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Series 79
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Series 79 - FINRA INVESTMENT BANKING EXAM
Limited Representative-Investment Banking.
Essentials Package
Need the basics to help you pass? Look no further! The Essentials Package comes with our bestselling exam book and our industry-leading online exam simulator. Used successfully by thousands, this powerful combination gives you what you need to learn and retain the material by testing yourself as you go. Studies show that learning followed by practice testing is the most successful study method ("Retrieval Practice Produces More Learning than Elaborative Studying with Concept Mapping" by Jeffrey D. Karpicke and Janell R. Blunt, January 2011). Get all you need with the Solomon Exam Prep Essentials Package and feel confident when you step into the exam room. Includes daily updates to the Exam Simulator and up to five "Ask the Professor" emailed content questions. Premium Package
If you want the essentials, plus the option to learn by listening, then the Premium Package is for you. The Premium Package comes with our bestselling book and audio guide so you can learn on your commute, at the gym or anytime you’d prefer to listen to the material rather than read it. The Premium Package also includes 90 days access to our industry-leading online exam simulator so you can learn and retain the material by testing yourself as you go. Studies show that learning followed by practice testing is the most successful study method ("Retrieval Practice Produces More Learning than Elaborative Studying with Concept Mapping" by Jeffrey D. Karpicke and Janell R. Blunt, January 2011). Start studying today with the Solomon Exam Prep Premium Package for the Series 79 so you can feel confident when you step into the exam room. Includes daily updates to the Exam Simulator and up to ten "Ask the Professor" emailed content questions. Total Package
If you're the kind of person who doesn’t like to leave anything to chance and you want the best shot of passing the Series 79 exam the first time, then you want the Total Package. The Total Package comes with our best-selling book, audio guide, 90 days access to our industry-leading online exam simulator and our excellent live, online course from Professor Karen Solomon. The Total Package is ideal for those who benefit from a multi-media approach to learning AND want to learn from a live instructor. Get all you need with the Solomon Exam Prep Total Package for the Series 79 so you can enter the exam room with confidence. Includes daily updates to the Exam Simulator and up to fifteen "Ask the Professor" emailed content questions.
Series 79 - Phone/Tablet Apps
Have 30 minutes to wait while your daughter is finishing her ballet class? Don't just sit there doing nothing. Pull out your iPhone or Android device and use that time to study for your upcoming exam. iPhone/iPad app for the Series 79
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Who needs to take the Series 79 Exam?
If you work for a FINRA member firm (are an “associated person” in the language of the regulators) and you work as an investment banker, according to FINRA rules, you must pass the Series 79 exam and register as an Investment Banking Representative. FINRA and the SEC define investment banking as being work that falls into the following two broad categories:
“Advising on or facilitating debt or equity securities offerings through a private placement or a public offering, including but not limited to origination, underwriting, marketing, structuring, syndication, and pricing of such securities and managing the allocation and stabilization activities of such offerings, or
Advising on or facilitating mergers and acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions, including, but not limited to rendering a fairness, solvency or similar opinion.”
If you do any of the above, according to FINRA and the SEC, you need to have the Series 79 investment banking registration.
If you want more detail, read FINRA Rule 1031, Registration Requirements, and FINRA Rule 1032, Categories of Representative Registration.
Who can take the Series 79?
In order to take the Series 79, you must be “associated with a member” which means you must be employed and sponsored by a FINRA member firm. Also, your employer has to approve your registration for the FINRA “Limited Representative -- Investment Banker” registration category. The member organization must file form U-4 on behalf of the registrant and pay the fee. Once your application has been accepted, FINRA will give you a 120-day “window” in which you can schedule and take your examination at a testing center.
Are there any prerequisites for the Series 79?
There are no official prerequisites for the Series 79 exam. However, accounting, finance and a fairly sophisticated understanding of the capital markets are unstated prerequisites for the Series 79. They are unstated because the industry, as represented by the FINRA Series 79 exam-writing committee, assumes that if you want to be an investment banker you need to know your stuff. Quoting FINRA “As a qualification examination, it is intended to safeguard the investing public by seeking to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the major functions of an entry-level investment banker.”
What is on the Series 79?
The exam is divided into four functional sections.
Section one is “Collection, Analysis and Evaluation of Data.” With 75 questions (43% of the exam) this is the largest section of the Series 79, and, for many, it is the most challenging part of the exam. To answer questions in section one of the Series 79 exam, you need to have a working knowledge of accounting and finance. Section one of the exam requires the test-taker to be able to read financial statements and analyze based on the data.
Section two of the exam, “Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities,” is 43 questions long (25% of the exam). It is the second largest section of the 79 exam and it focuses on the registration of securities with the SEC as well as safe harbors and exemptions from registration.
Section three, “Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions,” rings in at 34 questions (19% of the exam). Section three focuses on acquisition structures, taxes, accounting methods, bankruptcy, and the role of the sell-side and buy-side advisor during a sale. For most test-takers section three of the Series 79 is the second most challenging section of the exam, in part because much of the material is unique to the investment banking industry.
The fourth section of the exam, “General Securities Industry Regulations,” contains 23 questions (13% of the exam). The material in section four is tested in other FINRA exams and tends to be the part of the 79 exam that most test-takers have the least difficulty with.
How long is the Series 79?
There are 175 scored questions and 10 unscored “pretest” questions, making the Series 79 exam 185 questions long. The 10 unscored ”pretest” questions are not identified and distributed randomly throughout the exam. The exam is five hours long. You can take a break but the clock is ticking while you do so don’t to dawdle. There is no penalty for wrong answers, so if you run short of time, try to answer every question, even if you have to guess.
What is a passing score for the Series 79?
FINRA has not published a passing score for the Series 79, instead they say that they grade the exam on a “floating curve” which means that “the passing score will fluctuate moderately from examination to examination.” Those who have taken the Series 79 and passed, generally report getting a minimum score of 73 or 74.
How often is the exam updated?
The 14-member FINRA Series 79 exam committee meets regularly and they work hard to keep the questions fresh, accurate and relevant. You should assume that the 79 exam will test current laws and practices.
How hard is the Series 79 exam?
Solomon Exam Prep customers who have passed the Series 79 exam say that it is a difficult exam, particularly for test-takers who do not have education and work experience in accounting and finance. Additionally, the Series 79 exam requires a broad knowledge of the rules, regulations and industry practices that govern US capital markets and investment banking.
How does the Series 79 compare to the Series 7?
Quotes from individuals who have taken and passed both exams:
“The Series 79 is ten times harder than the Series 7.”
“Like comparing Earth (Series 7) to Jupiter (Series 79).”
“The Series 7 was easy compared to the 79, the 79 is more like the CFA.”
How should I study for the Series 79?
Solomon Exam Prep recommends the following study schedule: read the Solomon Exam Prep Guide to the Series 79 Exam. As you read the guide, take handwritten notes, or make flashcards, preferably in your own words. Taking handwritten notes or writing flashcards, strengthens learning and memory. Review your notes or flashcards every day. At the end of each chapter, log on to the Solomon Exam Prep Series 79 online exam simulator and take six 20-question practice quizzes. Read the rationales and do not worry about your scores. Read each chapter in the book in this way, and when you have finished reading the entire Solomon Exam Prep Series 79 study guide, review your handwritten notes or flashcards once more. At this point, you are ready to practice on the exam simulator; take several full or half practice exams on the Solomon Exam Prep Series 79 exam simulator. Your goal should be an average score in the high-80s.
As you study for the Series 79, strive to understand the concepts, terms, and formulas and how they relate to each other. Rote memorization is not enough. The 79 exam asks complex questions that require analysis and insight. If you have trouble mastering the material for the Series 79 exam, consider taking the Solomon Exam Prep Series 79 live, online class.
Overconfidence is the #1 reason people do not pass. Successful test-takers often say that they “over-studied.” By “over-studying” they are able to pass the Series 79 the first time. Generally, this means that they read the book, often more than once, and they research anything they don’t understand. They make flashcards. They seek help if they feel they need it. Successful 79 students take responsibility for their own success, and they work much harder than those who do not pass.
What do they give me when I go into the exam?
You will receive an exhibits booklet, a simple calculator and a small whiteboard and pen or scratch paper and pencil. You are not allowed to bring any materials with you into the exam room. No food or water, for example. People who have taken the exam recommend being well hydrated before going into the exam.
Test-taking strategies for the Series 79 Exam
If you think you need to, watch the introductory tutorial a second time to make sure you understand how the exam works.
Monitor your time. Most test-takers say that time is a factor. Remember that the exam clock keeps ticking if you take a break.
When you encounter a long question, before you read the entire question, skip to the final lines to find out what is actually being asked, then go back to the beginning of the question and read the question carefully.
You are not penalized for wrong answers so make sure you answer every question.
Comments from Solomon Exam Prep customers who passed the Series 79:
“I had been studying part-time for a month, but I underestimated the amount of information I needed to know for this exam. When I realized how much I still needed to know, I took a week off of work, read the Solomon Exam Prep Guide to the 79 cover to cover, the week before the exam, and then worked on the Solomon exam simulator. For a little over a week, I just studied for the 79 exam.”
“I read the Solomon 79 book and made flashcards of everything I thought was important, then I used the Solomon 79 Exam Simulator. I loved the quizzes, took tons of them. At work, on my commute. Read the rationales, they are really helpful.”
“I am a lawyer and the legal parts were no problem but learning the quantitative stuff was tough for me, so I took the Solomon Series 79 class and I used the book and the exam simulator. I even got tutoring from Professor Solomon. In all, I probably spent three months studying for the 79. I’m glad I did, I passed the first time.”
“I do M&A for a living, and I have my Series 7, and I’ve taught college finance, and I thought this would be a piece of cake. After I got your materials, I decided to get a 30,000-foot view of what I was in for by taking a practice exam on your simulator. I had an ‘Oh, no!’ moment. It was like an ice-cold glass of water in the face. This was going to be much more work than I had expected. I read your Series 79 book and then the weekend before I took the exam, I rented a hotel room and holed up with the exam simulator and the book and just cranked. Worked for me.”
“I was a finance major in college and I did valuation as an intern and I do it all day long now in my job, so the financial questions were easy, it was learning all the rules. There are so many rules and the exam is pretty picky. I used your exam simulator, that helped, and I also made lists of all the rules and regulations and what they mean.”
I am an accountant by training. I got your book and your exam simulator. I read the book and did the exam simulator for about three weeks, passed the first time. I didn’t know the regulations and there are a lot on this exam, so I made my own visuals of what they meant and how they fit together.”
“I am in compliance, I am not a numbers person. I knew I had to do much more to pass this exam. No kidding, I studied for eight and a half months with your materials. Read the book several times, did the practice exams. Made my own note cards. Then, right before I sat for the exam, I took the Solomon Series 79 class, which was excellent. I passed the first time!”
Where can I take the Series 79?
Like other securities exams, you take the Series 79 at FINRA’s testing vendors: Pearson or Prometric.
- Pearson VUE National Registration Center - Call (866) 396-6273 (toll free), or go to Pearson VUE online scheduling.
- Prometric National Call Center - Call (800) 578-6273 or go to Prometric online scheduling.
When will I learn whether I passed?
Immediately at the testing center.
If I fail can I take the Series 79 again?
If you fail the exam, FINRA makes you wait 30 days before you can reschedule. If you fail the test three times, the waiting period is six months.
If you were within five points of a passing score, Solomon Exam Prep recommends that you redouble your efforts, work very hard, and retake ASAP. The longer you wait, the more you will forget and have to relearn. Also, the sooner you retake the exam the more likely you will encounter questions that you saw before. But the key when you retake is to prepare and learn what you need to. Take a class if you didn’t the first time. Take notes on anything you don’t understand. Re-read the textbook. Make flash cards. Get a study buddy if you can. Try not to leave anything to chance. You came close the first time and you don’t want to have to take the exam a third time.
Is there an alternative securities license?
If your investment banking work is limited to structuring private securities, FINRA says you can register either as an Investment Banking Representative and pass the Series 79 or as a Private Securities Offerings Representative and pass the Series 82 Exam instead. Ask your firm’s compliance officer.
Do I need to take any other securities exams?
According to FINRA the Investment Banking Registration does NOT cover sales or marketing of debt or equity securities to investors or potential investors. In order to make investor presentations an investment banker with the Series 79 registration would also need to be “registered as an General Securities Representative (Series 7), Corporate Securities Representative (Series 62) or Private Securities Offerings Representative (Series 82) depending on the type of offering being made.”
Additionally, in order to comply with state securities regulations most individuals with the 79 investment banking registration pass the NASAA Series 63 exam as well. Check with your firm’s compliance officer to determine if this registration applies to you.
Thank you again for your congratulations and follow-up regarding my successful completion of the Series 79 examination. The Solomon practice exams were an integral part of my preparation for the actual 79. The questions on the practice exams really tested my understanding and recollection of the materials covered on the 79. Also, having 20 question practice exams in addition to full-length exams was incredibly helpful. The quizzes allowed me to quickly assess my understanding of each portion of the exam and focus my studying. Each time I took a quiz , I read the explanation for any incorrect answers, and truly reinforced my understanding of each concept on the 79. Not to mention, it was nice to test yourself occasionally without setting aside 5 hours.
In addition to great study material, the customer service has been exceptional. Everyone at Solomon has been friendly, honest, and genuinely interested in my success. Even after purchasing the material, the follow-up and customer service was always timely and helpful. It was also a pleasant surprise to receive multiple congratulatory e-mails upon my passing of the exam.
Solomon will be my first recommendation for anyone hoping to pass the 79, especially on the first try.
Taylor Bond
EdgePoint Capital Advisors
Beachwood, OH
If you want the truth, I’m not a test taker and I was pressed for time to study for the Series 62 exam. Had I not had the Solomon review materials, I would not have passed. If you spend the majority of your time reviewing their test questions, you can pass on the first go round.
Kevin Berenzweig
Managing Partner, Retirement Strategies Group
San Diego, CA
I sat for the Series 66 on March 16th. I got an 85. I give all kudos to Solomon. The study materials were excellent.
William Crull
Metairie, LA