ED Magedson – Founder
Securities Institute of AmericaInternet USA
Securities Institute of America Misleading advertising, inferior product, unable to contact directly
This was a puzzling experience. The company is, at first glance, legitimate, a division of Wiley, a publisher. They also advertise classes "nationwide." But, after the experience I will shortly share with you, I tried to contact them, I couldn't. The closest I got was some sort of PR firm that handled their e-mail (supposedly) and said only that they would pass on my communication. Of course, in the following days: nothing.
I paid slightly under $60 for a "exam preparation software" for the FINRA securities licensing exam. What I received was simply access to a little over 1600 multiple choice questions related to securities. First of all, there is absolutely no guarantee or even reason to think that these particular questions would ever be on the actual exam. Some could be, but many would not be--the exam questions are changed with each iteration of the exam. Worse, while there is a reason given for each exam answer, in fact, of the approximately 100 I looked at, at least 2 had wrong answers! But even if they were correct, a collection of multiple choice questions with answers given does not prepare you for the exam. The exam is based on underlying knowledge of the subject, which a collection of multiple choice answers will never supply.
I immediately bought Kaplan's exam preparation course, which is excellent. It has sharply focused essays on hundreds of subjects related to the exam (the preparation book is over 600 pages long, and will take a couple of months to work through) Along with this, it has frequent "mini-exams," and then thep possibility of creating more comprehensive exams (with different questions each time) so you can understand how close you are to being prepared to take the exam. There are many other materials included as well--go to Kaplan and look it over. Now, it also costs three times as much. But I'd rather spend a little under $200 and actually prepare for the exam as opposed to spending $60 and accomplishing nothing.
The Securities Institute software, incidentally, is quite clunky--other persons have complained about this on the Ripoff Report also, so I won't go into it further. One thing I must comment on is this company's attitude. Really, take a look at their response to the March 2013 complaint. The Securities Institute writer claims that simply to demand money back through one's bank would constitute "theft of service," and also threatens to somehow go to the writer's stockbroker employer and complain about his conduct there. All the while accusing the complainant of being "rude." I would call accusing someone of theft and threatening their employment extremely "rude," wouldn't you?
No, somehow, this is a bad company. Hopefully you won't get roped in as we did. Spend more money and get actual hlep with your securities exam preparation. Securities Institute of America's "exam prep," (nothing more than a collection of multiple choice questions) is essentially useless.
This report was posted on Ripoff Report on 04/16/2014 01:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Securities-Institute-of-America/internet/Securities-Institute-of-America-Misleading-advertising-inferior-product-unable-to-conta-1139387. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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