Getting sponsored for a Series 7 lisense

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Dec 30, 2018 5:53 pm

I have worked for a small firm under a broker/dealer for a little over a year and ran into a problem when I tried to test for my Series 7. After I took my SIE exam I was told by our borker dealer that they would not sponsor me to take the 7 becasue no one in our office has a series 26 supervisors licens (and no one is willing to). From what I understand this is not a legal issue but rather a mandate from the broker dealer. I was advised to ask around at other places such as Raymond James to see if they would allow me to be licensed under them for investments. My question is two fold. First does anyone know if this something that can/ should be done? And second is it worth it? It seems like it could cause some confution for my clients when they see another firms name.

Any imput or advice is greatly appreciated!

Jan 9, 2019 3:17 pm

I'm new in the industry as an FA and I know you can be dually registratered at a separate B/D & IA with the approval of both firms but idk if it's worth it starting out. From research it seems to be two ways you can get sponsored, either they hire you and you get paid to study for your licensing exams but this is usually on an accelerated timeline as they are pouring more resources into your potential.You would typically have 4-6 weeks to study for the Series 7 and receive classroom instruction from a trainer. The second option, is when they make you a pre-offer in which your hiring is contingent on passing your exams. You will have training materials provided to you and the firm will cover the exam costs. Since this is self-study you have a longer licensing timeline and will still be able to keep your current job while you study at your own pace. I was sponsored by a firm that does the second option, this worked for me since I had no other offers and I could still make money in my job at that time while working towards my career on the side. Either way, stay focused on your goal and work towards it everyday.