It allows me to do the following legally: Soliciting business for the broker-dealer from customers and potential customers, Evaluating clientsâ financial situation and needs, financial and tax status, other security holdings, and investment objectives, Opening accounts, transferring assets, and keeping proper account records, Giving information to customers about investments and making suitable recommendations, Receiving and verifying the buy and sell instructions given by customers, entering orders, and following up, Passing the Series 7 exam allows license holders to solicit, purchase, and sell all securities products, including: Corporate securities Direct participation programs (limited partnerships Investment company products (including mutual funds) Municipal securities and municipal fund securities Options Variable contracts (annuities)
It only allows you to do such things on behalf of the firm that sponsored you, not independently. This is why you require to be sponsored in order to take the 7.
Thanks. I realize that. I have had TWO job interviews last week where they lament the fact that I do not have those licenses. And yes, they will sponsor me, however, if I have the license beforehand, I would get $20k more right off the bat rather than waiting 2 years to work myself up their structures. And I could pass that exam in a month.
Quick update for anyone thinking of going this route, When NASD became FINRA in 2007, some of the rules changed. WA state stopped supporting individuals for the series 7 exam in 2007.
First of all, I would like to commend you on digging up a TEN YEAR old thread! Go work for a smile and dial bucket shop that does not pay a salary to get sponsored if you really think a series 7 is your ticket to ride. I would give you mine, but I let it expire a few years ago when it had zero value. A BD has to sponsor you not a State!
I have the 7. it has nothing to do with trading, if you know how to trade you have a leg up on the series 7 regarding trading.