Having to retake a FINRA exam after a failed attempt can be a daunting task. Utilizing best practices and avoiding the common pitfalls can make all the difference. Here we show you what you need to do to get ready for your second attempt and how to avoid common mistakes.
Pitall Number 1: Keep using the same test bank over and over
This is a common mistake people make when preparing for a second attempt. No matter how many questions a provider offers in their test bank, students who continue to go though the questions begin to memorize the questions. At this point students see their scores on practice exams going up. However, this is simply because they recognize many of the questions. If your scores are going up and the time it takes you to complete the exams goes down, this is a big red flag. It indicates that the questions have been memorized. At this point your scores are not an indication of readiness.
How To Avoid This Mistake
Most students purchase training materials from multiple publishers when preparing for securities exams. Purchase a test bank from another publisher. You will see new questions and your scores will be more reflective of your level of preparation.
Pitall Number 2: Not reading the book again
Having to wait at least 30 days to retake an exam causes knowledge to be lost during the waiting period. Students must maintain their level of proficiency. Having failed the exam it is important to fill knowledge gaps and to retain the knowledge they had on test day.
How To Avoid This Mistake
To achieve both these objectives students must read the book. Taking test questions over and over will not provide you with the knowledge needed to be successful on the exam. Test questions are crafted to help students apply the knowledge, not to teach the information. Go back and reread the book.. This is particularly important if the student had completed reading the book two or three weeks prior to the first exam.
Pitall Number 3: Only studying the weak performance areas
This is the biggest issue that causes students to fail the exam for a second time. What happens here is:
- Students see their performance improve in the areas where they scored poorly
And
- See the areas where they scored well go down because they did not focus on those topics .
The result is often another failed attempt
How To Avoid This Mistake
Approach your second attempt as if you are preparing for the exam from scratch. Read all of the chapters, watch all of the videos. Take practice tests in all topics. Focus more attention on the weak areas, but you must focus on all areas.
Best Practices for success on your second exam
Make a comprehensive report of your experience on your first exam. Make notes on:
- The topics and types of questions you saw
- The topics and types of questions you struggled with
- The topics and types of questions you were confident with
- How much time you took to complete the exam
- How many questions you marked for review
- Did you change any answers
This report should be made as soon as practicable after you complete the exam. This will allow you to create the most accurate report. It is a great roadmap for your preparation.
There is good news
You have already seen the exam. This relieves you from the anxiety of not knowing what you are going to see on the exam. The style and content of the test will not change dramatically. This gives you the advantage. You will not see the same questions, but the exam will be presented in the same format with the same level of difficulty.
Use these best practices and avoid the common pit falls and you will be successful on exam day.
Good Luck on your exam!
The Securities Institute of America