Licenses/Degrees for Trading?

Help please?

Of course- to practice flow trading you need a B.D. (doctor of business).

no-look, seriously, business is not something with a currently finite amount of knowledge and only one correct technique taught in schools.

It's not about learning a trade and sitting and doing it with no passion or interest. Goddamn, people without passion looking for vocational training annoy me (no offense).

I completely agree with you,

I was just wondering what types of licenses/skills traders USUALLY look to get

Although you may not need the MBA and stuff for IB/PE/HF, most people dop go that route...

Im just trying to gauge what would be the most appropriate path to help me along the way...

Thanks

You forgot the Series 55. That's a major prereq for doing S&T. That exam pretty much allows you to sit on the trading desk!

Series 7 & 63 are required

Series 55 is a specific exam for equities - you don't need to take it if you've got the 7; the only thing you can't trade with a 7 & 63 are commodities and futures. You need a registered firm to sponsor you for the exam...a lot of people new to this site think they can impress their employer by getting the license done ahead of time.

Business schools do not grant licenses, though some have courses explicitly geared towards the CFA level 1 (I'm studying for level 1 right now and i'm finding that my standard wharton curricula prepared me well).

I think certifications - proof that you have hard skills - are going to become more valuable as college degrees - which genearlly don't say anything about your vocational knowledge - become more commonplace. I'd clearly recommend the CFA since I'm taking it.

55 IS required for equity trading.

maybe somebody from equities can comment - i took the 7 with my incoming FI class

isn't the point of the 7 so you don't have to take the more specific exams?

Series 7/63 allow you to execute securities transactions.

Equity = security.
Fixed income = security.
Future/commodity = not security (series 3? not my realm)

55 is required to trade equities.

Most banks have everyone working in capital markets take the series 7, just to have it. I know people in everything from Real Estate IB to Convertible Origination to Corp Fin to Syndications across a broad spectrum of banks who have the 7/63.

Series 3 is Commodities/Futures. Separate rules governing those transactions, with 3 major bodies splitting time in charge. You've got the CFTC, CTA/CTO and the NFA running the show. Technically, they are securities, however they trade on different exchanges ran by different groups, so they require a separate exam.

The 7/63(66) allows you to both execute and speak to clients. Just having your 7 allows you to technically execute, as you are a registered rep in the eyes of the SEC. Once you pass the Blue Sky portion (either your 63 or your 66, which also covers investment advisory [which I would take over the 63 anyways, as you never know when you need it]), you can accept orders from clients in any state but the one your office is registered in.

People still take, IIRC, the series 5 to trade interest rate options if they arb in that particular arena.

The 55 is required in order for you to trade as part of an equities trading desk as it covers all of the laws associated with equity trading from an SEC and NASD standpoint.

I'm going to forgo the Principal exams, as few people need them.

People still do take the limited Rep exams. A friend of mine works at JPMorgan, doing WM Advisory on the Chase side, and he two limited rep exams, plus insurance and one other.

As far as IBD requiring the 7/63, I don't know about that one. Everyone I know that deals in S&T and S&T advisory has the 7/66 combo + either the 5,55 or 3 depending on what they trade. Everyone in ER I know has the 7, 66 and 86/87 tandem (Research Analyst exams). On the IBD side, it does not hurt, but it's not required unless your a principal or are in a trading position.