I obtained the Series 7 and 63 licenses and left the field a month ago. As far as I know, if you leave the industry, you lose the licenses after 2 years. Is it possible to keep them current somehow? I am now in a different field, but you never know, I could get back into the industry. Any thoughts?
thommo77 Wrote: ------------------------------------------------------- > I obtained the Series 7 and 63 licenses and left > the field a month ago. As far as I know, if you > leave the industry, you lose the licenses after 2 > years. Is it possible to keep them current > somehow? I am now in a different field, but you > never know, I could get back into the industry. > Any thoughts? You would need to have a registered broker dealer hold it for you. It is frowned upon to have a Series 7 ‘parked’ and it may be illegal, I’m not sure.
ditchdigger2CFA Wrote: ------------------------------------------------------- > > You would need to have a registered broker dealer > hold it for you. It is frowned upon to have a > Series 7 ‘parked’ and it may be illegal, I’m not > sure. How would you know it is frowned upon?
mpnoonan Wrote: ------------------------------------------------------- > ditchdigger2CFA Wrote: > -------------------------------------------------- > ----- > > > You would need to have a registered broker > dealer > > hold it for you. It is frowned upon to have a > > Series 7 ‘parked’ and it may be illegal, I’m > not > > sure. > > How would you know it is frowned upon? There was once a spot on the NASD website which mentioned this. Also when I looked into parking mine, I was told this from the B/D I knew and they would not do it for me.
Definitely not illegal. But most b/d’s would not want to bother hanging your license when you are not an active employee (there are FINRA fees, CE requirements, and exposes them to additional liability). You might be able to find one that would do it for a fee, but it wouldn’t be worth it. You should be able to cram for 2 weeks at most and pass the 7 if you ever decide to get back in the industry. Just let it lapse and don’t worry about it.
Or you could sign on with Ameriprise or similar p/t and have them hold the license for you.
Thanks for the thoughts. I might ask a couple of B/Ds I know if they can hold my license for a small fee. If not, I will just retake the exam if I get back into the industry.
Why would this be a big issue. If you wanted to re-enter the industry, you simply point out that you have held the Series 7/63/whatnot before and it should be easy for you to get it again. They know you’ve passed the test in the past, it’s just a matter of taking it again, no?
Mainly it is just a pain in the butt to have to take time out to restudy the stuff. Like I’ve had mine for like 10 years and I thought about going into corp finance a while back and it would have been a big pain to have to restudy all of that in detail to pass those tests if 3-4 years after I decide to go back to the sell-side or something.
i let mine expire. for me, it was a fairly easy exam to pass so i don’t mind taking it again when the time comes.
whoever sponsors you takes on a liability for monitoring your activities. I don’t think companies want that added responsibility given they don’t actually get any benefit from it. ie if you get caught and charged with some form of fraud they will get dinged as will whoever they place as your principal… no bueno.
How often is the Series 7 given?
bchadwick Wrote: ------------------------------------------------------- > How often is the Series 7 given? Whenever you want to take it. You need a sponser as you know. Some companies demand that you have the license prior to starting which is a motive for some to have it held while they are not practicing with it.
If you are hiring a quality person, they should be able to pass that thing with a week’s study. Especially true if they have passed it before. Anybody who makes that a dealbreaker is a DB.
JustPass Wrote: ------------------------------------------------------- > If you are hiring a quality person, they should be > able to pass that thing with a week’s study. > Especially true if they have passed it before. > Anybody who makes that a dealbreaker is a DB. +5 haha! I couldn’t agree more!