thing you want on exam day is to be surprised by the content and style of the questions. Practicing questions from your exam bank, and especially a sufficient number of 125 question tests on all topics, will acquaint you with the technical information, question style and pacing you must master to pass your test. You need to learn how to move through difficult questions without getting distracted, and to pace yourself so there’s no anxiety about running out of time. It’s surprising how challenging it can be to stay focused through 125 questions. By simulating the experience, you can ensure you have the necessary skills and endurance.


Technical tests like the Series 7 are designed to evaluate your knowledge of many industry topics and rules. Although the scope of material is very broad and you may wonder how you will ever learn everything you need to know, self-evaluation of your practice exam results will help you zero in on your areas of weakness. By addressing each topic where you scored low with more questions, and carefully learning from your mistakes, you’ll continue to broaden your knowledge. You’ll also see improvement in your scores, and it won’t be long until you start averaging in the mid-70’s and higher – indicating you are ready to test successfully.

Material Readiness

There’s a difference between memorizing material and being able to apply it in the context of exam questions. Practice questions are the best way to prove that you can express what you know in any of the variety of ways the information could be tested. It’s not only definitions and recall of terms that are important; you will need to learn how terms and rules are differentiated, compared, and applied to be successful on Series 7. The more practice questions you complete, the better prepared you will be for the style of questions you will encounter and any calculations you may be required to perform.

To put yourself in the strongest possible position to pass your Series 7 exam, plan to complete as many practice questions as possible and strive for continued improvement in your scores.

Dave's mission (and job: Managing Director of Course Design) is to make FINRA exam training engaging, approachable, and dare he even say, enjoyable. Having trained and coached over ten thousand students to exam success he knows how to present complex subjects in memorable and understandable ways. Prior to joining Knopman Marks in 2011, Dave practiced bankruptcy law at Weil, Gotshal & Manages and served as a law clerk in a the Southern District of New York Bankruptcy Court working on the General Motors and Lehman Brothers bankruptcies. Building on his legal expertise and training allows him to keep all our courses updated with the latest legislative and rule-making changes. Dave currently trains for the Securities Industry Essentials (SIE) exam and the Top-Off Series 6, 7, 24, 57, 63, 65, 66, 79, 86, 87, and 99 exams. He also delivers executive one-on-one training and shares his passion for learning outside of work as a ski instructor and yoga teacher. Dave graduated magna cum laude from Fordham Law School, and cum laude with a BA from the University of Pennsylvania.