I want to get a job at a brokerage firm, but it seems like all jobs, not just the sales jobs, require a series 7 license. Does anyone know of firms who will sponsor someone basically off the street for a series 7, or any ways to get the license without plopping down some money at a prop firm?
adonos, There are several firms that will sponsor you if you have a clean record (no convictions or pending litigations). You just have to do some research in your area of brokerage firms closest to you and call them about a job opportunities. Some companies have entry level job openings and once you have your foot in the door ask to be sponsored for the license. They may not be willing to pay for your registration fees and the cost associated to become a broker but you could work that out with them. What state do you live in? Good Luck in your career choice.
Thank you BDT, I was not aware that there was a registration fee involved in getting the series 7. So, the best way is to find local brokers and ask for broker jobs? I live in Chicago... no shortage of brokers here. I was hoping there was perhaps a class that one can sign up for and become sponsored without having to jump through the hoops of getting a job at a broker... no such luck I guess.
There is a firm in CA that does something similar. I think it is Quest Capital. I am not sure of the name but I am sure you could look it up. You pay them a fee to sponsor you and they sell you their books and once you pass the test they register you with their firm. But I hear they overcharge on the registration fees and you have to pay a monthly fee to remain with their firm. What I hear people do is go through the sponsorship program and then resign from the company. The liscence is valid for 2 years but you would have to find employment with another firm before it expires.
That's probably why they overcharge on the fees, to offset those who jump ship after getting liscensed. I recently started a thread about prop firms in my area, and got some great info from the folks here on ET. Try doing a search on props in your area. You could also PM Don Bright with Bright Trading. He is very helpful when it comes to answering prop questions.
The only motivation a firm has to sponsor someone is the hope that they will work for them after becoming liscensed. So the idea of getting sponsored without a commitment to the sponsor seems to be invalid.