Time from company sponsorship to test

It shouldn’t take long at all…so you still haven’t taken a single test yet, have you?

286 posts and no licenses

At RayJay you receive salary and benefits for two years.  You study for the 7 for your first 8 weeks.  If you do not pass, you are fired.  If you pass you take your 66 in two more weeks and your Life and Health exams shortly after.

It ain't easy, but if you fit the bill, this is a great company.

If you are average go somewhere else.

Good luck.

[quote=bankrep1]286 posts and no licenses[/quote]

exactly!

I think it depends…if your sponsoring firm is a NYSE member than you must wait at least 3 months but if its just a NASD member, then you can take it in just one month.

Thanks greenshoes..

So JOEDABRK does it matter if I do or don't have a license? So I travel the world for a year and get paid from my cake job while I get ready for a big change.

Honestly, for me I am doing this right. I have been an apprentice learning the culture, concepts and ideas. I am going to kick some butt on the tests since I know the freaking cd/books inside out. Then I will have a bunch of clients who know I am entering the industry come on board. Only time will tell, but I will always have a nice 80k+ job to fall back to.

Appreciate the information and support over the year.

[quote=executivejock]

Thanks greenshoes..

So JOEDABRK does it matter if I do or don't have a license? So I travel the world for a year and get paid from my cake job while I get ready for a big change.

Honestly, for me I am doing this right. I have been an apprentice learning the culture, concepts and ideas. I am going to kick some butt on the tests since I know the freaking cd/books inside out. Then I will have a bunch of clients who know I am entering the industry come on board. Only time will tell, but I will always have a nice 80k+ job to fall back to.

Appreciate the information and support over the year.

[/quote]

Hey look man I hope it works out great for you I really do.

Most people take a little less time to get licensed.  You must admit you've taken a somewhat unconventional path...keep us posted.

Stop posting until your a rep, this is a forum for reps.  You should be prospecting/studying or sleeeping.  Good luck on making 80K your first year... I hope you saved some money...

Thanks for the support.

With my profession I am constantly networking with a super diverse crowd. You name it, I talk to them. So the more people I meet the better my chance for success in the future.

Also my future position is extremly rare opportunity and as it works out I will get a 2 year salary with a more then fair commission (independent route). All I can say is the relationship is strong and it's based on integrity.

Of course the one thing that has aggrivated me is the fact I have not passed (taken) the tests yet. I started studying in April. From day one I spent a ton of time (1-2 hours a night) learning the theory behind the concepts. Of course I also took about 20,000 test questions over the past year. The delay is based on a bunch of things including the fact I travel a lot and our new office building being built. So in the end I can't look at the negatives, but I will focus on the positives.

EJ...

At Merrill Lynch, under the POA program, you have @17 weeks from start to completion of the Series 7 & 66.  You then enter into a time wherein you prepare for 2 Appraisals, both in front of a board of managers and experienced FAs.  When you pass both Appraisals you are given your production nummber.

At SmithBarney, under the FCA program you have 15 weeks of in branch training, wherein you complete the Series 7 and 63 (66 recommended) and then you go to Segment 1 training in Hartford, CT for 3 weeks.  On the second friday of the 3 week training you receive your FC production number.

Other companies have different timeframes...but 10-15 weeks is standard for completing your Series 7 & 66 studies.

Good Luck.

Executivejock:

How can you say you are doing a ton of studying when you are studying just 1-2 hours a night?  At Merrill Lynch, one studied all day and that was your job; to pass the test.  Also, how can building a new office effect your studying?  Are you the contractor also?

I think people are pissed because you misled people.  Your replies to people suggest you've been in the business for years.  Yet, you haven't even taken the test.  I think this is the real issue.

Sincerely,

Help

Exec-

I'm so happy for you that you have so much time to study while travelling and doing your "cake" job....that you can study....ohmigosh....almost ONE OR TWO HOURS A NIGHT!

"If t doesn't work out I can always go back to my 'cake job'."  Now THAT is an attitude that will take you far in our business!

How about you take your test and prove me wrong?

Hey Joe.. How many people pass this test a year? Then 95% of those fail... My point is passing the test means nothing, but bringing in the clients assets is what matters.

Sorry Help if I was not clear. Often I add a non broker view to these postings. Some people found my advice helpful so I like everything take it with a grain of salt.

[quote=executivejock]

Hey Joe.. How many people pass this test a year? Then 95% of those fail... My point is passing the test means nothing, but bringing in the clients assets is what matters.

Sorry Help if I was not clear. Often I add a non broker view to these postings. Some people found my advice helpful so I like everything take it with a grain of salt.

[/quote]

Quite a few people pass the test every year, from what I understand.....and yes you're right passing the test is only a barrier to entry.

The abominable failure rates are merely a testimony to how challenging this business is, especially the last few years, and as well the ineffective training programs at most firms....

[quote=executivejock]

Honestly, for me I am doing this right. I have

been an apprentice learning the culture, concepts and ideas. I am going to

kick some butt on the tests since I know the freaking cd/books inside out.

Then I will have a bunch of clients who know I am entering the industry

come on board. Only time will tell, but I will always have a nice 80k+ job to

fall back to.

Appreciate the information and support over the year.

[quote=skeedaddy] [quote=executivejock]

Honestly, for me I am doing this right. I have
been an apprentice learning the culture, concepts and ideas. I am going to
kick some butt on the tests since I know the freaking cd/books inside out.
Then I will have a bunch of clients who know I am entering the industry
come on board. Only time will tell, but I will always have a nice 80k+ job to
fall back to.

Appreciate the information and support over the year.

[/quote]

Just knowing a bunch of people doesn't mean sh*t. I wouldn't let a novice
manage my money. You'll need at least $14 Million under management at
40% payout to equal your $80,000. [/quote]

Oh no skee don't be silly....with his dynamic communications skills and extensive background in fish brokering, he'll have 14 mil in new assets in no time.  People will be lined up around the corner to buy crabcakes....er CD's I mean...

Good luck to you too. Sounds like your a pleasure to be around.

Skee like I said "95% fail, so I will do my best."

Joe, you get to worked up, chill.

Real question for you. Do you collect from any other financial advice such as insurance, mortgages, annuities or real estate? For sure the more you are involved with the more one could make..

I see skee daddieee oooo stated one needs 14mil in assets to make 80k. If you were to throw in some mortgages and a few insurance sales it would be at least 100k.

We do stress diversity, right? Don't get so personally attached to every letter someone puts on a post. This is just a internet forum, not the end of a life.

Why do you want to be in this business?  I started in April and I have already started to build my book.  Do you have a passion for helping people?  Why are you investigating this career.  Just curious.

Honestly since I was 6 years old I have been saving, advising and investing. Right now the advising is on hold until I get licensed. My passion is helping people. I love to motivate, inform and work with people. Also I have an excellent offer from a partner that would be hard for anyone to turn down.

After real life experience in numerous industries I know my personality and skills are a good fit.

When I come on here I am upbeat and positive, but I do understand extreme challenging times await. This career has unlimited potential, but the failure rate is 9 out of 10.

As for investigating there is none. The decision has been made and I will make a move shortly.

Exec,

I like your upbeat attitude and enthusiasm a lot. Hope you take off like a rocket when you start production.

What part of the country are you located? Asking because you got a real good deal from the firm.

Sonny

[quote=SonnyTheBull]Exec,
I like your upbeat attitude and enthusiasm a lot. Hope you take off like a rocket when you start production.
What part of the country are you located? Asking because you got a real good deal from the firm.
Sonny[/quote]

I have to agree that Exec has a great attitude. Since the majority of these posts are bashing exec, you're taking it really well. It don't think that it's right if you'd been advising people if you're not even licsensed. I don't want to judge you though. I am a newbie in the industry, but I am looking to start a sucessful career (like everyone else).

Thanks for the support. To me forum has really helped my development and maturity. Thank you for that.

As for advising I gave general common sense advice and that was in the past. One can point out common sense and give general advice. 

Things such as its smart to have an IRA since one in the 30% tax bracket makes about $1200 day one. Get maximum matching contribution from TSP. Look long term instead of going crazy by constant movement in the market. Be frugal and invest consistently. Set up a plan. Dont get cought up in the hype of .com or real estate. Rule of 72 and 7 years (real estate).

We all know most people spend 10 hours a week watching sports and soap operas, but only 10 seconds on their finances and future.

What you read here is what I am in real life. I have an optomistic childish enjoyment for life. For the most part I am an outspoken leader who is motivated to make a difference. If one does not like positive, optomistic people then they will not like me. On the other hand if one needs advice or help I am an excellent person to have on your side.

The bottom line is I have an inner desire to succeed and so far my plan is moving forward. This is not to say there has not been challenges. The journey is what makes the man or woman. So never stop dreaming and I will see you on the top!

Location mid size city on the east coast. When a big producer takes on a new rookie they need integrity. If the potential new guy has anything on his record or questions about his integrity this is not going to work. It's not worth the risk.

[quote=executivejock]

Thanks for the support. To me forum has really helped my development and maturity. Thank you for that.

As for advising I gave general common sense advice and that was in the past. One can point out common sense and give general advice. 

Things such as its smart to have an IRA since one in the 30% tax bracket makes about $1200 day one. Get maximum matching contribution from TSP. Look long term instead of going crazy by constant movement in the market. Be frugal and invest consistently. Set up a plan. Dont get cought up in the hype of .com or real estate. Rule of 72 and 7 years (real estate).

We all know most people spend 10 hours a week watching sports and soap operas, but only 10 seconds on their finances and future.

What you read here is what I am in real life. I have an optomistic childish enjoyment for life. For the most part I am an outspoken leader who is motivated to make a difference. If one does not like positive, optomistic people then they will not like me. On the other hand if one needs advice or help I am an excellent person to have on your side.

The bottom line is I have an inner desire to succeed and so far my plan is moving forward. This is not to say there has not been challenges. The journey is what makes the man or woman. So never stop dreaming and I will see you on the top!

Location mid size city on the east coast. When a big producer takes on a new rookie they need integrity. If the potential new guy has anything on his record or questions about his integrity this is not going to work. It's not worth the risk.

[/quote]

Where are you going with this? Is this just random babble. Have you taken your 7 yet? Do you have a test date?

Going to Europe for a month. Maybe I will spend 5 minutes studying. Wish me luck. Testing in January.