Series 63 License......
- Thread starter acm21
- Start date
I thought you have to be sponsored by a firm in order to take the exam?
acm21
Banned
For the Series 7 you do have to be sponsored but for the Series 63 you can take it as an individual. You just have to file form U-10. The test is about $82 but you still have to pay for the license and that requires registering with your state. Eventually you will have to work for a company and the job will probably have to deal with investments b/c they might be reluctant to give you the license.
So can some tell me the license you need to be sponsored for versus the ones you don't have to be sponsored for?
acm21
Banned
This is what I got from nasd.com:
Which NASD qualification examinations do not require brokerage firm sponsorships?
Answer:
Exams that do not require sponsorship include the Series 3, 30, 31, 32, 33, 63, 65, and 66. However, the Series 7 must be successfully completed in addition to the Series 66 Examination before a candidate can apply to register with a state. You may take either exam first but must pass both exams.
If you plan to sit for any of the above exams and you are not affiliated with a brokerage firm registered with NASD, you will need to submit a Form U10.
To learn more, please visit our Web pages Qualifications, Exams & Continuing Education and NASD Administered Qualification Examinations.
But then I was reading the U-10 form and this is what it stated:
Eligibility of Candidates
Form U10, the Uniform Examination Request for non-NASD candidates, is designed for use by
individuals not employed or associated with NASD member firms who, as part of a registration process,
have been specifically required by another regulatory authority to qualify by examination. (Persons
seeking NASD registration must be employed by or associated with an NASD member firm. All
examination scheduling for persons associated with NASD member firms or firms applying for NASD
membership must be made by the firm on a Form U4.)
Responsibility rests with the candidates and their firms to: 1) ascertain directly from the appropriate
regulatory authority specific advice as to which qualifying examination is required; 2) provide the
necessary registration application to that agency in accordance with their requirements; and 3) determine
what that regulator requires of them before the agency will provide NASD with the necessary
authorization to proceed with Form U10 processing and test scheduling.
NASD assumes no responsibility for contacting another regulatory agency with respect to provision of the
required authorization or the candidate’s choice of examination.
Which NASD qualification examinations do not require brokerage firm sponsorships?
Answer:
Exams that do not require sponsorship include the Series 3, 30, 31, 32, 33, 63, 65, and 66. However, the Series 7 must be successfully completed in addition to the Series 66 Examination before a candidate can apply to register with a state. You may take either exam first but must pass both exams.
If you plan to sit for any of the above exams and you are not affiliated with a brokerage firm registered with NASD, you will need to submit a Form U10.
To learn more, please visit our Web pages Qualifications, Exams & Continuing Education and NASD Administered Qualification Examinations.
But then I was reading the U-10 form and this is what it stated:
Eligibility of Candidates
Form U10, the Uniform Examination Request for non-NASD candidates, is designed for use by
individuals not employed or associated with NASD member firms who, as part of a registration process,
have been specifically required by another regulatory authority to qualify by examination. (Persons
seeking NASD registration must be employed by or associated with an NASD member firm. All
examination scheduling for persons associated with NASD member firms or firms applying for NASD
membership must be made by the firm on a Form U4.)
Responsibility rests with the candidates and their firms to: 1) ascertain directly from the appropriate
regulatory authority specific advice as to which qualifying examination is required; 2) provide the
necessary registration application to that agency in accordance with their requirements; and 3) determine
what that regulator requires of them before the agency will provide NASD with the necessary
authorization to proceed with Form U10 processing and test scheduling.
NASD assumes no responsibility for contacting another regulatory agency with respect to provision of the
required authorization or the candidate’s choice of examination.
Chase Bannon said:
You do for any Series license that you may want to acquire. You can't just walk in and take it and if it doesn't pertain to your job the companies in question will not let you take the test. They do want want to be accused of parking.
Why do you need the series 63? It's seems like you do not work for a sponsored firm and I am just curious. The series 63 only contains the uniform securities laws. A better license would be a series 66 which is investment adviser/uniform securities laws. Currently, I am series 7 licensed and I am taking the series 66 in two weeks. If you do not work for a firm that will sponsor you, go for the CFA(certified financial analyst). That is best certification you can get in the financial services industry besides having an MBA from Wharton.
acm21
Banned
The jobs I've applied to or want to apply to want either require the series 7 or 63 or they want you to obtain it when you get hired. One position was for a portfolio admin with this investment bank company and the other was with an online brokerage one. I guess they want you to have them just to be qualified b/c another job I interviewed for dealt with portfolio management but they didn't require any license. Of course you would be working under the relationship mgr or portfolio mgr.
I don't work for a company yet but the license will make me more qualified then someone who doesn't have one. Also just studying for it shows them that you are serious about the field. The CFA is even harder to get and you have to have working experience b/c like you said that's like having a MBA. The MBA is better in my opinion b/c the CFA limits you to just investments while the MBA is universal.
I don't work for a company yet but the license will make me more qualified then someone who doesn't have one. Also just studying for it shows them that you are serious about the field. The CFA is even harder to get and you have to have working experience b/c like you said that's like having a MBA. The MBA is better in my opinion b/c the CFA limits you to just investments while the MBA is universal.
Ok,That makes sense but keep in mind that most people who have the series 63 also have the series 7 and almost all jobs who require licensing will require the series 7 and series 63. As far as the CFA is concerned, I don't believe that you need experience to take the exam. One of my partners has level one and he doesn't have any analyst experience. If you are interested in portfolio management, you can go with the CFP (certified Financial Planner) or the CHFC(Chartered financial consultant). With these professional designations, they will always be with you as oppose to the 63 which will expire if you are not sponsored by a firm and then you will have to take it again. To be perfectly honest with you, an mba really doesn't get you far in the finance industry unless it is from a top business school
and even then, you have to have extensive experience to utilize it. With a CFA designation, it will definitely open a lot of doors.
and even then, you have to have extensive experience to utilize it. With a CFA designation, it will definitely open a lot of doors.
acm21
Banned
When I get the 63 and if I get the job that requires both of them then the job will sponsor me for the 7. This job I interviewed for told me that they will sponsor you for the 7. I don't plan on advising any individuals about investing so that's why I wouldn't get the CFP or CHFC. I plan on working with institutional or sophisticated investors or becoming a trader. I'm going to my MBA from a top program (Chicago or Northwestern) but I have to get the experience first. The 63 is just to help me get my foot in the door. The CFA will limit you though b/c it's almost like getting your CPA as opposed to having a MBA that's broader. Here is the work experience requirement that I got off the CFA website:
CFA Charter and Regular Membership Guidelines: Work Experience
Note: These apply if you became a candidate for the 2005 exam cycle or thereafter. For candidates who registered for the CFA Program prior to the 2005 exam cycle, and have passed Level I, different guidelines will apply.
Amount
Four years of acceptable professional work experience are required for regular membership. An individual must be a regular member to be eligible for the award of the CFA Charter. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of exams, or from previous positions.
You are required to spend at least 50 percent of your time in these activities to accrue the required professional work experience. Summer, part-time, and internship positions do not qualify.
Type
Acceptable professional work experience as it relates to applicants seeking to become charterholder members, or regular members, includes activities that consist to a majority extent of:
(i) evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or
(ii) supervising, directly or indirectly, persons who practice such activities; or
(iii) teaching such activities.
The following job titles are provided as a guide only. Job titles alone cannot convey the true nature of the underlying job duties. Therefore, to assess professional work experience, evaluate the nature of your job activity, as described previously, rather than merely the job title. Please be as descriptive as possible when submitting your work experience.
CFA Charter and Regular Membership Guidelines: Work Experience
Note: These apply if you became a candidate for the 2005 exam cycle or thereafter. For candidates who registered for the CFA Program prior to the 2005 exam cycle, and have passed Level I, different guidelines will apply.
Amount
Four years of acceptable professional work experience are required for regular membership. An individual must be a regular member to be eligible for the award of the CFA Charter. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of exams, or from previous positions.
You are required to spend at least 50 percent of your time in these activities to accrue the required professional work experience. Summer, part-time, and internship positions do not qualify.
Type
Acceptable professional work experience as it relates to applicants seeking to become charterholder members, or regular members, includes activities that consist to a majority extent of:
(i) evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or
(ii) supervising, directly or indirectly, persons who practice such activities; or
(iii) teaching such activities.
The following job titles are provided as a guide only. Job titles alone cannot convey the true nature of the underlying job duties. Therefore, to assess professional work experience, evaluate the nature of your job activity, as described previously, rather than merely the job title. Please be as descriptive as possible when submitting your work experience.
I get your point. It really boils down to what you want to do in the finance industry. If you are looking to do portfolio management, then the cfp/chfc will teach you how to do that. The exam covers from asset allocation to investment risk, present and future values. Good luck with the mba but like I stated, the mba is just another piece of paper without valuable work experience behind it and on the flip side, the top programs (northwestern, chicago, wharton, tuck) usually require sufficient work experience to get in. Either way, in the end,it boils down to work experience.
Awilli1055 said:You do for any Series license that you may want to acquire. You can't just walk in and take it and if it doesn't pertain to your job the companies in question will not let you take the test. They do want want to be accused of parking.
I have it, but I can't figure out how to burn it. Give me until tomorrow, I'll have found a way to post it by then.