I know most of you guys here have the CFA(or studying for it) and the Series 7 is no where near that level…but in your honest opinion do you think it is work getting? I mean it’s pretty much just a license to be a registered broker but the material is pretty interesting and it’s something to put on the CV.
Any of you guys here have it? Is it worth getting this day and age? Maybe get the Series 7 first and use that as some preparation for the CFA?
I assumed you only get it if your job requires it.
Why not just go get it man. Block off 2 weeks to read the 300 pages and do it. The zips who watch Boiler Room will be impressed you have it.
This is a very easy question to answer.
Are you going to work for a brokerage firm where S7 is part of your job?
If yes, then get the S7. If not, don’t get it.
It really is as simple as that. In order to get the S7, you have to be sponsored by a company (who will then presumably hire you as a broker). You can’t just walk into a Sylvan Learning Center and take the Series 7 exam. And if you’re not going to be selling securities, it is completely useless.
If you work for a firm that would sponsor you, but it doesn’t apply to your role would you take it? You could then apply for jobs that say series 7 required?
This^^^^^^. This is the exact situation I’m in right now. My current role doesn’t require it, but maybe it would be useful in the future?
I think your firm has to sponsor you for the Series 7 (you can’t just sign up if you are a member of the public), so I will second this. I could be wrong, but I recall needing to get sponsored for it when I was on the sell side unless I completely misunderstood what they were talking about (I did get it).
^In my experience, if it doesn’t apply to your role, then they won’t sponsor you. And any job that does require it would sponsor you.
“Series 7 required” usually means “the ability to study for and get the Series 7”, not “already has a Series 7”.
Sort of, but I think there is a cost to the firm and it lapses if you don’t renew, so I doubt the firm would just randomly allow you to take it?
Dude it’s pretty easy, I studied for like 5 minutes and passed it, I think anyone who is trying to say they won’t hire you because you lack a Series 7 is just making excuses.
It’s very easy and i dont think it would add to your appeal given your charter. Employees should recognize that you will be able to pass this exam if need be. If you do decide to take it, a running bet is how close you can get to 70 - i will be taking bets.
I agree with both of these.
When I first started at American Express Financial Advisors, I studied for two weeks. Mind you–I knew absolutely nothing about finance. I didn’t know the difference between a stock and a bond. I didn’t know what an expense ratio was. I didn’t know what an option was. And I passed after two weeks of study.
EDIT - I got a 70.4%. (176 out of 250 right) I have never heard of anybody getting a lower score and still passing.
^ What was it like working at AMEX FA?
You can’t get it unless a FINRA member firm sponsors you. It is not as much a credential as it is a license to do business in the securities indusstry. I love when I see brokers tought that they have the series 7…you have to have it in order to be a broker.
Was a total chop shop. It was a strange hybrid of “Glengarry Glen Ross” and “Groundhog Day”.
We were taught “scripts” to say to people. It seemed like everything had a script. What we said on our cold calls was scripted. What we said in our face-to-face meetings was scripted. We were taught to “overcome objections” with a script.
The scripts included vocabulary that I didn’t understand, like “dollar-cost averaging” and “asset allocation”. But whether or not you understood it, you were still required to memorize the script and use the verbiage in client meetings.
At least 200 cold calls per day was mandatory.
We also had a booth at the local Costco, so we could market our expert services to people.
What’s their financial plan all about? What do you get when you pay someone at Ameriprise?
Well done. I scored somewhere in the 90s (forgot the exact score), which was the highest score the firm had seen in a while and everyone gave me crap about it afterward… “Oh look at this eager beaver studying hard for his 7!” There is honor in just barely passing, and you clearly have the most honor possible.
Don’t fail though, that’s a big dishonor.
Basically, the advisor gives you a big packet, and you take it home and fill it out. It includes your assets, your debts, your income, your expenses, etc. Then we put the #'s in the computer, and it spits out a personalized plan, custom-built to fit your needs.
When you buy a “financial plan” at Ameriprise, you get the happy meal. You get an IRA, a brokerage account, a VUL life insurance policy, and most important of all–you get the services of a financial professional. Like me–who spent 5 years in the Marines and have a Bachelor’s from Online University in Spanish and didn’t know what a mutual fund was.
“The education that I’ve received at Ameriprise is the equivalent of a Master’s degree.” Indeed.
The scariest part of taking the series 7 with very little preparation is the last 60 seconds. < calculating your score… result >
I can’t hurt and if your employer allows you to take it you may as well. Also, every time someone brings up the 7 you’ll inevitably hear about the guy who studied on the shitter the night before and passed. It’s not hard, but it’s not a complete joke either. I’d say it’s equivalent to a college final exam – 10 to 20 hours of study depending on your current knowledge should be sufficient.
I remember Series 7. At some point, everyone in my business got “on boarded” onto this, so everyone, including previously uncertified old people, had to take the test. Our head of trading scored in the 90s and then started rubbing it in everyone’s faces. We were like “dude wtf is wrong with you?” (never mind that other people had similar scores and said nothing). Head of sales failed and had to retake…