A popular question we always get is "How can I get sponsored for the Series 7 Test?"
If you are looking to break into the securities business as a broker, you will notice many firms require the Series 7 license. What is the problem for most people? They do not have the license and it can not be taken until you are employed or affiliated with a firm who will do it for you. There is the problem.
Many firms will still hire "broker trainees" that are unlicensed and will eventually sponsor their new hire for the Series 7 once an initial training period is completed. These firms are willing to go through that process for attractive candidates. Broker dealers that are in a strong hiring mode will offer training and sponsorship.
Other firms are only looking for Series 7 representatives or people with other licenses. The options for people right out of school are limited here. You will have to get hired first before you can take the Series 7. The good news is you can take a few other exams that can enhance your resume and these can be taken by individuals (no sponsorship necessary). They Include:
Series 65 Exam – Registered Investment Advisor
The Series 65 license looks terrific on a resume and does not require a sponsor to sit for it. The license itself allows a person to charge fees for giving investment advice.
Series 63 Exam – Uniform State Law Agent
The Series 63 is normally a required license and this can be taken as an independent. You can register to solicit business in other states with a Series 63. A big plus on a resume as well.
Series 3 Exam – Futures and Commodities
Although most firms do not engage in big futures business, you do not know what your temporary firm does – so, it may be a useful license. In this job market, the more licenses the better.
What if you are a Tax Attorney, Mortgage Broker, Real Estate Agent or any other professional with existing clients and you want to take the Series 7?
The answers are better here. Our firm, and a few others WILL look to associate with professionals such as these, and will consistently consider sponsoring you and setting you up as an independent broker.
You have clients and you want to add investments to your practice. We would be interested in affiliating with you. Since the clients and contacts are already there, the chances of business being done by the professional to benefit him or herself and the firm is likely.
So, there are really two answers to the original question of "how to get sponsored". If you do not own a current practice like a CPA or an Attorney, you will not be able to take the Series 7 exam until you are hired as an employee at the firm who hires you. If you are a professional that is currently selling financial products or a legal professional, firms such as ours will speak with you and allow you to operate as an independent agent out of your office – while allowing you to continue all of your current business.
The last option for new people entering the full time finance market, is to obtain as many of the "no sponsorship required" licenses as possible. Dress up that resume and get licensed with as much as you can. Your dream job awaits you.
Independent Broker Set-Up