At least I think it was.
An SRO acts as a regulating body over an industry; however they do not necessarily derive any of their power from the government or any federal body. They make the rules we follow that are not mandated by the SEC.
They also enforce government regulation like Blue Sky Laws, or state registration as it is also known as, and the Investment Advisor Act of In addition to acting like a regulator, they are also in charge of all of these licensing exams that you might need to take if you work on the sell side.
Not all people will be required to take sell side exams, but most will be expected to upon full time employment. I am going to stick with the absolute basics and avoid discussing the "Limited Rep" and Management exams that are required if you plan on only hawking one product or are considered to be a principal or a manager for a desk.
Look back a sentence and reread that statement. There are a few reasons. First, there is cost and nomination.
The exam requires the firm to pay for your costs of registration and the costs to take the exam, as well as the need to sponsor you for most of the exams. Merrill lynch financial advisor business plan sample put, taking an exam is a commitment by your firm in you for at least 2 years of your life.
Plus there are the carrying costs for registration.
Finally, as an intern, you will not be doing anything that would require you, by law, to need these licenses. You will not be executing trades. You will not be discussing "things" with clients. You will not have any responsibilities that require the use of these licenses. Now, on to the important stuff Basically, this is the exam required to trade commodities and futures.
The Series 3 covers material that is exempt from Blue Sky regulation, as both commodities and futures do not fall under this particular type of jurisdiction, however you are still bound by CFTC and NFA Guidelines. The exam has questions and has a two and a half hour time limit.
General Representation The Series 7 was the de rigueur standard of the day up until the introduction of the Investment Banking exam a few years ago, because almost everyone on the sell side had the Series 7 if they were on the sell-side.
This exam is the "General Securities Rep" exam, meaning that once you pass it, you are able to sell all types of financial products. Unless you are required to have the Series 79 or work in an area that does not require the Series 7, you will have to take it.
It effectively allows you to actually interact with clients and sell any security except for life insurance, real estate, commodities and futures. It is important to note that you cannot trade with the Series 7 alone, as you need to have your state registrations as well.
The state registrations will be discussed in detail a little further on. In order to take the Series 7, your firm needs to sponsor you. The exam itself is a 6 hour long exam, comprising of two sections, each 3 hours in length and a break of between 30 minutes and an hour between the two halves.
The exam has questions. The two largest portions, Municipal Securities and Options, comprise about questions on the exam. Knowing and acing those questions will only get you so far though. All of the principal exams, with the exception of the Commodities and Futures Principal - it requires the Series 3 - that you might take further down the line will require you to have the Series 7 license.
The Series 7 serves as a prerequisite for both the Series 63 and the Series The Series 63 is the Blue Sky Laws exam. Passing this exam allows you to be registered at the state level per Blue Sky regulation and enables you to sell securities in whichever state you or your firm, as the case may be, choose to register in.
The name of the law comes from the following quote: As to the exam itself, this exam covers state securities regulation, laws and ethics.
It has 60 questions and is 75 minutes long. The Series 65 is the Registered Investment Advisor exam. This exam is required for money managers, investment advisors and anyone that manages funds on a non-commission basis.
It combines the Blue Sky Laws and Registered Investment Advisor exam into a smaller, question test that allows the candidate who passes to both manage money on a discretionary basis and receive their state registration.The Disabled Businesspersons Association (DBA) is an educational (c) 3, Non-Formal Membership, public charity..
MISSION: DBA is dedicated to advancing vocational rehabilitation and enhancing the competitive performance of the enterprising disabled in the workplace.
Ascentii r-bridal.com [email protected] to give me an even more extensive knowledge of business and financial. Nov 15, · I'm currently an intern at a wealth management firm and I don't do anything here that would require the licenses, however I am interested in getting the series 7 and 66 to help me get a job after I'm done working here.
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