I have an unpaid internship offer this summer at a small brokerage firm, the catch is they will sponsor me for the Series 7 and let me take it near the end of the internship. I was curious as to whether or not that would help me in getting interviews at a bigger firm in the spring (preferably in trading) or if it's not a big deal since the bigger firm is going to train me anyway.
My other option is a paid internship in wealth management.
Thanks a lot for your suggestions.
what year are you?
The only thing about those licenses, is that when you leave that brokerage, you have to file paperwork to "park" your licenses. If you don't return to the same firm (or dont plan to) the next firm you work for has to pay to have those licenses transferred over.
And if you don't do anything in trading or IB/brokerage when you go to work permanently(wealth management depends on your function), they will not pay to have them transferred, 90% of the time...
I'm a junior, class of '08.
I am hoping to get into trading after graduation, so the firm would either pay for the test or pay to have it transferred so that's probably a wash I would assume?
Any idea if it would make me more marketable and if so how much?
series 7 is not a 'marketable' designation. it will not help you get a job.
It is marketable for trading...or PWM
no, it's not.
I hear it is illegal to "park" your license when not employed. You have 2 yrs after you leave the original sponsoring firm before your licenses lapse.
I am in the same boat. I have 2 yrs of investment experience in private wealth management, and hold my series 7 and 66 licenses (combination of 63 and 65). It is the end of my first year MBA and really want to get into trading when I am done. I hear it is costly for a firm to sponsor you, so I was hoping my licenses would make me more "marketable" as a candidate. Any advice???
Series 7 - Required or related to getting into ER? (Originally Posted: 01/05/2011)
is a Series 7 required or related or helpful in terms of getting an equity research or Asset Management job? someone was telling me i should become a brokers assistant if i am interested in this kind of stuff
Before I even answer your question, let me point out that the search function is your friend! This question has been answered before. For Christ Sake, please use the search function. It makes your life alot easier and makes us less likely to ignore your question if it's already been answered.
As to an answer, the Series 7 is a prerequisit exam for Equity Research and most client facing responsibilities. Trading (7/63 for FICC and Deritvatives, 7/63/55 (I think it's the 55, I always forget what the Equities Desk exam is) for equities trading), ECM (7/63 or does that fall under the 79 now... I'm a bit fuzzy on that, having my 7/66 combo), Wealth Management and Asset Management (7/66 at a bare minimum) and one or two other areas require it IIRC.
When you start full time, if you don't have one, you'll be required to get it.
Fail.
i thought only CFA was required.
i did do a search and some say you need it some say you dont need it. they say you need it if you are a stock broker helping out ppl buying stocks over fidelity or etrade or scottrade. Or they also said you may need it if you are a financial planner, but i dont see anything about being an investment analyst or working for a portfolio manager at a money managing company
Clearly you're not searching hard enough. This is what I found in 2 second of work. With two minutes of work, I found this.
Do your own damned research and due dilligence before asking questions. Stupid questions get jackass responses.
you a bum you bum
Haven't seen Boiler Room, huh?
Series 7 (Originally Posted: 02/06/2007)
For an undergrad, how would it look if I were to get my series 7 on my own time? I know it probably is irrelevant for i-banking but I'm considering asset management etc. I assume its not like in boiler room where I would be kicked out of the room because the company "makes brokers, not hires them." I'm currently a sophomore and assume it can't hurt but I don't necessarily want to put in the time if it doesn't help me with an internship and I'd have to do it again when I'm hired. I also was told to look into the CFA program by a MS mutual fund manager, but I assume that is more of a commitment than I have time to get into as a full student right?
I don't think you can get it without a broker/dealer sponsorship...
In other words, you have to work for an SEC registered company that will be in possession of your licenses. It has to do with corporate responsibility and accountability in the event you were unethical in your dealings...
If you know a way around it, please feel free to inform me...
My suggestion? Try to take level one by your senior year in college. If you were to do that, you would certainly have an edge over your competition for Asset Management positions. (you can put registered for CFA level one exam June/December of 2007 on your resume once you officially register)
Good Luck!
I took a look at the CFA stuff a little while ago and am not sure about some of the requirements. I think you need to have graduated undergraduate or have had a few years of work experience. Can anybody clarify this for me? I obviously haven't graduated yet, so I'm not sure how to get around it.
Check their website. All the info is on there.
Yes, you will have to take the 7 & 63 eventually (if you work for a broker-dealer), but for the amount of time and effort you will have to put into learning (from without the industry context to put it into) your time is much better spent really learning how the markets/particular products work. Yes, it is impressive, but more impressive for you asn an undergrad still securing a position is you knowing everything that is going on in the market by reading the WSJ every day. The test is also incredibly expensive- another reason to wait and let your company sponsor you- they will also pay for classes. With that said, the info on the 7 is super important and useful. If I were to quit my job tomorrow and work for an art gallery, I would not regret having invested the time in taking it. Focus on the industry as a big picture for the time being- worry about certifications once you know where you'll be working. Best of luck to you in your career, with the rest of school, and the test if you do decide to do it though. Way to be ambitious!!!
Amb05, do you really remember anything from the test? I took it 3 years ago, but it was such a cram-session (studied 5 days) that I didn't retain any of it. I disagree that the content has much value in practice, because most of your internal compliance and training will supercede anything from the test (many concepts on the Series 7 were too broad to be used in practice - "a mile wide and an inch deep" is how the content was once aptly explained to me - I needed a "foot wide and a mile deep" to do my job well). However, getting your 7 will show interviewers that you have an unquestionable desire to work in finance and also that you have some level of basic aptitude to pass the test, or at least that you can memorize a 900 page book and regurgitate info, for what it's worth. My 7,63,66 will lapse since I'm entering IBD so they will be useless, but there are ethically questionable entities that will park your licenses and sponsor you to get them, for a hefty fee.
Forgot to mention - check your school's business website and check for professors who hold a CFA. CFA institue allows them to sponsor a couple students with a scholarship to take PartI while still in undergrad. You can take it without this sponsorship, but it costs a bit more. You will have to pay for study materials regardless, which can be quite expensive for a college kid. Part II and III and ultimate certification cannot occur until you have some legitimate work experience.
My take - CFA designation is so universally respected that taking it is much better - and more difficult - than any NASD certification. While it won't have much value in I-banking, for many buy-siders is is the road to a huge pay increase and ultimate mobility.
PoolSideBanker- Yes, I do remember (and use) my Series 7 stuff (and notes) fairly often... However, I came from a different context than you, most likely. A) I am in sales & trading at a broker-dealer (so we are actually selling all of the securities products) and B) I joined the analyst class after already being a sales assistant at my company, and I got my certifications before I became an analyst. Because I did not go through the normal analyst trainings/rotations, I took a 6 week class, and actually took all of the practice tests (and gave up most of my summer). In my job now, I use all the big picture concepts regularly, and often small details too (in a meeting today- the maintenance margin for shorting securities under $5). You do have a point though, because our own rules are more specific than 7 stuff, but also, I am now in a job where the test was completely applicable to what I am doing now.
Fair enough - I just remember 35% of the damn test was on option strategies, which I only have ever used for my own trading purposes. Other stuff like settlement dates, account restrictions, compliance issues you'll never use - that's what the ops people are for. I guess your retention must be better if you studied the damn thing for 6 weeks too.
I spent 1 weekend getting ready for the 63 though- that was pretty useless info. The option stuff is what I retained the most of all as well, mainly because my group works with the derivatives traders daily. I spent way too much time studying for the exam...
Series 7 is a pretty easy test. but you won't necessarily need to take it.
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