The prerequisite for taking the series 7 exam is being sponsored. This means you are employed and backed by a company who is a member of FINRA.
After being employed for a minimum of four months you can register to take the series 7 exam. This helps the applicant in gaining some fundamental skills, which he or she will likely be assessed on within the exam.
Once sponsored, you will need to fill out a Form U-4 and get your fingerprints taken. The sponsoring firm will then mail the form and fingerprints to FINRA. Soon after, a confirmation will be sent back to your sponsor. Then a window opens for you to schedule your exam.
While this is requirement is good in theory, it can also be troublesome for those aspiring to take the series 7. The problem is many firms will only hire those with a license already. These dealer-brokers do not want to pay for training and costs associated with new employees taking the exam. So they prefer to hire those who have a license already. This leaves those without a license unable to get a job, and thus sponsorship.
Here are some licenses that do not require sponsorship. These can help buffer your resume, and will increase your odds of getting hired by a sponsor. Then you can take the series 7 exam.
- Series 3
- Series 63
- Series 65
FAQ
What firms are FINRA members?
Here is a list of all the members of FINRA.
Can I take the Series 7 Exam without sponsership?
Unfortunately, no.
What if I lose employment with my sponsoring firm?
Your license will expire after two years, unless you find a new employer who is a FINRA member.
Are there any other prerequisites for the Series 7?
No, but there is a fee for taking the exam.
Related posts:
