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Bar Exam

No, it's not that thing you did with your friends on your 21st birthday that ended up with you in the bathroom for most of the night (was that passing or failing that type of bar exam, by the way? It's hard to tell).

Even after four years of undergraduate toil and another three spent in law school, you still don't get a green light to practice law. First, you have to pass the bar exam. After all that time in school, you might assume the test represents a rubber stamp-type situation (like a driver's test), but the bar exam is actually relatively brutal.

The pass rate for the test in 2017 was about 77%...which seems pretty good, except when you think about the fact that those who took the test graduated from law school and were presumably the high achievers at every level of schooling until they walked into the testing center...and a quarter of them totally bombed.

Find other enlightening terms in Shmoop Finance Genius Bar(f)