Series 7 during Summer Internship
I have an investment banking research internship this summer. Due to my living circumstances, I have a little over an hour commute each way on the bus. During this time, I was thinking of studying for the Series 7/63. Would a firm sponsor me even if I am only a summer intern if I picked up the expenses? Also, would this increase my value as an applicant for boutique recruiting? I am a recent accounting and finance graduate at a non-target (top 25 B-School). I have had multiple internships, but most of them have been accounting based. Only recently have I started focusing on Finance. I just took the CFA and have had one internship at a very small investment bank.
One of my summer internships sponsored me for the series 7 even though I was only committed to the summer. I was in a simliar situation as you. My school was only a semi-target and I didn't have any investment banking internships (best experience was at a small hedge fund). However, I was able to tell the right story on my resume, and it helped to have the series 7. I would also like to add that although a 7/63 can help, it isnt going to do any miracles. You will still need to measure up on GPA, and the like.
Once I got hired, I merely had the 7 transferred over and only had to study and pass the 63.
Oblivion: how difficult were the 7/63? How much studying did you have to do?
Short answer: Neither are difficult, dont worry.
Plus you only need a 70% to pass. Seems like the firms I have worked at all have the same study material they provided. If you want to use an outside resource, I liked the Boston institute of finance and it has a CD with practice tests.
63: pure memorization. Its like 80 questions on different securities rules. I took about 2 weeks to review the book and do the practice questions. got ~88%. You take this after you have passed the 7 at a later date.
Series 7: studied a little during my internship and then took a week after the internship to take a few practice tests and crammed for about 3 days. I knew the options and math questions from school and you have to just realize- its just math. The rules and regulations stuff again is the most difficult because its pure memorization. Got a ~82%. The other IB analysts all managed to pass the 7 on their first try except for one guy, but he didnt really study. My broker friends studied for a lot longer as part of their training program (~ 3 months). Overall its easy so dont sweat it.
well said oblivion. the S63 was pretty easy and requires the said 2 weeks. I way over-studied for the 7, about two months, and ended up getting a 97 on it. Probably could have done a light month and passed. The options are just a bit tricky, if options are new to you - but once you get them, you get them (do the T-charts)
As far as them sponsoring you for your summer internship, it's a possibility. Probably wouldn't happen at my bank, but if you're in a hands-on role and they'll get that much more use out of you, then I can't imagine they wouldn't support it. It's worth asking.
An actual Series 7 exam might go heavy on options or munis. When I was taking my exam, a lot of my questions had something to do with municipal bonds while a friend of mine was sweating over options. The exam should be light on investment banking, economics and accounting questions. At least, that how it was in my case.
Series 7 is all about memorizing regulations, settlement days and t-bars and most people forget 90% of that crap right after an exam. Depending on your knowledge of financial products and time commitment, you should be ready to go in two or three months. In my firm, we had three months and two attempts to get ready and pass the exam. And in my group, 4 out of 6 passed from the first attempt with scores ranging from lower 70's to mid 80's. Most people did not have any finance/economics/accounting background or degrees so I think it would be fair to say that if you put considerable amount of time studying, there should not be any problems passing the 7...
In regards to summer interns, I know for a fact that my firm sponsored all willing students.
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