Series 7, 63, 79. Do you need all 3 to be a banker?
I've seen a lot of bankers with all three certifications. Is that because you need all three or most likely because they already had Series 7 & 63 and then had to pick up 79 later?
On the IBD side, we only needed 63 (state) and 79. I think the S&T people at my firm only took the 7 or a combination of the 7 and the 63.
It used to be the case that everyone took the 7, but they carved parts of it out and made it more relevant to IBD and that became the 79.
My firm requires us to get all three as part of our employment contract.
Ok. I just wasn't sure if the 79 was a substitute for the 7 in I-banking or if it was to be taken on top of the 7.
Its a good point that what your "required" to take and what your employer requires may be different as well. I had just always assumed they would require the bare minimum to save $$$.
Thanks
I have all 3 but I think the only reason I needed the 7 was because my last job was very cap markets oriented. My current place is strictly M&A and only requires 79 and 63.
as of the current moment you only need 63, 79.
I took the 7 & 63 in 2010, and the bank I just started at informed me I was grandfathered in and didn't have to take the 79, which I was happy about. Does this sound right though? I thought the cutoff was earlier than 2010, a the place I worked in 2010 was going to make me take the 79 right before I left.
You don't need all 3 to become an investment banker, you just need the 79. The Series 79 is the exam designation for Investment Banking Limited Representative, which is was you need to become a junior investment banker (i.e. non-officer of the firm). If you entered prior to the rule change, the Series 7 is grandfathered in, but you are still subject to continuing-ed requirements. Many firms will still require you to take the Series 63 to hold in addition to the 79, but this is not a FINRA mandate, as that exam is issued by a different administrative body.
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