Licenses 7, 55, 63

Discussion in 'Professional Trading' started by miami-trader, Jun 20, 2003.

  1. How can one get licenses 7, 55 and 63 without the sponsorship of a firm? Or how can one can get a sponsorship without working for a firm?
     
  2. jasrlew

    jasrlew

    I've talked to these guys once and I cannot vouch for their reputation or anything.
    http://www.stockbrokerclass.com/pages/954169/index.htm
    If you talk with them and decide to go for it, can you let me know if you're happy with their study materials? They'll sponsor you if you order the materials through them.
    I believe its kind of a shell operation and they make their money through the purchases of the "study materials" and they have no interest in anything other than selling them to you and in order for them to sell them, they'll sponsor you as an incentive to those who cannot find a sponsor, but you do need to have a sponsor to take the exams. It involves a background check, etc. You'll also will have to pay for the exams too. The 7 is about $250 and the 63 is about $75.
     
  3. miami-

    it's been many yrs since i've taken the tests, but i'm pretty sure you have to be sponsered by a firm to take them.
     
  4. You have to be sponsored ,ie, you form u-4 has to be submitted to that firm to get a license...the stockbroker class is a group that teaches the test and may have some piggyback arrangements with a couple firms...check em out
     
  5. Any benefits to taking these exams for independent day traders??

    -FastTrader :cool:
     
  6. Why do you want to just take the exams? Is there some goal?

    I mean, other than RIF.
     

  7. I maybe repeating some of the other members suggesstions. I am a registered rep, with a working knowledge of securities by-laws and regs:

    1) Yes, you need to be sponsored by a member firm. If you have any criminal (don't be offended), misdemeanors, or bankruptcies, it may take a while before your U-4 is approved, if at all. Speeding tickets and D/L suspensions and revocations are not a problem. When filling out the U-4, be very specific about where you have been, what you have done, and how long you did it for the past ten years. There can be no gaps when giving them your employment / unemployment and education history.

    2) You will need to take the 7, before the 63 and 55. No matter what happens, don't let someone talk you into taking the 62 instead of a 7. If you trade prop down the road, you may not be able to buy "bullets", as they include options and you need a 7 to use them in a "pro" capacity.

    3) There have been major NASD reforms, pushed by the SEC. Therefore, you may not be able to register with a firm (which you need to do to take the exams and keep the licenses). Unless you know a B/D owner and their compliance officer (24). The NASD is given the impression that you are there at least 3-hours per workday, the compliance officer must attest to that. If you're not and s/he says that you are, s/he is putting the licenses of him/her and the firm on the line.

    I have several securities licenses, and have been an active securities principal in the past. Do not let anyone convince you do something that is not in compliance. If you get caught by the NASD, they will hang you out ot dry, and the person that convinced you won't be there to help again.

    Good luck.
     
  8. CORRECTION.....

    3) There have been major NASD reforms, pushed by the SEC. Therefore, you may not be able to register with a firm (which you need to do to take the exams and keep the licenses) and not work their full-time . Unless you know a B/D owner and their compliance officer (24). The NASD is given the impression that you are there at least 3-hours per workday, the compliance officer must attest to that. If you're not and s/he says that you are, s/he is putting the licenses of him/her and the firm on the line.