What are the benefits of having your licenses with a firm as opposed to just trading a subaccount with no license. Either way your not subject to PDT rules. So why get licensed?? How does it benefit the firm to have licensed traders as opposed to unlicensed traders trading subaccounts??
The reason to get a series 7 would be if you are going to make trades for other people. If you are only trading your own accounts the benefits would be pretty minimal.
A series 7 is not a choice. People only really get it when they are required to get it or as the "law" (self-regulated law) requires, when you are responsible for other people's accounts or placing trades on their behalf. Otherwise it is useless. It is not a trading license.
If you plan on staying in this business... Then go and get it done. You will learn things you will never learn otherwise... Like the regulatory structure of the business you are in... And why things work a certain way. You will NEVER learn this dull, but important, stuff on your own. And you will always be ** at a disadvantage **... If you have ** no clue ** about the legal/regulatory structure of the securities business. It's easy material... but there is a lot of it. Almost everybody passes... Because it's multiple choice and lots of easy questions.
This software is pretty good for studying for the exam and you can download a free trial. You will probably still need a book but it's good for cramming. http://www.compucram.com/securities/series-7/securities-series-7.shtml
Let me be more specific. As a retail trader you are not required to be licensed in any way because you are trading your own money. If you are trading Prop for a firm, you are required to have you 7, 55, 63. But, the other exception is if you are trading under a sub-llc. You are not required to be licensed, though some groups require this. The point, is there a benefit for a trader to get licensed and trade prop as opposed to trading under a sub-llc, other than gaining knowledge of regulations which does not hurt.
The knowledge is defiantly useful. I got licensed a few years ago and gained a much better understanding of options in the process which has been useful. The other side of this is you open yourself up to regulators and reporting which can eats up plenty of time even if you are only trading your own account.