18 year old taking series 7?
Yes, the subject is what it sounds like. I am an 18 year old who will be attending TCU for finance. Currently I work for a small firm mainly performing clerical duties. Me and my coworkers, along with my family, have talked about me taking the series 7. I am wondering if anybody thinks it is possible for me to take it, most likely over the summer or the following year. I am a great learner with a large amount of family in the finance industry. My reason behind potentially taking it is to give my a resume an incredible boost, along with potentially managing some family money. Thank you for any advice.
I would not recommend taking the Series 7 until after college. You should focus on undergraduate work first, then take licensing examinations. I don’t know of any broker/dealers that want a “part-time” registered representative.
To take the exam, you need a sponsoring B/D. FINRA will not allow you to take it without sponsorship. A Series 7 will give you authority to make money through transactional business only via commission, not management fees. Series 65/66 earn money via management fees by working for an investment advisor.
I would boost your resume by getting internships, high grades, and possibly advanced certifications. I’ve had friends that worked on Wall Street during the summer. Another one worked for the US Treasury as an intern. Another one worked in US Congress. Also, you could possibly take CFP courses online if you had extra time. I highly recommend Bruce Hagan at Florida State for the CFP investment class. It is all online and costs $450 + books. Jim Lee at FSU is a great CFP insurance teacher. You should check it out. FSU CFP online courses.
To me, it would be more impressive to have an internship at Goldman Sachs, US Treasury, or Senate than having a Series 7. Plus, you would get the added benefit of good recommendations from influential people.
I would not take the Series 7 at this time.
One last piece of advice. I apologize to those holding a Series 6. I would not get a Series 6, which allows you to sell mutual funds and variable products (if you have an insurance license). It is conventional wisdom that advisors have Series 6 because it is an easier test. Don’t do it. When you are ready, take the Series 7.
The Series 7 will give you more flexibility and you will be able to offer your clients almost anything except commodity contracts (Series 3). Unfortunately, you will have to understand option contracts and strategies, which are tricky.
Also, I believe that Series 7 advisors know more about the markets than Series 6. I met a Series 6 advisor who knew nothing about sell stop orders, covered calls, and shorting stock. These are very basic concepts tested on the Series 7.
Don’t talk to anyone who took the Series 7 before the financial crisis. FINRA has increased the difficulty.
I kinda agree most of what LCJ is saying. However, I don’t think these exams are THAT tough. If you are reasonably intelligent, you can probably cram all of this in a week, especially if you say your family is in finance… they can probably help you out a lot in how orders work in the market, options, etc. But I dunno… Then again, I was a trader for 5 years so maybe it isn’t as simple for people who don’t have any experience?
But at any rate, as LCJ said, your B/D needs to be a sponsor, and if you aren’t employed for 2 years, you will have to take the tests again… so if you plan on going to college and you aren’t going to be employed, why take it now? But if you have time in the summer to cram for a couple of weeks and you are reasonably intelligent, you should be able to pass by at least the 2nd attempt.
I believe anyone with reasonable Financial Aptitude Can take and Pass the series 7. I am the Owner and Head Trainer of Series7tutor.com based in New York City. We have trained hundreds of clients in NY and around the country via Skype and we have had clients of all ages pass the Series 7. All you need is a good study ethic and to be sponsored by a Broker Dealer. Please note some B/D’s may have minimum age restrictions. Feel free to contact us if you want to know more about the exam or industry. We are here to help.