series seven

Discussion in 'Professional Trading' started by lasner, Apr 22, 2006.

  1. lasner


    I was wondering if I pass the series seven do I need a firm to hold the license for me. How long is the license good for.
  2. You cannot take the test unless a firm sponsors you....
  3. lasner


    Really I thought anyone could take the test. In order for the license to go into effect a firm has to sponsor you? After you leave it's good for two years?

    Is that the same for commodities.
  4. Well before you can even sit for the test you have to apply to the NASD through a sponsoring firm. Without that you cannot even sit for it (background info, fingerprints, etc..). Once you take it and pass it is good as long as you are with the firm and paying your excange fees I guess. If you leave you need to apply to have your new firm take on the sponsorship and the old firm transfer it. I forgot the time limits you are referring to but the NASD website under Series 7 has answers to those questions :)
  5. lasner


    I think with the series three it's open to anyone.

    I just thought the seven was the same.
  6. Series 3 = anyone can sit.

    Series 7 = you must be sponsored by a member firm.
  7. It's very easy to get sponsored by a firm, just ask around...

  8. lasner


    That's my next question does it cost anything for the firm to sponsor you and hold the liscense for you.

    Also how much does it cost to take the test?
  9. lasner - I don't know how easy it is to 'ask around'. If a firm is going to sponsor you, they are going to expect you to become a broker/sales rep for them. It does cost them money (I do not know how much) and the test costs money (check the NASD website).

    Maybe if you find a small shop that you sell a few annuities every year for them, they will sponsor you.