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Our site will be unavailable for 3 hours starting on Friday, April 6, from We apologize for any inconvenience this may cause. The Series 7 license, known as the General Securities Registered Representative license, allows you to sell a broader range of securities. A holder is allowed to sell corporate stocks and bonds, municipal bonds, mutual funds, variable annuities, options, direct participation program DPP partnerships, and packaged securities i. The Series 7 is a more comprehensive license than the Series 6, and is generally preferred by banks and broker dealers for new recruits coming directly into the financial services industry.
Those who get this license are officially listed as registered representatives by FINRA, but are more commonly referred to as stockbrokers. This article provides the process now, as well as the likely process in the future with the SIE exam. There is an exam fee that is typically covered by the sponsoring firm.
The exam consists of questions and is given in two 3-hour segments. The exam covers the five main job functions of a Series 7 representative:. The SIE exam will cover topics like fundamentals, regulatory agencies and their functions, product knowledge, and acceptable and unacceptable practices. In the future state, a candidate will no longer have to be sponsored by a member firm or self-regulatory organization SRO to take the SIE exam. After passing the SIE exam, candidates will need to be sponsored by a member firm or self-regulatory organization SRO.
Once a candidate has passed the SIE exam and is sponsored, they can then take the top-off exam for the Series 7 license. Candidates will have a four-year window in which to take and pass any of the representative level top-off exams after passing the SIE exam. The Series 7 top-off exam will likely be shorter than it is currently; FINRA has indicated they are planning to reduce the number of questions asked on the Series 7 exam from to The exam details are still being finalized, but we will continue to update this article as we gain more information.
Ready to start your Series 7 licensing exam prep? Learn more about our live and online study options and to purchase a Series 7 exam prep package on our website. Download this free guide to learn more about how the new securities licensing process will work, the rationale for the change, proposed SIE exam content, and how it could change hiring and recruiting practices.
What is the Difference? What Does a Financial Analyst Do? What Do Investment Bankers Do? What is Wealth Management? Financial Planning Career Resources. Kaplan Financial Education Updated: The exam covers the five main job functions of a Series 7 representative: