Series 7, 63, 79. Do you need all 3 to be a banker?

I've seen a lot of bankers with all three certifications. Is that because you need all three or most likely because they already had Series 7 & 63 and then had to pick up 79 later?

Comments (8)

 
Jan 16, 2013 - 11:02pm

On the IBD side, we only needed 63 (state) and 79. I think the S&T people at my firm only took the 7 or a combination of the 7 and the 63.

It used to be the case that everyone took the 7, but they carved parts of it out and made it more relevant to IBD and that became the 79.

 
Jan 16, 2013 - 11:29pm

My firm requires us to get all three as part of our employment contract.

MM IB -> TMT Corporate Development -> New Ventures
 
Jan 17, 2013 - 7:57am

Ok. I just wasn't sure if the 79 was a substitute for the 7 in I-banking or if it was to be taken on top of the 7.

Its a good point that what your "required" to take and what your employer requires may be different as well. I had just always assumed they would require the bare minimum to save $$$.

Thanks

The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
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Jan 17, 2013 - 9:16am

I have all 3 but I think the only reason I needed the 7 was because my last job was very cap markets oriented. My current place is strictly M&A and only requires 79 and 63.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 
Jan 17, 2013 - 11:55am

You don't need all 3 to become an investment banker, you just need the 79. The Series 79 is the exam designation for Investment Banking Limited Representative, which is was you need to become a junior investment banker (i.e. non-officer of the firm). If you entered prior to the rule change, the Series 7 is grandfathered in, but you are still subject to continuing-ed requirements. Many firms will still require you to take the Series 63 to hold in addition to the 79, but this is not a FINRA mandate, as that exam is issued by a different administrative body.

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