Series 6/7 question

Discussion in 'Professional Trading' started by CaptainJohn, Jan 7, 2006.

  1. I have a series 7 that will expire this year. I thought about going with a company part time just to keep the licence from lapsing... The company that I am talking with only requires a 6 and assures me that if I go with them, the licence will convert to a 6, but if I decide to leave and go with a company that requires a 7 it will revert back because all the CE's are the same... Is this true, it doesnt sound right to me... I don't want to have to re test.
    What would be good company to go with for part time and still keep my 7???
  2. The firm you are talking with does not know what they are talking about.

    A Series 6 is a mutal fund sales license, the test is about as hard as a Driver License written exam.

    A Series 7 is an everything license, Stocks, Bonds, Mutual Funds, the Series 7 test is the TEST from Hell and harder to get than a 6 exam, it would be like exchanging a Master Degree for a High School Diploma.

    So find a broker that lets you place your Series 7 and not convert, the firm you are talking to may want to make impossible for you to leave them, for the stock industry.

    In any case as soon as the hiring firm starts the U-5 process your time is extended another 2 years. Just find a firm, there are lots of them.

    You might find a firm that has some trading going on.

    I'm in the same boat and shopping a local firm here, hey I might do an annuity sale every once in a while.
  3. oh really? parking licenses is illegal. and wtf are you smoking series 7 is like a high school business class
  4. Who pulled your chain?

    I took the Series 7, and a fellow classmate took it, the same day, he was an MBA, he flunked the test, and he also flunked it another 2 times. He gave up.

    Out of a class of 18 people only 6 passed the test on the first time, and that is probably not unusual.

    The class had all professionals, most with advanced degrees.

    Another Lawyer friend took the test and he compared it in difficulty to a bar exam, he did pass with a 71% on the second time.

    And give me a case where the NASD went after somebody for working part time?

    The major illegal activity with Series 7s, is the guys that think they can make a living as a Full Service Broker, working full time under pressure to make their rent, trying to put people into "investments" that are not suitable for their clients.

    Out of the Brokers that stayed in Full Service, from my sponsor BD, and thats 10 years ago, half of them have Arbs on their records and most of them are out of the business for crashing their books, with stocks that went down the tubes.
  5. AgaHill


    Agin1415 would the series 3 licence be as hard as the series 7. To make sure, the series 3 is the licence for commodities right?
  6. Series 3, I have heard is not that hard.

    I was going to get a Series 3, but decided not to, you don't need one for Forex.
  7. i had no prob passing with an 88% in 2 hours:confused: i know most bd's make u sign a notice not to park, as in use them just for the purpose of not having to retake the exams. i would say the s7 is cake compared to the cfa program im in now:p
  8. My theory on the matter is: The NASD and the SEC, have ruined the business, and I would not be a full Service Broker full time, Discount Broker maybe, and Trading yes.

    If you are taking the CFA more power to you, and good luck, but why are you doing that?

    Hope you are not planning to cold call people.

    I just don't think people trust brokers anymore with their money.

    Ever see the TD Waterhouse ads.
  9. im going to go buyside, my cfa will be done the same time i graduate, goldman sachs here i come (hopefully)
    #10     Jan 8, 2006