I'm In the late stages of interviewing for sell side equity research firm that requires SIE Exam, Series 7, 63, 86, and 87 required within 180 days, all of which I don't have.
Does a firm typically let you attain all of these licenses before you start the job or is it expected to get the licenses while you work full time?
What's the standard process for a lateral hire or can someone who has gone through a similar process share their experience?
Based on the most helpful WSO content, here's what you need to know:
For lateral hires, it's common for firms to expect you to attain the required FINRA licenses while working full-time. Typically, firms provide a specific timeframe (in your case, 180 days) to pass the necessary exams, such as the SIE, Series 7, 63, 86, and 87. This is standard practice, especially for roles in sell-side equity research or investment banking.
Firms often provide resources like study materials, access to prep courses, or even reimburse exam fees. However, the expectation is that you manage your time effectively to balance studying with your job responsibilities. Some firms may allow you to start studying before your official start date, but this depends on the firm's policies and your agreement with them.
For a smoother process: 1. Start studying early: If possible, begin preparing for the SIE and Series 7 before your start date, as these are foundational exams. 2. Leverage firm resources: Many firms offer support, so take advantage of any prep courses or materials they provide. 3. Prioritize your time: Once you start working, your bandwidth for studying will shrink, so dedicate as much time as possible to studying upfront.
If you're concerned about the timeline, it's worth discussing this with the firm during the final stages of your interview process to clarify their expectations and the support they offer.
Sources: Licensing For Dummies, Securities Industry Essentials (SIE) Exam Overview, Time allowed to pass SIE/Series 63/79, SIE Exam by FINRA?, FINRA SIE Exam Prep
You’re expected to study for them and work at the same time. It can be a grind for the first few months. I don’t remember exactly, but you should be able to take the SIE without sponsorship to get started. The others will require sponsorship
How are you a lateral hire without any of these licenses? Assuming you’re coming from out of the industry?
yes I had a job that did not require the licenses
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