First, we choose 2 of the n students to be Vice-Presidents. There are $\binom{n}{2}$ ways to do this.
Then, we choose 5 of the remaining n-2 students to be on the Advisory Board. There are $\binom{n-2}{5}$ ways to do this.
Finally, we choose one of the remaining n-7 students to be the President. There are $\binom{n-7}{1}=(n-7)$ ways to do this.
Thus, the number of ways to choose the Board of Directors is $\binom{n}{2} \cdot \binom{n-2}{5} \cdot (n-7)$