Series 7 question

Discussion in 'Professional Trading' started by dcunited, Oct 19, 2003.

  1. Does anyone know if a firm needs to sponser you to take the 7 or whether one can take it by themselves with no firm affiliation. Trying to find the info on the NASD website but strking out. Thanks for any info!
     
  2. I was told by two different firms that you had to be sponsored for the 7 and 55, but you could take the series 63 on your own.
     
  3. You have to be sponsored, there is a company that will sponsor you, BUT you have to buy the study materials from them. It's not cheap, but if you want more information:
    http://www.stockbrokerclass.com
     
  4. Why do you want to take the exams without joining a firm first?

    Are you a glutton for punishment?
     
  5. Here is a link to NASD with your answer

    http://nasd.broaddaylight.com/nasd/FAQ_23_4989.shtm

    The other way to get there through the NASDR website is to click on

    http://www.nasdr.com/5200_explan.asp

    then click on ASKNASD on the middle left of the page.

    As far as a company that will sponsor you. You must have the intention to work for the firm, as it is wrong for a company to sell sponsorships (although some do exist). If the NASD finds out about it, they could revoke the firms license. (at least this is what i have heard.)
     
  6. thanks everyone, I'm liscensed, a friend of mine was looking to take the 7 and CFA in order to build the resume to jump from life at Wells Fargo to a buy side institution. I wasn't sure on the 7 (and I wished her the best of luck on the CFA, that's a doozy)
     
  7. Can you take the series 63 on your own?
     
  8. I am not sure why a "buy-side" firm would even care about whether or not you had a Series 7 license. Besides, if you left Wells Fargo for the "buy-side" firm, you wouldn't be able to register your license with them, cause they are not a "broker-dealer". Moreover, your license would expire after 2 years if you didn't find a place to "hang" it.

    You can take the Series 63 as an independent, and without sponsorship. It is a 90 minute exam, that is full of legal mumbo-jumbo, written by attorneys, for attorneys. It has very little to do with the Series 7, or the financial markets for that matter.

    Some "buy-side" firms like their employees having the 63.

    For what it's worth, you can also take the Series 3 ( commodity futures ) as an independent, and without sponsorship. However, you do have to register with the National Futures Association as a CTA - Commodity Trading Advisor, and that requires $100.00 per year.
     
  9. qazmax

    qazmax

    Question:

    Do I need to be sponsored by a brokerage firm in order to take the Series 7 examination?

    Answer:

    In order to take the Series 7 exam, an NASD-member brokerage firm, a self-regulatory organization (SRO), exchange or state regulator must sponsor you. To learn more, please visit our Web page Qualifications, Exams & Continuing Education.

    :)
     
    #10     Apr 14, 2004