Getting sponsorship to take the Series 7 and Series 66

I am trying to take the Series 7 and 66 a year from now and have started studying. I have been looking for a FINRA firm to sponsor me, does anybody know which firms are easier to get sponsorship from? I am still in college and want to have this designation before I graduate or right around the time I graduate, assuming I would pass.

What is the Series 7 and Series 66?

The series 7, also known as the General Securities Representative Exam (GSRE), is a test for registered representatives, or stockbrokers to get their license to trade. It is a 6 hour exam held in 2 3-hour sessions with 260 questions, with only 250 counting towards your score. Candidates must score at least 72% to pass.

The Series 66, also known as the North American Securities Administrators Associations (NASAA), is a test for candidates to be both securities agents and investment advisor representatives. This exam includes 100-multiple choice questions with only 90 counting towards your score. Candidates must score at least 73% to obtain a passing score.

How to be Sponsored for the Series 7 or Series 66

In order to take the series 7, candidates must be sponsored by a FIRNA member firm or self-regulatory organization (RSO). Firms apply for candidates to take this exam by filing a Uniform Application for Security Industry Registration, or Transfer (Form U4).

Typically, a firm will hire/sponsor you with the assumption that you will pass the Series 7/Series 66.

You can read more about How to Pass the Series 7 Exam on WSO.

You can also check out a detailed post about the Series Exams on WSO.

Learn More About the Series 7 Exam on WSO

If you would like help regarding what to study and previous test prep materials, click on the link below!

WSO Series 7 Prep Course Here

Comments (39)

 
Apr 8, 2011 - 7:46pm

I would not devote much (if any) time worrying about the Series 7/66. If you get a job that requires to be licensed, the firm will sponsor you. Having a license prior will prove to be of little advantage.

If you have extra time and want to study for a test that will set you apart from the competition, plop down the money and sign up for the CFA Level 1. It shows dedication to finance and is not an easy test to pass (unlike the 7 and 66).

 
Apr 8, 2011 - 11:54pm

Dont worry about those. Having those license will not improve your chance of being employed.

7 and 63 (66?) are piss easy to pass. You can multiple guess and pass after reading over the material once or twice.

 
Apr 9, 2011 - 1:28am

Ok thanks guys, and also I heard the CFA was kind of a bs charter desgination, just wondering if it is really worth it, I met many people that are high up in their respective fields related to investments and barely any are CFA, but all are Series 7 certified, they said CFA is just a designation but doesnt really give you any power.

 
Apr 9, 2011 - 6:48pm

Shiv:
Ok thanks guys, and also I heard the CFA was kind of a bs charter desgination, just wondering if it is really worth it, I met many people that are high up in their respective fields related to investments and barely any are CFA, but all are Series 7 certified, they said CFA is just a designation but doesnt really give you any power.

Series 7/63 is much like DMV Driver's License written test. Both are piss easy to pass, both are required by regulatory bodies.

CFA, on the other hand, is a totally different game. Passing CFA level 1 before graduation will show your commitment. Having passed all 3 levels of CFA after you graduate will earn you serious respects.

 
Apr 9, 2011 - 9:58am

They have the 7 because it's a regulatory requirement. In other words, they can't (legally) be in the field if they don't have the 7. That is why when you get a job that requires that 7, the firm will sponsor you....SOP.

I don't want to turn this thread into a CFA debate. One thing I will say is that as an undergrad, firms will see the CFA level 1 as a positive regardless of what side of the industry you are trying to get into (IB, AM, S&T, etc).

 
Apr 9, 2011 - 7:54pm

No need to be sponsored for Level 1 to take it, but, you should try to get a scholarship from your school.

I don't know of a time limit that you need to pass all 3 levels within but they're offered only once a year. Again, nothing you should worry about.

Follow me on Twitter: https://twitter.com/_KarateBoy_
 
Mar 18, 2016 - 4:41pm

Change in career, new company wants me to take the series 7 and 66 before I can join the company, can someone tell me which materials/books are the best to get me ready to prepare for my exams? Thanks in advance.

Want to Lose the body fat, keep the muscles, I can help.
 
Mar 28, 2016 - 12:10am

Series 7 exam but no sponsorship?? (Originally Posted: 07/09/2012)

I'm starting work for a trading shop in September. I'm taking the Series 7 coming up in a few days. At the beginning of the summer I was told that because of the firm's classification as a "portfolio margining company" the employees are no longer required to be FINRA licensed to trade for the firm, however, they still want new hires to take and pass the exam (for my own prosperity and a base-level "Ok, looks like you at least sort of know your shit" type thing, I would assume).

Even though I haven't even started yet (and don't intend on going anywhere in the near future) I can't help but think that not having an official 7 license will hurt me in my career advancement, long-term.

What would I put on my resume? "Professional Licenses/Designations: Series 7**"?

When an interviewer asks me if I have my Series 7 designation, am I supposed to say, "Well, kinda? I passed the test but didn't get official sponsorship."?

It seems that nearly every job that isn't tagged as "entry-level" requires some sort of professional licensing, most commonly Series 7 and CFA. If I don't technically have the license, would this hurt me (keeping in mind that I'll still have my track record of my trading performance). I would imagine that a firm wouldn't hire me simply because of the work and cost involved in sponsoring me.

Thoughts, workarounds, or alternatives? I talked to my boss from my internship and she recommended that I get my CFA on the side as I don't need firm sponsorship. I'm going straight to the buy side; would it help to try to get my foot in the door at a sell-side trading desk first for a few years? From what I've been told it's a lot more difficult to make money in the day-trading business with the VIX as low as it is.

Thanks for your input.

Glosed

 
Mar 28, 2016 - 12:12am

Sorry, I should have clarified. I'm actually not sure how I'm taking the test, other than that it's online. They called it their own 7 exam, but based on my limited knowledge of the process I assume that without sponsoring me they are going to administer an old test, or have written one that is functionally the same as the official FINRA version? I would also assume it's not too different, they mailed me STC's training materials to use to prepare.

The tone from the company sounded like the traders were required to take the FINRA 7 in the past but don't anymore, but they still want new hires to take the exam anyway; obviously without official sponsorship they might have very limited access to the real exam.

 
Mar 28, 2016 - 12:16am

glosed:
Sorry, I should have clarified. I'm actually not sure how I'm taking the test, other than that it's online. They called it their own 7 exam, but based on my limited knowledge of the process I assume that without sponsoring me they are going to administer an old test, or have written one that is functionally the same as the official FINRA version? I would also assume it's not too different, they mailed me STC's training materials to use to prepare.

The tone from the company sounded like the traders were required to take the FINRA 7 in the past but don't anymore, but they still want new hires to take the exam anyway; obviously without official sponsorship they might have very limited access to the real exam.

Ok, I see what it is. You are definitely not taking the Series 7 exam. You are taking their own version of it they put together themselves. Those STC notes are just notes, STC is a company that makes study guides, they are not related at all to FINRA (the administrator of the Series 7 that gives out licenses)

They won't have access to the real exam, and even if you pass their version of the 7, you cannot put Series 7 on your resume, because you are not licensed.

I can understand why the company did this. It saves them a bunch of time, money and paperwork, and if they can legally do this, then it makes sense. The fake test is just to get you to take the study materials seriously.

 
Mar 28, 2016 - 12:14am

Also, does not having an official designation mean I am not an RR (are they mutually exclusive)? For example, if an RR can only advise clients on the timing of an order but not the security, size of the position, and side of the market, does this mean that I won't fall under that regulation? Subject to the firm's own compliance rules, of course. Some of my friends and family have asked me to help them with some off-the-cuff stock picking; I would assume as an RR the answer would be "absolutely not", but without the designation I'm not so sure...

 
Mar 28, 2016 - 12:15am

As many have already pointed out, in order to take a Series 7 test you must be sponsored by a FINRA registered firm, and as others have pointed out, the only way to take the exam is at a testing facility (the same you take CPA exams at). Without being sponsored or taking it at a testing center, you will not have a Series 7 and I would advise against putting it on your resume, at least with my firm they checked with FINRA on my registration.

You are also correct in that in order to be a registered representative you must pass the Series 7.

 
Mar 28, 2016 - 12:17am

Just Got Sponsored for Series 7....tips, tricks, guides, success/horror stories?! (Originally Posted: 12/31/2010)

Hello Monkeys,

I just got sponsored for my series 7 exam. I'm getting lots of advice from colleauges, but I'm wondering if the monkeys have any opinion on this subject.

 
Mar 28, 2016 - 12:26am

Series 7/66 Sponsorship (Originally Posted: 01/21/2012)

So here's my dilemma.. I'm currently working in the MO and I'm looking to move into institutional sales.

I've successfully landed a few interviews at a few research shops for Jr. Institutional Sales positions.

One of the interviews went really well.. both the interviewers liked me and it looked as if they were about to make an offer. They talked for a bit then came back into the room and told me they didn't realize that I don't have my S7/66 yet. Then they said that while I'd be a great fit for the position, they were looking to bring someone on who they wouldn't have to pay/sponsor at the same time.

So how can I go about getting my certifications when I'm FT employed? The company I work for won't sponsor me because my position doesn't involve sales at all. Does anyone know of any places that will sponsor you while not working FT for them?

 
Mar 28, 2016 - 12:27am

That's tough b/c your co can't do it unless it's part of your primary role, otherwise it's called parking your license. If your co won't sponsor you now and you can't lateral to a position they will, you're pretty much out of luck. I doubt they will allow you to do an Ameriprise type of gig outside work where it's simple to get the licenses. I think your only choice is to go to an employer who will sponsor. I think you can get the 63 or some other licenses w/o sponsor, but not sure if you need 7 first.

If the glove don't fit, you must acquit!
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