ML Trainee Doctors Series 7 Scores
http://www.forbes.com/sites/billsinger/2012/04/18…
It seems Justin M. Witt was so upset about his failure to pass this test, that he lied to his boss and sent false emails and faxes stating he had received a score of 82% when he had in fact failed and received a 64%. He seems to neglect the fact that this is report simultaneously to his sponsor as it is to him, and he turns an ugly situation into a Dealbreaker situation.
Is it a crisis if you fail the exam the first time?
It can be. It all depends on where you work and who you work for. My buddy who was at UBS saw a few people in his analyst class get fired for failing the Series 7. The Series 66, however, was a different story.
At Citi, I saw people be allowed to take it again. One guy failed it twice and then got a job at Powerbar instead.
Either you are honest person or you are not. No in-betweens, no short-cuts, no sometimes. Be honest and give the appearance to be honest.
Sure there are certain gray zones, perhaps subjectivities... but, would you hire someone forging documents? would you do business with this kind of individual?
I don't know the particulars of this case and my comments are aimed to cover a wider spectrum: Finance is a trust business and this industry is a people's business (and a small world indeed!).
An MD once gave me a piece of wisdom: "That your actions, words and intentions let you sleep well at night" (from a conscience perspective, of course)... this industry could certainly be a different place if more people would sleep tighter at night.
Ethics are super important not just because you want to sleep well, but because they determine your reputation. An MD once told me a story of a CEO who dumped restricted shares on an 80 year old, he said the reason to do the right things is it's about long term greed. Relationships matter, a quick kill isn't worth the stuff you'll miss out on for pulling stunts like that.
ML is really scraping the bottom of the barrel these days.
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