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The Trading Pitt

The Trading Pitt . November 16 th , 2010. License Exams. Why do you need them? Sponsored by FINRA which is the successor of NASD If you want a brokerage job you need the proper licenses Over 25+ exams exist at the moment Recently added Series 79 for Investment Bankers

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The Trading Pitt

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  1. The Trading Pitt November 16th, 2010

  2. License Exams • Why do you need them? • Sponsored by FINRA which is the successor of NASD • If you want a brokerage job you need the proper licenses • Over 25+ exams exist at the moment • Recently added Series 79 for Investment Bankers • An attempt to show that representatives are “competent”

  3. Series 7 • Needed to legally provide advice to clients (i.e. being a Registered Representative) • 6 Hours Exam • 260 Multiple Choice Questions • You must pass over a 70% on each part. • Costs $250 to take and can be scheduled at any time at a Testing Center • Questions include how to give “proper advice”, how to keep records, process trades. • More on the requirements • Need to be sponsored by a broker dealer

  4. Series 3 Exam (Futures) • Needed to become an Associated Person, Introducing Brokers, of Futures Commission Merchant • Involved with Futures or Forex • Questions included 30% on Regulations • 70% are about how Futures Work, how to hedge, basic price analysis, options. • I have this license and if you would like more information specifically about this test send me an email at steve.mcmannis@gmail.com • EXCELLENT way to learn futures very fast

  5. How to Prepare • Get a study guide from Securities Training Corporation http://www.stcusa.com/ • With CD’s • The study guide is one of the only ways you can really find out what is on the test • Some questions from CD’s were word for word on the test. • Takes about a month of semi-hard studying (2-3 hours a day) to be prepared. • Series 7 more than the 3 • The more familiar you are with trading and financial products the easier it

  6. Taking the Test • Prometrics or Pearson VUE are two centers • Computer Based • Very Serious • Not allowed to leave or you forfeit the exam • Taking tests along side Doctor’s, Lawyers, etc.. • Instant Feedback

  7. Brokerage Jobs • Do you like cold calling? • Incentives? • Landing the big client • Trading Job sometimes with out the control and the payout • Best sales people make the most money • All about asset under management not about performance • Your goal is to get your client to trade and if they make money even better. • Not to make your client money • http://www.hulu.com/watch/15503/wall-street-warriors-up-on-futures#s-p2-so-i0 • There are good brokers out there.

  8. Questions • Send us an email at thetradingpitt@gmail.com • Interest in Private Equity Conference? • University Venture Fund sponsored at the end of January. • More information will be sent out in the email.

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