after two years away from broker dealer, your FINRA series 7 license expires. How do you go about successfully waiving the need to retake this exam?
they make the rule of you cant hang your license so that you have to re-take the exam a retake = $$$ for FINRA and as usual its all about the benjamins baby
I don’t think you can waive it after you cross 2 years. You can waive the Series 86 if you passed L2 within the past 2 years though
I’m 99% certain you can’t get a waiver. My 7, 63 & 55 have all lapsed. I’m a former sell side equity trader out of the biz 5+ years. After passing CFA level 1, I’m trying to figure out how to get sponsored for 7 before studying for level 2. Was hoping to sign up with a day trading shop. But the places I spoke with won’t sponsor for anything other than series 56. Any thoughts on how to get sponsored without getting hired first by a “real” company?
^ There are a bunch of shops that will sponsor you in exchange for “assistance in cold calling”
> I’m trying to figure out how to get sponsored for 7 before studying for level 2 > Any thoughts on how to get sponsored without getting hired first by a “real” company? why would you need this? It’s not a prereq for a job, any more than a closet full of white shirts is. Once you’re hired, just write the exam again.
you would be surprised how many employers prefer people who are licensed
DarienHacker Wrote: ------------------------------------------------------ > why would you need this? It’s not a prereq for a > job, any more than a closet full of white shirts > is. Once you’re hired, just write the exam again. I can’t speak for ER or other fields, but for most equity trading positions it is a prereq. Perhaps an entry level position may give you some time to study on the job. But just about any experienced position would want someone licensed to start trading from day 1.
My company won’t hire sales assistants that don’t have a 7 and a 65. I had a firm that I moved to that promised they would hold my 9/10 and seven months into my job I go on Finra and see that my license in not held even though I was signing off on trades. Confronted my boss he said the firm changed their mind and that I did not need it for my job. I asked can I call FINRA to confirm I can approve trades and review blotters without the 9/10? Got a nasty look on that question. Net net I got out of that place in time to get my 9/10 hung with my new firm 1 month prior to expiration.
I know that the waiver process theoretically exists, but has anyone heard of FINRA actually waiving the requirements to sit for Series 7?
I just applied for a waiver and was denied 
^Never heard of it. I think you’re fighting an uphill battle.
My story - I passed the 7 and was active for two years, then let it lapse.
Seven years later, I had gone back to school and got my MBA, passed the CPA exam, passed the CFA exam. I tried to get a waiver and was denied. (And I had already passed the 7 once before.)