I'm a college senior and was hoping to set myself apart from my peers by passing the series 7 exam. I was speaking to a person at a testing center who said that I can take the exam without sponsorship from a firm (as long as I pay all the fees) and if I pass, I will be able to place the exam with a FINRA firm within 2 years. From that point the firm can fill out the uniform application to register me. Is that true? Can I take the exam without being sponsored first? If not, is there anyway I can take the series 7 exam before graduating? I don't mind paying for all the fees, I just need a FINRA-firm to fill out the paper work for me. Thank you.
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Series 7 Question
- Thread starter hmby7689
- Start date
Quote from hmby7689:
I'm a college senior and was hoping to set myself apart from my peers by passing the series 7 exam. I was speaking to a person at a testing center who said that I can take the exam without sponsorship from a firm (as long as I pay all the fees) and if I pass, I will be able to place the exam with a FINRA firm within 2 years. From that point the firm can fill out the uniform application to register me. Is that true? Can I take the exam without being sponsored first? If not, is there anyway I can take the series 7 exam before graduating? I don't mind paying for all the fees, I just need a FINRA-firm to fill out the paper work for me. Thank you.
Series 7 for what purpose? Prop firm, traditional brokerage?
If you're talking prop firms of the type you see here at ET, they'll take anyone with a deposit. You can't mean one of these firms otherwise what was the point of college, you could have joined any of them straight out of high school.
As far as traditional brokerages, I can't think of a reason to do this either. It's not like any firm is going to say "hey his grades suck, but he's got his series 7, let's hire him." Making new hires get their Series 7 is just part of the hiring process. If they went to the trouble to give you an offer, it's assumed you're smart enough to pass it. Saying you passed the Series 7, while requiring some preparation, doesn't really mean a whole lot in the greater scheme of things. Mostly it means you were willing to put up with some crappy studying to pass a test that you were required to take to get a job.
Don't bother.
Quote from hmby7689:
I just want to know if it is possible.
i am with Shreddog in that I don't see its use in getting a job at a top prop as anyone they would consider would definitely pass it first time, no problem (not with shreddog regarding the props on ET not needing it as broker-dealers like echo and bright do).
if you still want to get it out of the way, just in case you don't have this info, http://www.investopedia.com/professionals/FAQs/series7/260304_2.asp
beyond that, i don't recall a contract being signed when i was sponsored and from that, i guess i COULD have just taken my license elsewhere.
but that would be a skinflute tune, for sure
Quote from colonelangus:
(not with shreddog regarding the props on ET not needing it as broker-dealers like echo and bright do).
Not saying prop firms don't need it. Just saying that as long as you have the deposit money they will sponsor you. So no advantage to doing it yourself. You may even find that the firm that best suits you doesn't require the S7. And, as the OP has discovered, it's very difficult if not impossible to do it yourself.
To answer the OP's 2nd question, I have no idea if you can do it yourself. But I then defer to my original answer - even if it's possible, it's not worth it - which is probably why you haven't gotten a lot of responses to your question. Ask anyone who has taken it, it has no correlation to your future as a trader. Most of the exam has nothing to do with trading. I suppose it might have some minimal value if your career path is to work for a broker answering the phone.