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Do you need a license to be a stock broker?

#banking #stockbroker

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Susan’s Answer

Yes. It’s a highly regulated industry (the primary regulator is the SEC, or The Securities and Exchange Commission). You’ll need Series 7 license and a Series 63 license a a minimum. There are additional licensing requirements for more complex transactions, and some employers require additional licenses.

Susan recommends the following next steps:

Google Series 7 License
Google Series 63 License
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Jennifer’s Answer

Hi Joshua!

Yes, you do need a license to be a stockbroker. Stockbrokers that work with residents of Florida are required to be registered with the Florida Office of Financial Regulation, Division of Securities, as well as the Securities and Exchange Commission (SEC) and at least one self regulatory organization (SRO).

It looks like additional information including what to study in college, the exam requirements, and more can be found at this website here: https://www.financialplannerworld.com/florida-stockbroker/#:~:text=Stockbrokers%20that%20work%20with%20residents,self%20regulatory%20organization%20(SRO).&text=in%20Finance%20%2D%20Financial%20Planning%2C%20and,in%20Finance..

Good luck!
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Laura’s Answer

Hi Joshua,

Yes, you would be required to take the Series 7 exam. Keep in mind you would need to be sponsored to take this exam, you would not be able to access this test on your own accord. One thing I would suggest is looking into a role at a Broker Dealer where they have a "Path to FA program". They offer training and will sponsor you for the various tests required in order to sell these regulated products.

Good luck to you!

Best,
Laura
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Jofre M.’s Answer

Hi Joshua,

Excellent question. It seems you are curious about jumping into the financial industry. There are so many opportunities in that industry and many of those opportunities will guarantee a great career for many and many years.

To answer your question, YES! To become a Stockbroker you need a license or licenses. The additional licenses depends on the state you are planning to provide your services. To obtain licensing, stockbrokers must pass the National Association of Securities Dealers' General Securities Registered Representative (Series 7) exam. The Series 7 exam consists of 125 multiple-choice questions that must be completed in 225 minutes. It must be combined with a separate Securities Industry Essentials Exam that consists of 75 questions and lasts 105 minutes. Other exams may be required for the stockbroker to trade certain things. Some states also require certain exams, such as the Series 66 or Series 63. You'll have to check to determine which exams are required in your specific state. In this case Florida.

You can find more helpful info at the following links :

www.Finra.org (this is one of the organizations which regulates and provides examinations for the financial industry).

www.sec.gov (this is like the "police" for the financial industry. You can find useful resources here.

www.cfainstitute.org ( you can find a free certification called "Investments Foundation Program" this course will give you an broad overview and enriched learning about the financial industry, all the financial products and the ethical standards which is super important.

Keep it up and wish you good luck in your path!
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Haley’s Answer

Hi Joshua,

Everyone is correct in saying you will need the Series 7 and Series 63 licenses at a minimum and you must be sponsored by FINRA member or SRO (essentially you'll need to be sponsored by the company you work for) in order to take these tests.

The great thing is that if you are looking to get ahead of the curve because you know you'd like to pursue this career path, the first test you have to take in order to even sit for the Series 7 is the SIE (Securities Industry Essentials) exam. It's a 75 question multiple choice test and a passing grade is a 70% or above. It teaches you a very basic and high level overview of basic securities and industry information.

What makes it so great is that no sponsorship is required so you could go out and take it tomorrow (I would obviously recommend studying first). Many employers see you passing this test prior to applying for jobs as a huge plus (some companies are even requiring you pass prior to even applying for certain jobs). It also allows you to see high level of the things you can expect to see on the other tests (which will be in greater, more comprehensive detail) to see if this is a career you want to pursue.

You can learn more about it here from FINRA's website:
https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam
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GANESHKUMARAN’s Answer

Yes, FINRA provides numbers of license for trading based on the role going to be performed
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