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Hello , I would like to obtain my Series 7 Test , must I have a sponsor to take the test ? If so , any suggestions on a firm that would sponsor ? Thanks , George
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You have to first start working with a brokerage firm. They have to sponsor you for the exam and then and only then can you get your license. Along with your series 7 exam you probably will have to take the state licensing exam called the 63 which lets you sell the securities in the states by covering the general laws. Each state does have different laws but the majority of the laws are the same and that's why you have to take the series 63 exam.
You must be licensed as a Registered Representative. That license is the Series 7. The Series 7 is a 250 multiple choice exam that must be passed to become a stockbroker. The exam covers all registered investments including Stocks, Bonds, Options, Mutual Funds, Limited Partnerhips, taxes and Retirement Planning. You must be sponsored by an NASD Firm to take this test. Basically, that means that a firm must hire you first or you must get a firm to agree to sponsor you without a full time employment commitment.
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Setting up a consultancy business is not easy. You will need to obtain a consulting license, manage a network, and purchase a venue to set your firm in.
Broker dealers have to register themselves with the SEC, but the principle or managing partner does not have to be a registered rep with a series 7 license. But the firm does have to have at least one on staff.
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No, you do not need a degree. Yes, it does cost money. In fact, in many cases you need a firm to sponsor your application.
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Provided you have the necessary training, you need just apply with the firm(s) you're interested in.