Class of 2007 Analyst Lay Offs
I have heard rumors that BBs have already laid off 1st year analysts "based on test scores" during training? If this is true, what firms have laid off analysts ? No speculation please.
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Are you talking about Europe, where they have those cognitive tests to get hired at a BB?
I believe he's talking about the tests taken during training, after you are already hired.
CITI does it......purely hearsay though....i know at my BB its never done.
Do you mean they have made layoffs this year specifically because of market conditions, and they laid off the analysts with the lowest test scores? Or do you mean, more generally, that firms have laid off analysts due to low test scores? Because that seems kind of obvious to me - if you fail accounting (badly), you aren't going to be able to do your job. At my firm, I've heard rumors that if you fail the 7 or 63 you lose your job, but I'd guess that those are just rumors, unless you fail more than once.
Banks laying off because of market conditions, but I also want to know which banks lay off based on test scores.
You need your 7 for IBD, so if you don't pass it you cant work there from a regulatory standpoint. And since your firm needs to sponsor you for it, its prob. just a cost decision to let you go if you fail multiple times. As far as training tests go, my guess is each bank is different in how they utilize them. I'm sure it effects everything from getting the axe, to your first year bonus. I remember when I went through it and a few I knew flunked through the accounting parts, (Philosophy majors for the win), they weren't fired so much as put on the "watch" list when they got to their desks.
you sure you need your series 7 for IB? Definitely for cap markets.
Every one of my friends in IBD at a BB hasn't taken it, nor aren't scheduled to, and they've started work.
.
Analysts are required to take the Series 7 at my bank during training.
I have always wondered why other banks don’t do this. If a banker is an associate or above, s/he is not permitted to speak with clients without passing the series 7. However, analysts (especially good ones) speak to clients fairly regularly and sometimes even speak at meetings (i.e. diligence sessions). Does anyone know why analysts don’t need the series 7 to do this?
cost savings, why should I spend money on 300 ibd analysts for their series 7 if i know that after 2-3 years only 30 will remain in the bank and become associate ?
as a bank i would let them do the series 7 in associate training program..
No analyst in my bank took the Series 7. All associates did.
If you give a client investment advice, or something like this, you have to have the certification. Honestly, if I ran a bank, I would make every analyst pass it just to cover myself. It might cost like another $1000 or $2000 per analyst, but lawsuits cost a lot more, and the reputational risk is even more costly.
You can get out of the Series 7 requirement by claiming that all communication is approved by someone with the certification. I'm not supposed to email a client without CCing someone else on the deal team.
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