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What is the Series 7?
The general securities licensing test required by FINRA is the Series 7 examination.
Member firms who are part of the solicitation of securities which are not managed by other parties. If a representative only solicits securities such as mutual funds and variable annuities which are managed elsewhere, a Series 6 and Series 63 combined would fulfill the licensing requirements in that situation.
The Series 7 licenses a representative or broker to solicit the sale of individual securities, such as stocks and bonds, as well as options, derivatives, and private placement. The only securities that a Series 7 does not license an individual to solicit are commodities futures, which require a Series 3.
The exam takes approximately 6 hours to complete and consists of industry and product knowledge, ethics and fiduciary standards, economics and valuation methods for businesses and securities. Before a representative can engage in solicitation, the Series 63, which covers state-level regulations, must also be passed.
The examination is administered by FINRA, the securities industry self-regulatory organization (SRO).
What are the Withdrawal Rules for My Money Purchase or Profit Sharing Plan?
Once you are age 59½, you may begin to make penalty-free withdrawals and only pay income taxes on the amount you withdraw
What Should I Do With a Lump-Sum Distribution From My Cash-Balance Plan?
Lump Sum distributions can allow you to invest according to your preferences, but could also be spent in a short period
Who Created Ethereum?
Who would have thought that a 19 year-old from Toronto could write a whitepaper nearly as influential as Satoshi Nakamoto’s (Bitcoin founder)?
What is Directional Movement Index (DMI)?
DMI combines average directional index (ADX), plus directional indicator (+DI) and minus directional indicator (-DI)
What is a Non-Current Asset?
A non-current asset is an asset on the balance sheet that is not expected to convert into unrestricted cash within a year
What is AARP?
One of the largest and most influential groups in the country is the American Association of Retired Persons, or AARP
What does “Buy to Close” Mean?
When an investor takes a short position on an option contract by selling (“writing”) a call or put option, he or she...
What is an Accidental Death Benefit?
Accidental Death Benefits are paid only if the cause of death is deemed to be an accident. There are several exclusions
What is currency risk?
Currency risk is the chance that exchange rates will change unfavorably at inopportune times
What Does Having a Long Position Mean?
A long position in a security means owning shares and having a positive investment balance in a stock, bond or commodity