Series 7

Discussion in 'Prop Firms' started by mrbud, Jul 27, 2001.

  1. mrbud


    Where are these tests taken? Are they given in all major cities? Thanks.
    #21     Aug 10, 2001
  2. Fletch


    #22     Aug 10, 2001
  3. Grabbit


    Aren't there any drawbacks about getting Series 7?

    At least for the rest of your life you will always have to answer "professional" whenever you apply for software, a broker, datafeed, etc, and always pay more than the retail price.
    Money may be to be overcome, but what about all regulations, won't you be under all sorts of regulations that can make trading or even normal life more complicated?
    What if you give your mother-in-law (or whoever) some advice about the stock market and it turns out badly, couldn't you be sued for that? Couldn't they take disciplinary actions against you? May you even give such advise without charging the particular person for your "services"?

    Couldn't they let you take exams every year or so or who knows what they may require you to do or not to do.

    Will you be under special tax regulations and will they be advantageous or disadvantageous?
    Will foreign traders still be eligible for the W-8BEN form that exempts them from US taxes? (Series 7 can be taken on outside US locations as well, ask Echo)

    So: once you are registered, can you ever UNregister if you wish so?

    I don't want to be pessimistic or so, or scare anyone off, but these are just a few questions that come up in my mind when I think of the word "professional".

    Until I get more clarity about the legal status of a "Series 7 trader" I won't take it. (And luckily, for the time being, I don't need to :) )
    #23     Aug 10, 2001
  4. Jeffrey


    I will not give my Mother in Law any advice about the stock market, because she can then sue me for losses.

    I will, however, give her advice after I acquire a series 7 license. The Series 7 license allows the holder to give advice to others, and/or, hype stocks.

    Anyway, I am good at taking test, and would like to take the test without any obligation to a sponsor. (Maybe just for protection, and a notch for my ego)

    How do I go about getting licensed for no other purpose, but to have one?


    #24     Aug 10, 2001
  5. dilman57


    A firm must sponser you to take the 7.You need the approval for the test to be processed by a member firm,no way around that I know of.
    If you are worried about a lifelong "stigma"dont.If you are not employed/using the license it automatically expires after 2 years of in-activity.
    If your mother in law would sue you she would do it with or without the 7.
    #25     Aug 10, 2001
  6. travisdu


    There is a way to be sponsored besides by a NASD firm, its just very hard to find, took me 3 months. But it is possible. Entering this industry is very controlled and can feel like a real fight agianst "the man". Still trying though :) .
    #26     Aug 18, 2001
  7. Rushman

    Rushman Guest

    Can anyone tell me whether the exam is open or closed book? In other words, are we allowed to take study materials in with us while taking the exam? If not, how the heck does one go about memorizing all the formulas needed to calculate equations? Thanks!

    #27     Aug 21, 2001
  8. Rushman,

    You're not allowed to bring study materials inside. I think there's only four or five formulas to remember so that's not the big problem. I'd say Regulations and Options are more of an issue. Besides, you can still be wrong in 78 questions and still pass....
    #28     Aug 21, 2001
  9. Hi all,

    I am going to take the series 7 exam soon. I am wondering whether anyone could help me in obtaining the study material for the exam. From the threads in ET, I found that most applicant used Dearborn The Complete Course Set With CD-ROM.

    The list price for it at www.dearborn is $315 and I simply can not afford it. Is there anywhere I can obtain this book as a used one?

    Could anyone let me know whether the passperfect series with 4 disc will be enough? Would anyone kindly giving me advice on getting a good study material for S 7 and not so expensive?

    Many many thanks in advance
    #29     Jan 30, 2002
  10. Pass Perfect or STC are the ones I would recommend. Friends and I have all passed after using these books. They come with lots of practice exams.
    #30     Jan 30, 2002