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Apr 14, 2006 5:56 pm

What a pleasant surprise finding this forum! I am a college student, in my senior year. I am a finance major. I applied for a summer internship with a brokerage firm, and upon acceptance, I was required to take the series 7 and series 63, which I did.

I am going to be working in a call center.

I must say that this entire process has been interesting and rewarding.

I just have a few questions-

What other potential careers and jobs require a series 7 and/or a series 63? I would be very dissapointed if I went through all of that to acquire those licenses if the only thing I can do with them is be a stockbroker.

I'm not knocking the position, it's just not a long term objective.

Any feedback would be greatly appreciated!

Apr 14, 2006 7:25 pm

Being a stockbroker is all you can do with the 7 & 63.


If you want to do more, on the investment side, you'll need additional licenses. For example, to sell insurance products, you'll need an insurance license.


I'm not sure what else you were expecting to be able to do with a 7 & 63.


Apr 14, 2006 7:34 pm
doberman:

I'm not sure what else you were expecting to be able to do with a 7 & 63.





Thanks for the feedback. I wasn't "expecting" anything, I just did what they asked me to do. It was a pre-requisite to winning the internship. I had tunnel vision while going through the process. Now that I have them, and the smoke has cleared, in the aftermath I wondered what else I could do with them. I wasn't getting any feedback from my sponsor, that's for sure.


I think they just need to cycle new meat for the call center, and that's why they provide internships. But I have to be honest, at this point in time, I have no aspirations to be a stockbroker. I was just looking for some industry experience, make a little money, and pick up a handful of credits.


Well, at the very least I'm sure it will look good on my resume. Right?

Apr 14, 2006 9:07 pm
doberman:

Being a stockbroker is all you can do with the 7 &

63.



If you want to do more, on the investment side, you'll need additional

licenses. For example, to sell insurance products, you'll need an insurance

license.



I'm not sure what else you were expecting to be able to do with a 7 &

63.







You have several other options. You can work in the mutual fund

industry or a bank trust department. You can also work within a

brokerage firm in the asset management department. Hey, there are over

600,000 Series 7 registered with the NASD. They're not all stockbrokers.    

Apr 14, 2006 9:18 pm
skeedaddy2:




You have several other options. You can work in the mutual fund

industry or a bank trust department. You can also work within a

brokerage firm in the asset management department. Hey, there are over

600,000 Series 7 registered with the NASD. They're not all stockbrokers.    



Thanks.

Apr 14, 2006 10:05 pm

skeedaddy2-

What about insurance companies that sell variable annuities?

Apr 14, 2006 10:51 pm

Slim,


Insurance companies only require a Series 6 for Variable Products.  The Series 7 covers the Series 6 too.


Good Job on getting your licenses.  Good Luck in completing your studies.


Apr 15, 2006 7:45 am
FinclPlngPro:

Slim,


Insurance companies only require a Series 6 for Variable Products.  The Series 7 covers the Series 6 too.


Good Job on getting your licenses.  Good Luck in completing your studies.




Thank you.

Apr 15, 2006 7:50 am

In any event, I needed some sales experience, and working in the call center will give me that. I've been told by a variety of professionals that I would make an ideal insurance salesman, so that is an option I do want to explore.

I just don't ever want to find myself pigeon-holed in any one thing.

Apr 15, 2006 8:11 am

You can become a financial advisor and financial planner.  I would
consider what you enjoy doing, working directly with clients and
families, or would you rather be behind the scenes?  If you like
to be behind the scenes, you can do a miriad of management, compliance,
customer service, and administrative work.  These are salaried
positions with average compensations.  If you really like the
portfolio work you would need to get your MBA and your CFA, which can
be done simoultaniously over a 3 year period.  These folks make
anywhere from too little to abnoxiously too much money.  Lastly
you can work directly with clients as a fianncial advisor.  These
are sales and service based carreers that are ever evolving...but
mostly sales for the first decade.  This noble path is very
personally, professionally, and financially rewarding if your good,
terribly cruel if not. 



I would find what your key interest are right now, then pursue that path.

Apr 15, 2006 9:44 am

You can work in COMPLIANCE!  

You can go into management, but without any experience, it would be very difficult to get such a position.

Get your insurance license, no matter what direction you choose.  YOU'LL NEED IT!

Apr 15, 2006 10:04 am
rightway:

You can become a financial advisor and financial planner.  I would
consider what you enjoy doing, working directly with clients and
families, or would you rather be behind the scenes?  If you like
to be behind the scenes, you can do a miriad of management, compliance,
customer service, and administrative work.  These are salaried
positions with average compensations.  If you really like the
portfolio work you would need to get your MBA and your CFA, which can
be done simoultaniously over a 3 year period.  These folks make
anywhere from too little to abnoxiously too much money.  Lastly
you can work directly with clients as a fianncial advisor.  These
are sales and service based carreers that are ever evolving...but
mostly sales for the first decade.  This noble path is very
personally, professionally, and financially rewarding if your good,
terribly cruel if not. 



I would find what your key interest are right now, then pursue that path.



Thank you for the feedback and advice. I would consider myself a "behind the scenes" administrative type. I'm not uber-competitive (although I do enjoy a challenge) and I'm not money hungry. There is this huge assumption that people become stockbrokers because they want to get filthy rich. But that's neither here nor there.

It's really not about the money at this point in time. I'm sure that, in time, it will come, but that is not what motivates me. I simply want to succeed at any and all tasks that are placed before me, to try and have fun, give 100% and let the chips fall where they may. My short term goals are to complete my internship, get a good recomendation, and finish my final semester of school this fall. After that, I definitely need a secure, salaried, administrative position so I can get my student loans paid off. And once I have a firm foundation, then I can explore the other options that you mentioned (particularly the MBA and CFA). Thanks again for your advice, I do appreciate it.


Apr 15, 2006 10:06 am
D.H.K.:

You can work in COMPLIANCE!  

You can go into management, but without any experience, it would be very difficult to get such a position.

Get your insurance license, no matter what direction you choose.  YOU'LL NEED IT!



Yes, insurance is something I am definitely keying in on. Thanks.

Apr 15, 2006 10:25 am

Good response by rightway....good synopsis

Apr 15, 2006 1:06 pm

I'm getting mixed signals from you...


"I've been told by a variety of professionals that I would make an ideal insurance salesman, so that is an option I do want to explore."


"I would consider myself a "behind the scenes" administrative type."


"I definitely need a secure, salaried, administrative position so I can get my student loans paid off."


Insurance sales is far from a "behind the scenes" administrative type" career...and it sure doesn't provide "a secure, salaried, administrative position so I can get my student loans paid off."


Perhaps you should consider the Cerified Financial Planner (CFP) credential, which involves working with clients to create a financial plan to retire comfortably, fund a child's education, protect income in the even of disability, provide for surviving dependents in the event of premature death, transfer estate assets with minimum taxes, etc.,etc.,etc.  You can use your series 7 license to help clients invest to meet these goals, and with a life license, put the necessary insurance in place for them.


One more thing to consider...it is much, much harder to transition to any commission sales position, whether it is insurance or securities, or whatever, after you've gotten used to "a secure, salaried, administrative position", and/or have dependents who also need the security of such a position so they can be fed, clothed, etc.  If you start now, when the worst thing in your way is a low-interest student loan balance, you'll have a much greater chance of making the leap.


Otherwise, you run the risk of being trapped in a secure job that you no longer enjoy.  I've known that feeling and was very fortunate to escape.  Consider your future carefully...now may well be the best opportunity you will have to take some risks with a career.

Apr 15, 2006 6:08 pm

Indyone, I hear what you're saying.

I think the mixed signals that I express come from my own perceptions of me vs. the perceptions other people have of me.

I'm confused, myself.

I'm sure I'll be closer to self-realization before the summer is over.

Apr 16, 2006 8:00 pm

I have a new question.

The sponsor-

do they retain the "rights" of my license? How does that work? Can I leave any time? Are there circumstances in which they can prevent me from going to work for somebody else? Am I obligated to work for them for a specified period of time?

That was the one thing about this whole thing that always had me feeling a bit uneasy. When I was studying and preparing for this internship, I always wondered what would happen if I passed it, and then at the last minute, they decided I was no longer an ideal candidate, what my options would be at that point in time.

Apr 16, 2006 8:01 pm

Oh, and the other thing was, suppose around June or July I decide I want to bail, that this just isn't my cup of tea.

Does my license go down the drain?

Apr 16, 2006 8:20 pm
Slim2None:

Oh, and the other thing was, suppose around June or July I decide I want to bail, that this just isn't my cup of tea.

Does my license go down the drain?


This is a very tough business.  It's impossible to succeed if you don't have confidence in yourself.


It's the middle of April and you're planning to quit in June or July?


Has nobody told you that you might not make more than minimum wage for a year or two?


Has nobody told you that you'll have to dial the phone so many times that your arm will hurt from picking up the receiver?


Has nobody told you that you have to be able to afford to live on your savings and/or handouts from parents for so long that you'll feel like there will never be an end to it.


Then one day, when you least expect it something good will happen.


You'll never get there if you don't screw your head on straigt.


Regarding your license. I assume you have not studied for it yet because one of the basic questions asks how long an inactive license may remain inactive.  Which would  you suspect is right?


a. 30 days
b. 6 months
c. 1 year
d. 2 years

Apr 16, 2006 9:32 pm
Big Easy Flood:
Slim2None:

Oh, and the other thing was, suppose around June or July I decide I want to bail, that this just isn't my cup of tea.

Does my license go down the drain?


This is a very tough business.  It's impossible to succeed if you don't have confidence in yourself.


It's the middle of April and you're planning to quit in June or July?


Has nobody told you that you might not make more than minimum wage for a year or two?


Has nobody told you that you'll have to dial the phone so many times that your arm will hurt from picking up the receiver?


Has nobody told you that you have to be able to afford to live on your savings and/or handouts from parents for so long that you'll feel like there will never be an end to it.


Then one day, when you least expect it something good will happen.


You'll never get there if you don't screw your head on straigt.


Regarding your license. I assume you have not studied for it yet because one of the basic questions asks how long an inactive license may remain inactive.  Which would  you suspect is right?


a. 30 days
b. 6 months
c. 1 year
d. 2 years



Uh...  It's 2 years. Thanks for the lecture.