Anyone else have to take the Series 7 for banking?
Monkeys,
Odd question but wanted to see if anyone has had a similar experience. I'm at a small (30 person) boutique that solely does advisory - buyside/sellside M&A, restructurings, valuations, debt capital raising etc. All of the analysts/associates have the Series 63 and 79 and we're now told that we have to take the Series 7.
None of my friends at MMs/BBs took the 7 and I was under the impression that the entire point of the 79 was to replace it for bankers.
Is this normal? Obviously I know it's not too bad but it's a kick in the dick to waste limited free time studying for something that seems to have no relevance to the job.
Anyone?
To underwrite transactions you need the 7 unfortunately. I'm in the same boat as you. If you're on DCM transactions you can't get by without it.
And that's where my confusion lies, we aren't underwriting the deals - we're purely advisory.
Wtf...if all you're doing is capital advisory in that respect then then 79 should cover you. Taking the 7 is a waste of your time, and I would tell your boss that. I have to take the 7, 63, and 79 because I'm underwriting but if I could cut the 7 out I would. The 7 is long as fuck.
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