Q:Nice blog. You say you passed the series 7 and 63 during undergrad. Can I ask how you did that? I thought you needed sponsorship? I'm trying to do same thing, but don't have job in finance.
That’s right, you would need to be sponsored by a company (where you work) to take the series 7. On the other hand, you can take the series 63 on your own.
First, you should decide if you want to take the test.
- Will it help your career? All careers that require a series 7 will sponsor, train, and maintain the license on their dime so it isn’t a requirement to land the job.
- Will it help you during recruitment? Depends on how you spin it. Focus on the ingenuity and persistence it took to get sponsored.
- Is it worth taking the time to study for it? Think about if everyone in the career you choose has the license. If they do, you may want to get a leg up by passing the test. Honestly, it is not impossible to pass with 100 to 200 hours of studying.
If you decide you still want to take the test, here are some ways to get sponsored:
- Ask a family friend who own their own financial planning or insurance company to sponsor you. Pay them back the roughly $500 fee.
- Intern unpaid at a place that will sponsor you. Since you won’t be needing the license as an intern, you’ll have to convince the management.
- Land a full-time job in the industry and the company will take care of the rest or you can ask them to sponsor you.
Good luck and remember, the series 7 is usually not a requirement to land a job directly out of college.