excuse this question if it is redundant; but I have not been able to find an answer. Question being, what is the best route for taking the series 7? What are all the options i.e studying at home, getting sponsored etc. etc. thanks for any suggestions!
A good place to start would be www.freeseries7.com It's a totally free site. I don't have my 7 yet, but that's what I've been reading. I will most likely buy some study guides eventually, but Im in no hurry. Some good courses are www.stcusa.com and www.dearborn.com Sometimes you can find them on Ebay, but make sure they're current. As far as who sponsors you, that depends on where you want to work(stockbroker,profirm) Hope that helps
Just call around to your local stock brokers. Most of them will probably be happy to sponsor you for the exam. It doesn't mean you work for them,you'll just have your license with them. Probably, won't charge you anything,either. You can probably find study materials at your local book store(Barnes and Nobles,etc.) Hope this helps.
I'm sorry, you're right. I guess what I meant was you would be what they call an "Independent Contractor". Technically,you would be working for yourself, but they would hold your license for you. There are probably other and better ways to get a sponser,but this is how I got licensed.
Silly question I suppose, but why would you want to do that? I don't see any reason to have a license unless you are trading/working at a place that requires one. Maybe to try and convince the tax man that you really do have a right to file under trader status? I don't think it would influence the IRS that much as they care more about what you do than what you say you do.
Good Question...About 15 years ago, I had this fancy notion that I wanted to be a stock broker. After interviewing with several firms, I came to realize that working for a firm meant a 70/30 split on the commissions. For every $100 I generated, they get $70, I get $30. And what did the firm provide? A metal desk, a phone, and a phone book! So, after saying thanks but, no-thanks, I found that if you worked as an Independent out of your home(I also had a desk, phone, and phone book) the commission split went a little more in your favor. In my case it was 80/20. I keep $80, the firm got $20. So, that's why I went independent. I was actually working as a stock broker at the time, I wasn't trying to fool anybody. But, I've since quit the broker business and am no longer licensed,but that was how I got mine. I'm not sure why flymarbles wants to get licensed, and he may think I'm totally out of my mind, but that's how I got mine.
basically the main reason i want to take the series 7 is to eventually be able to trade with a prop firm e.g. Echo. But to clarify my question, I was wondering if it is a better idea to buy the study materials on my own, and study for the test at home. Or is it better to find a job with a broker and take it through them, or how ever its done...( the general process of going about taking the series 7 is unfamiliar to me so my thinking is not clear as to what the options are, or what the advantages/disadvantages of those options are either. thanks for all your help!
but maybe I can help. Contact Echo now and get the paperwork in motion to join their firm...they'll sponsor you for the exam. As far as study materials, the free web site mentioned earlier in this thread looks great. Echo will be able to recommend other study materials and probably classes too. Give them a call...they're very helpful. Best, Jim