I’ve been searching around the net and can’t find a website (not even FINRA) that lists ALL details about the Series 7. Could you guys help me out? If I have a friend that owns his own Fin Planning/Advisory firm- could he sponsor me? How much would this cost him (b/c I’d have to pay it)? About how many hours would one need to study- I saw somewhere 100-120hrs. I’ve also seen that there are test centers everywhere- I ran across one that said you can schedule your own time to take the test, is that true? Is it not like the CFA where you are in a room full of people and it’s only offered a few times a year? Thanks Gents… PS- Don’t bash- I’m already planning to take the CFA level 1 in June
The series 7 is very different than the CFA. It is just a license, like a real estate license or a license to sell insurance. The test is done on a computer at an approved testing center. It can be difficult for some people but anyone can learn the material. It covers very basic things like “what is a stock/bond”. “Is an investor that buys a put option spread at a net debit bullish or bearish?” It also covers all of the securities regulations with an emphasis (at least on my exam) on MSRB’s. Simple calculations are also present such as “calculate the break even on an option position” or “what is the initial margin requirement on this position and at what point will a margin call be generated”. Easy stuff if you do a lot of practice problems.
Series 7 is a joke compared to any of the CFA exams. If you have a finance background you wont need anywhere near 120 hrs. You will however still need to spend time on the regulatory section. Most people study for a month while working before taking the exam. There are lots of testing centers and once you have been fingerprinted and fill out background info at your buddies company, you will have access to a site with all open time slots at locations all over the US. I think there are 3 or 4 in NYC alone. You sit in a room with other people when taking the exam, but it is all computer based and you have your own little cube to sit in…set up like a computer lab at school. I think the exam is offered atleast 5 days per week. Probably cost the company $300 or so, but thats just a guess (based on GMAT cost)
Thanks guy, I currently work as a Fund Acct and HATE it, I’m thinking about quitting just b/c I CAN’T TAKE IT ANYMORE. Seriously it’s driving me crazy and making me depressed- I’m a recent grad and live at home w/ the rents so I’m thinking about getting out of here, studying for the Series 7 full time, taking it ASAP, adding it to an already quality resume, and studying for the CFA full time as I apply for jobs and interview.
the series 7 isnt going to differentiate you from anyone looking for a finance job imo. anyone that hires you will sponsor you for it and as mentioned above its just a license not a professional designation/qualification such as the cfa
The Outline is on the FINRA website. Just click on the Series 7 and it will take you to a link to a PDF file. http://www.finra.org/RegistrationQualifications/BrokerGuidanceResponsibility/Qualifications/p011096?ssSourceNodeId=759&ssSourceSiteId=5
Dont go crazy taking exams for the hell of it. By taking the series 7 you only make yourself more attractive to daytrading and brokerage shops. Although you will need to eventually obtain this licesne before working on the sell-side as an analyst, salesperso, trader…no company is going to hire you because of it. The CFA exam is looked at very differently. Also, it will be difficult for you to explain to potential employers on your resume and in person, why and how you are duelly employed (as a fund accountant and at your buddy’s shop). I would forget about the series 7 until you secure a job that requires you to obtain it. I actually posted my resume a few years back when I was at school and seeking, and included a bullet point for series 7. After a few weeks of having it on there and after dozens of spam-like emails and calls from insurance companies and chop shop trading firms wasting my time and cell phone minutes, I decided to take it off the resume completely. If you want sales (retail), keep it on.
jax26 Wrote: ------------------------------------------------------- > the series 7 isnt going to differentiate you from > anyone looking for a finance job imo. anyone that > hires you will sponsor you for it and as mentioned > above its just a license not a professional > designation/qualification such as the cfa True, but it can’t hurt and I’ve seen a lot of job postings that are looking for recent grads w/ their 7 and the position isn’t a sales oriented or investment rep type of position. It just shows that you have a decent knowledge of securities.
Correct me if I am wrong, but I thought you needed sponsorship by FINRA member firm to sit for Series 7, or most of FINRA license exams?
Hey Tpain, can I get your email. I have some questions for you.
KJH Wrote: ------------------------------------------------------- > Hey Tpain, can I get your email. I have some > questions for you. I’ll make up one and post it tonight- if I post my real one (it includes my real name), I don’t want someone that knows me to catch on.
You do need to get sponsored by a firm in order to take the 7. I have my 6, 63, and 7 and wouldn’t have been able to do them outside of T. Rowe Price. The 7 was EASY in comparison to what the CFA will do to me…
you can’t take the series 7 w/out ur employer signing u up
Interesting! I am taking it on Jan 15 so plan to spend 2 weekends to study it. I’ve been working here for 2.5 years. I don’t need it, but my company sponser it, so why not? The reason I am taking it? Just want to get the feeling to sit in front of the desk before I start my level 3. Vaule added? Not much, but will save you some time and energy when you start a new job if that is required for that role. Although most companies will give you 3 months to pass it, sometimes a new job might be stressful at the begining. Will let you know how it goes. Go back to study now. And good luck.
If you’ve passed level II, you can do an awful lot of football watching on those two weekends and still pass the exam. Probably the only thing you don’t know is stuff about regulations.
am I totally off here…i thought I once read that if you pass CFA level 2…it counts for a couple of different licenses. Am I crazy?
passing L2 exempts you from series 86
jax26 Wrote: ------------------------------------------------------- > the series 7 isnt going to differentiate you from > anyone looking for a finance job imo. anyone that > hires you will sponsor you for it and as mentioned > above its just a license not a professional > designation/qualification such as the cfa completely agree. it’s so easy to get that if you need it you will get sponsored by your new company. the only reason why they might want someone to already have it is because they are looking for someone with experience. getting the 7 doesn’t provide any experience.
I signed up for June 2008 CFA level 1 about a month back and have done some minimal studying (halfway through book 1). I’m leaving my current job for one that requires me to pass the 7. Will it be beneficial to study for the 7, then resume studying for level I, or should I study for both at the same time. Basically, does the material for the 7 overlap with any level 1 material. Thanks for the help.