I am joining a bank for FT in the summer and I was curious what licenses I was going to have to get. I was poking around on brokercheck and it doesn't look like any analysts in my group have any licenses and only associates and up have 79. Is this common? Would this affect my ability to lateral?
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Comments (8)
This is pretty common. Small majority of banks require the Series exams for analysts, which u complete in the first 2-3 months during training, while others don't/only for associates and up.
At a MM, analysts need the 63 and either the 79 or 52 depending on group. If someone laterals without it they have six months to get it.
Thank you both!
I'm an analyst with the 63, 79 and SIE. Associates get the 7
All banks will require you to get the series 79,63, and SIE is required. Many will also force you to get the Series 7 just to be on Finra's good side. They are a bitch. Lots of memorizing, and requires lots of practice questions. My advice is don't underestimate the exams. People that say they didn't study are bsing, material is specific to the exam.
Knopman is king (test prep provider for series exams), and just follow knopman's guidance and you'll pass.
That's what I thought going in, but then why do none of the analysts in the group I am joining appear on FINRA Brokercheck? Only people in the office who show up are Associate and up. This is a non-NYC office of an EB for context.
Some conflicting information in this thread. I would say broadly the larger the institution, the more likely you will be required to take FINRA exams as an analyst. The reality is that there's not really a legal requirement to be registered unless you're the one actually advising the client on M&A or public capital raising business. This is almost never the job of an analyst, but because the large banks face such tremendous regulatory scrutiny, you will find the play it safe and choose to have almost all IB-related employees who may have client facing role to take the exams. For smaller banks, you tend to find a mixed approach. Reality is it costs money to sponsor someone and pay annual fees for registration so unless there's a clear legal requirement, some banks will choose not to do it for analysts. At the associate level, your interaction with clients increases so it becomes more important for you to be registered.
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