Series 7 sponsorship

Discussion in 'Prop Firms' started by selfwealth, Feb 2, 2007.

  1. When a prop firm says they are going to sponsor you for your Series 7 and you have to pass it within 90 days what is the protocol. Do they pay for the test and the fingerprints? Do they supply you with training materials. Is it a company by company decision or is there an industry norm. Thanks.
  2. 120 days. For the most part, you get to use your self wealth to pay for fingerprints & U4 background search, any S7 training materials, exam, and etc., like annual exchange fee if the firm is a member of one (once you pass the Series 7 exam) and start trading away some/a lot more of your self wealth. Be well aware: Steep Learning Curve in most cases. Why it's absolutely essential that you align yourself with a firm that will actually assist you in helping yourself become profitable as soon as possible - usually measured in months/years. selfwealth... hmm.

    Good luck.
  3. Sounds like an extra 1k proposition. Thanks for the insight, what is included in a u-4 background check? Is it where you have to give all your financial information? Or is it just a background check to make sure you haven't been in jail and such.
  4. Just a background check as far as I know. Makes sure you haven't robbed any banks or committed securities fraud in the past.

    Actually, someone else may be able to shed some light on whether or not you're able to obtain a 7 after bankruptcy. I know there is an issue if you already have your license and you subsequently file, but I'm not sure that there would be a problem if you have already filed for 7 or 11.

    I know you didn't mention this, but I have always been curious.

  5. I am no bankruptcies or liens, or judgements. My credit score is not so stellar though as I have settled some debt in the past. It just sounds like a bunch of paperwork but I just wanted to know if I should be prepared to share things like net worth, banking info, etc. Thanks.