Studying for the series 7.. w/o a sponsor

or Register to post new content in the forum

17 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 23, 2007 6:13 pm

In my crusade to get under the wing in a major wirehouse coming straight out of college, I'd like to make myself as marketable as possible.  Since I have a few months till I actually graduate and hit the pavement, I'm considering getting the study materials for the Series 7.  I figure that if I tell employers that I'll be able to get my Series 7 within the first week of training, it'll be a major selling point.  Not only because they won't have to spend time & resources training me, but because it'll also show ambition.  Do you fellas think this would help me out, or would I just be wasting my time?

Also, what does a firm have to do to sponsor somebody for the exam?
I know a guy that runs an ML office around here.  Should I even bother asking him to sponsor me to take the test before even finding a place to take me?  I plan on moving out of the region after I graduate, so I wouldn't want him to pay for anything since I'm leaving the area.  Any regulatory/compliance issues to worry about?

Jan 23, 2007 8:49 pm

I am not aware of the ability to take the test without a sponsor.

Jan 23, 2007 8:56 pm
maybeeeeeeee:

I am not aware of the ability to take the test without a sponsor.



Yeah, what a shame.  But they can't regulate the ability to buy the study guides without a sponsor, right?

Jan 23, 2007 9:19 pm

You can probably get the study guides on line somewhere, but you still
have to be sponsored by someone.  The test is not hard for someone
who can read and study.  The biggest challenge for someone getting
into the business right out of college is not passing the 7, its
getting clients. 

Jan 24, 2007 1:05 am

Trapper your greatest challenge will be to prove yourself to the client.



Being young you just don't have the life experience. Most clients who have money are not going to put it in the hands of a youngster.

Jan 24, 2007 7:30 am
Trapper SS:

In my crusade to get under the wing in a major wirehouse coming straight out of college, I'd like to make myself as marketable as possible.  Since I have a few months till I actually graduate and hit the pavement, I'm considering getting the study materials for the Series 7.  I figure that if I tell employers that I'll be able to get my Series 7 within the first week of training, it'll be a major selling point.  Not only because they won't have to spend time & resources training me, but because it'll also show ambition.  Do you fellas think this would help me out, or would I just be wasting my time?

Also, what does a firm have to do to sponsor somebody for the exam?
I know a guy that runs an ML office around here.  Should I even bother asking him to sponsor me to take the test before even finding a place to take me?  I plan on moving out of the region after I graduate, so I wouldn't want him to pay for anything since I'm leaving the area.  Any regulatory/compliance issues to worry about?


Just remember, after you hire on to a firm, especially ML, there is still a 4 month training period that you have to go through before you hit production.  Though you could use this time to build prospects instead of watching Fire Solutions all day.

Jan 24, 2007 11:50 am

IF and that is a big IF you have potential, a major firm will hire you and will sponsor you.  There is no back door.


Don't waste your money or time.  Out of college, this would be EXTREMELY hard.  You may want to start at a bank or a junior broker until you get some experience.


Would you give $50,000 to someone with no experience?

Jan 24, 2007 12:22 pm
vbrainy:

IF and that is a big IF you have potential, a major firm will hire you and will sponsor you.  There is no back door.


Don't waste your money or time.  Out of college, this would be EXTREMELY hard.  You may want to start at a bank or a junior broker until you get some experience.


Would you give $50,000 to someone with no experience?



I've been actively investing for the past several years, and I'm a quick learner.  If I'm able to communicate to potential clients that I know my stuff, then I should be able to get them past that initial trust barrier.

But you're right.  It'll be hard as hell.  I'm leaning towards the bank route right now, because I'm going to be moving to an area that I don't have a network established in.  But even banks are hesitant to hire people straight out of college.

Jan 24, 2007 12:34 pm
Trapper SS:
maybeeeeeeee:

I am not aware of the ability to take the test without a sponsor.



Yeah, what a shame.  But they can't regulate the ability to buy the study guides without a sponsor, right?



Your persistence is admirable!

Jan 24, 2007 4:18 pm

Thanks guys.  I'm deciding to go balls to the wall on this one.  Just ordered my Series 7 and Series 66 study guides.  I also sent an email to the local Northwestern Mutual owner to see if he's interested in talking about doing some cold-calling for him.

Jan 26, 2007 12:12 pm

You, as I was last year, are completely underestimating this position.



You are poor, unexperienced, and young. That's 3 strikes.



If you are still in college, assuming you go to a respectable target
school, use all of your resources afforded by your status to network
for first-round interviews. You can get a intern position anytime at
any of the local brokerages, but you can never go back and apply for
some of the regional/HQ positions--they want fresh, ivy blood. Shoot
for the stars, if you miss, you can still land on the moon.



I plan on freezing the dream of being an FA until much later. I'll be
starting as a banking analyst for a middle market firm. Then, either go
back to business school or transfer into the sales/trading division. I
think this is a much safer and smarter approach to set me up for the
long-term rather than cold calling.

Aug 17, 2007 5:37 pm
Trapper SS:

Thanks guys.  I'm deciding to go balls to the wall on this one.  Just ordered my Series 7 and Series 66 study guides.  I also sent an email to the local Northwestern Mutual owner to see if he's interested in talking about doing some cold-calling for him.


is this a good idea? anyone?

Aug 17, 2007 5:48 pm
JimYoung:
Trapper SS:

Thanks guys.  I'm deciding to go balls to the wall on this one.  Just ordered my Series 7 and Series 66 study guides.  I also sent an email to the local Northwestern Mutual owner to see if he's interested in talking about doing some cold-calling for him.


is this a good idea? anyone?



I think it is a little odd that he would email someone to talk about doing cold-calls.  Shouldn't he "cold-call" the NWM owner?

Aug 17, 2007 9:16 pm

Agreed with what's being said here, Trapper.  I admire your ambition, but please do not mistake the PERCEPTION clients will have of a 22/23 year old coming right out of college.  You may have studied finance, but you have had zero work and life experience which will give comfort for someone to allow you to manage their hard-earned money. 


I'm 27 and started as an FA about a year ago, but I also had 5 years of experience before that working in alternative investments and risk management for two other pedigree firms on Wall Street.  I look a lot younger than I am, and that ALONE is a major obstacle.  You constantly have to defend your worth in front of prospects. 


Not saying it's impossible, but it's VERY hard to build trust with a HNW prospect coming right out of college, despite your own investing experience. 


My suggestion is go work in sales/trading, equities research or investment management on the institutional side (i.e., on a portfolio management team for a major mutual fund, or investment bank).  Build your experience there...


Not trying to be negative or squash your dreams, but I'm hoping that you really think about this very hard before you make the leap into an FA role.


As for the NASD exams - just WAIT!  You simply cannot take the exam until you work for a registered broker-dealer.  They have to file your U4 with the NASD, which cannot be done until you're employed by a member firm. 


Also, do not study earlier with the hopes of taking the exam the day you walk onto the job.  It's a test-taker's exam, not a knowledge one... you will likely forget most of what you learned.  Also, you can easily get a leg up in another role with a financial institution if that group requires you to get some or all of your registrations.  Most investment roles will require you to have your 7 and 63.  The 65/66 is now encouraged in the FA role rather than the 63, but my understanding is that you can just take the 65, which is a condensed version of the 66 (assuming you already have the 63). 



Aug 18, 2007 5:43 am
Wildcat_02:

Agreed with what's being said here, Trapper.  I admire your ambition, but please do not mistake the PERCEPTION clients will have of a 22/23 year old coming right out of college.  You may have studied finance, but you have had zero work and life experience which will give comfort for someone to allow you to manage their hard-earned money. 


I'm 27 and started as an FA about a year ago, but I also had 5 years of experience before that working in alternative investments and risk management for two other pedigree firms on Wall Street.  I look a lot younger than I am, and that ALONE is a major obstacle.  You constantly have to defend your worth in front of prospects. 


Not saying it's impossible, but it's VERY hard to build trust with a HNW prospect coming right out of college, despite your own investing experience. 


My suggestion is go work in sales/trading, equities research or investment management on the institutional side (i.e., on a portfolio management team for a major mutual fund, or investment bank).  Build your experience there...


Not trying to be negative or squash your dreams, but I'm hoping that you really think about this very hard before you make the leap into an FA role.


As for the NASD exams - just WAIT!  You simply cannot take the exam until you work for a registered broker-dealer.  They have to file your U4 with the NASD, which cannot be done until you're employed by a member firm. 


Also, do not study earlier with the hopes of taking the exam the day you walk onto the job.  It's a test-taker's exam, not a knowledge one... you will likely forget most of what you learned.  Also, you can easily get a leg up in another role with a financial institution if that group requires you to get some or all of your registrations.  Most investment roles will require you to have your 7 and 63.  The 65/66 is now encouraged in the FA role rather than the 63, but my understanding is that you can just take the 65, which is a condensed version of the 66 (assuming you already have the 63). 






it's a bad idea to study early before the position? will recruiters find it attractive at all knowing that a candidate has busted his balls and attempted to study prior to even getting the position?

Aug 19, 2007 1:47 pm

Having the Series 7 can only help. You can contact most prop trading firms and get a sponsor. Most require you to have the 7 before you can trade. I wouldn’t talk about the 66 or they may figure out you are just along for a ride. Good luck.

Aug 20, 2007 10:49 pm
JimYoung:
Wildcat_02:

Agreed with what's being said here, Trapper.  I admire your ambition, but please do not mistake the PERCEPTION clients will have of a 22/23 year old coming right out of college.  You may have studied finance, but you have had zero work and life experience which will give comfort for someone to allow you to manage their hard-earned money. 


I'm 27 and started as an FA about a year ago, but I also had 5 years of experience before that working in alternative investments and risk management for two other pedigree firms on Wall Street.  I look a lot younger than I am, and that ALONE is a major obstacle.  You constantly have to defend your worth in front of prospects. 


Not saying it's impossible, but it's VERY hard to build trust with a HNW prospect coming right out of college, despite your own investing experience. 


My suggestion is go work in sales/trading, equities research or investment management on the institutional side (i.e., on a portfolio management team for a major mutual fund, or investment bank).  Build your experience there...


Not trying to be negative or squash your dreams, but I'm hoping that you really think about this very hard before you make the leap into an FA role.


As for the NASD exams - just WAIT!  You simply cannot take the exam until you work for a registered broker-dealer.  They have to file your U4 with the NASD, which cannot be done until you're employed by a member firm. 


Also, do not study earlier with the hopes of taking the exam the day you walk onto the job.  It's a test-taker's exam, not a knowledge one... you will likely forget most of what you learned.  Also, you can easily get a leg up in another role with a financial institution if that group requires you to get some or all of your registrations.  Most investment roles will require you to have your 7 and 63.  The 65/66 is now encouraged in the FA role rather than the 63, but my understanding is that you can just take the 65, which is a condensed version of the 66 (assuming you already have the 63). 






it's a bad idea to study early before the position? will recruiters find it attractive at all knowing that a candidate has busted his balls and attempted to study prior to even getting the position?



I don't know, Jim.  For me, I had my Series 7 coming into the FA role and had to take insurance and my 66.  I later got the 31.  All I'm saying is that most people pass the 7 based on "test-taking" ability, not necessarily financial know-how.  I was a finance major, spent three years working for one major firm before my following job required the Series 7.  I studied two weeks, took an STC review class and passed the exam.  Will it help to study prior to taking the job?  Possibly... my only thought is that most firms give you AMPLE time to do your licensing/studying/etc.