Studying for FINRA exams with ChatGPT is sometimes a mixed bag. It can be extremely helpful at times, and then overly confusing at others.
In today’s post, we break down when we recommend you use ChatGPT and when you should go it alone.
Studying FINRA Exams with chatGPT: It’s Probably More Obvious Than You Think
One reason we at Professional Exam Tutoring are still in business despite ChatGPT is that the application is still relatively immature.
Feedback from students who admit to using the application for some additional help has indicated that sometimes prompting ChatGPT with the same question about a specific problem results in different answers.
In short, if you copy and paste a question from a practice exam, ChatGPT may not always arrive at the right answer.
We highly recommend that you be careful when using the app in getting a sense of what is right and what is wrong. Practice exams often have nuance assumptions baked in which are not obvious to the app.
On the flipside, ChatGPT is quite helpful when it comes to studying simple definitions or looking for clarification.
What’s Helpful?
When it comes to studying for the SIE exam, or the Series 7 Exam, there is no shortage of jargon.
For example, something as basic sounding as an income bond is surprisingly counterintuitive.
An income bond is a very risky bond in fact, and also known as an “adjustment bond.” They are typically risky because an interest payment is not guaranteed.
If you are to ask ChatGPT for an explanation of an income bond, you are likely to get a fairly reasonable understanding. The application is quite excellent at providing simple explanations of definitions to a large mound of financial terms.
We also highly recommend using the application when it comes to understanding specific regulations such as the SEC Act of 1933, Rule 144, Regulation, D, etc.
Overall, when studying, ChatGPT can be an excellent resource, but use it mostly for defining one off terms, regulations, or formulas.
Avoid using ChatGPT if you are looking for an explanation to a very specific practice exam question. If you need help there, feel free to reach out! Good luck!