Hey guys, Im not sure if this was covered yet but was wondering about securities licenses (Series exam) expiration. I received an email right before I was laid off in Dec 08 that I was to attend a continuing education course after 2 years of being registered for the 7, 63, 86, 87 when I was working in eq. research. Its been about 6-7 months since then and I have just been doing part time project work for another financial institution. If I do go back to banking and or research, would I have to take those exams all over again? Or would there be a way around that. Has anyone been in a similar situation? Thanks for your help. YoMama
Try Google dude (or miss); “series 7 expiration” would be a good place to start. There’s a good chance any info you get secondhand on here will be mistaken anyway.
according to this link: http://www.investopedia.com/professionals/faqs/series7/130904.asp?viewed=1 then it’s 2 years.
2years of inactive goes expiration. If you have a buddy working in registration area, ask him/her if you can shelf that with that firm (of course, you have to pay for the cost)
Every 2 years you have to do continuing education through your employer otherwise it expires and have to take them all over again. If you go on FINRA website you will see your profile and the date of your registration.
2yrs is accurate, I have personal experience with it. You can go 2yrs without it being housed at a firm, after that it expires regardless of whether or not you fulfill your CE requirements. So the clock is ticking… ws is correct you can try to have someone/firm house your licenses for you, but thats another headache.
Do you need a Series 7, etc to work for a RIA?
depends on what you are doing there. receptionist=no.
I am a Portfolio Manager, so I think it’s relevant. I transferred to this RIA 2.5 years ago, and stupidly assumed that my Series 7, 9, 10, 66 would transfer with me and remain active. I’m starting to look for other opportunities and thought I would make sure those licenses are still active, but it seems like they are not. So I’m wondering why they haven’t remained active with my current employer. I guess I could ask my boss, but I don’t want to hint that I’m looking for other opportunities.
The employer has to house them there, some places don’t/won’t do it. At my last firm, where I was a PM, they wouldn’t house them as it wasn’t necessary for me to hold them. Therefore they expire. Short version=is your current employer didnt house them for you, they are gone.
FML