Licenses to go Indy

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Jan 27, 2006 6:51 pm

What license(s) are needed to go indy?  Have only my 7, 63, 65, life and health now.


Do I need my 10 and 11 (formerly the 8 I believe)?


Do I need my 24?


What's the difference?


Jan 27, 2006 10:30 pm

Assuming you want your own office, LPL requires a 24...I think RJ requires a 9/10.  Not positive what the difference is to be honest.  All I know is that I had to get my 24 for LPL.

Jan 28, 2006 5:28 pm

How hard was the 24?

Jan 28, 2006 5:59 pm

The 24 is a General Securities Principal exam which qualifies you to supervise all activities of a brokerage firm/office, including investment banking.


The 9/10 is essentially a branch manager's exam, slightly narrower in scope than the 24, and only allows you to supervise normal branch operations.

Jan 28, 2006 10:11 pm
ezmoney:

How hard was the 24?


Not bad...I got an 80 and probably didn't put more than 40 hours of prep in.  It may be just a bit harder than the seven, but honestly, I'm not sure it is...just boooooooring material.

Jan 28, 2006 11:21 pm

If your asking your probably not ready.  I am not even thinking about it and it is common knowledge to me, because I have 6 years of experience.

Jan 29, 2006 6:33 am

it can't be worse than  the 66

Jan 29, 2006 9:46 am

I am ready - I've been in the business 8 yrs now, starting my 9th.


It's not anything anyone at my office (a wirehouse) talks about, so how would I know until I start talking to people who have gone indy, which is what I am doing here!

Jan 29, 2006 2:03 pm

Don't you read the trade magazines?

Jan 29, 2006 2:10 pm
newrookie:

I am ready - I've been in the business 8 yrs now, starting my 9th.


It's not anything anyone at my office (a wirehouse) talks about, so how would I know until I start talking to people who have gone indy, which is what I am doing here!



You may want to consider changing your name.

Jan 30, 2006 9:34 am
ezmoney:

it can't be worse than  the 66



It is definitely harder than the 66.  Covers a much broader scope.

Jan 30, 2006 9:51 am
Indyone:

Assuming you want your own office, LPL requires a 24...I think RJ requires a 9/10.  Not positive what the difference is to be honest.  All I know is that I had to get my 24 for LPL.


Either the 9/10 or 24 works with RJFS.  They recommend the 9/10 though, for 2 reasons.  First, the 24 got a lot harder a few years ago when it was revised, so the pass rate on the 9/10 is apparently now higher than the 24.  Second, the 24 is more limited on some supervisory authority.  It doesn't include muni or option supervision, while the 9/10 does.