Boutique IB has no requirements for Series exams for analysts, red flag?
At a 15 person boutique focused on M&A and capital raising in the LMM.
Noticed that past analysts as well as myself aren't required to take any series exams. Is this a red flag? Meaning I'll be put on back office work mostly and non IB matters or am I reading into this wrong? My job description includes modelling, drafting pitch materials and marketing presentations, interacting with clients, performing company and industry due diligence.
I thought everyone had to take these exams before 6 months into the job.
Not a red flag, just a sign that there isn’t a formal training program like you would see at a BB or EB. The reason why those banks require those exams early is because their programs have more structure. I think the only thing this means for you from a FINRA standpoint is that you won’t be able to send marketing materials (CIM, teaser, etc.) to third parties UNLESS YOU LOOP IN YOUR MD (or someone else who has all of their exams done). This is pretty much fine because CCing your superiors is something that you would be doing on the analyst level anyway.
At a boutique about double your size focused on solely M&A and I am not required either. In no way does it mean that you'll be put on back office, don't worry about that at all.
i dont believe lazard requires it either. Honestly a waste in compliance fees if the analysts are just gonna hop in 2 years anyway
I don't think harris williams requires it of their analysts either so, not a red flag of itself
GHL doesn’t for analysts but does for associates
A number of MMs don't either so I wouldn't worry about it.
Similar size boutique to OP. Required to take 79 and 63 within 3 months of starting. Interviewed at another firm last year with roughly the same size and they do not require any FINRA exams for analysts.
It kinda is a red flag unless it's one of the banks you often see on this forum, many mentioned above already. Botton line is: Besides the exceptions, Banks that require licenses > Banks that don't >>> No job
Some limp slob at an unregistered boutique can't wait to throw MS? keep hiding behind the curtain just the way you are treated during actual interviews.
Says the limp slob who responds anonymously
You don’t need to be licensed unless you are advising on a transaction with publicly traded securities as they don’t have to be run through a FINRA broker dealer. Most boutiques focuses on MM or LMM or doing M&A advisory or capital raising for privately held companies selling to PE funds, so series isn’t needed. I think the gray area is if you’re representing a private company on the sell side and a public company is the acquirer.
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