Question
What is a series 7 license?
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9th Nov 2009 by Michael Haltman
When I left business school and went to work for Lehman Brothers in the institutional bond department, the Series 7 was the first test of your career. While not that difficult, to fail would have been the death knell to your career. In my day we took the test on paper with hundreds of others, but today it is taken on a computer screen.
It allows you to do many of the jobs on Wall Street such as a stock broker or trader, and is extremely comprehensive in the product areas, facts and securities laws that it tests you on. Once you have passed this test, you are a fairly knowledgeable generalist, with additional education coming on the job and with specific product tests such as the Series 3 covering commodities and futures.
When I left business school and went to work for Lehman Brothers in the institutional bond department, the Series 7 was the first test of your career. While not that difficult, to fail would have been the death knell to your career. In my day we took the test on paper with hundreds of others, but today it is taken on a computer screen.
It allows you to do many of the jobs on Wall Street such as a stock broker or trader, and is extremely comprehensive in the product areas, facts and securities laws that it tests you on. Once you have passed this test, you are a fairly knowledgeable generalist, with additional education coming on the job and with specific product tests such as the Series 3 covering commodities and futures.
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6th Nov 2009 by Daniel Cross, ChFC
The Series 7 exam is administered through FINRA and is known as the General Securities Representative Examination. It's usually required to work at any brokerage or financial firm and serves as a prerequisite for many other Series exams. One must be sponsored by a financial firm and pay $250.00 in order to take it. The test is 6 hours long, has 260 questions, and is passed with a grade of 70% or higher.
The Series 7 exam is administered through FINRA and is known as the General Securities Representative Examination. It's usually required to work at any brokerage or financial firm and serves as a prerequisite for many other Series exams. One must be sponsored by a financial firm and pay $250.00 in order to take it. The test is 6 hours long, has 260 questions, and is passed with a grade of 70% or higher.
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6th Nov 2009 In Careers
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