Do u need a series 6 if u have a series 7? I am getting a series 6 now? What is diff in the two test in?

Question

Can you get a Series 7 even if you are not gainfully employed by an investment company or bank? If not does anybody now how to get sponsered and still keep my current employment? I heard that the series 6 is a great prep tool for a series 7? That the info is close in relation is this true?

Answer 1

The series 6 lisence will only allow you to sell mutual funds whereas the series 7 will allow you to sell stocks, bonds, options, and virtually all investments. Because of that limitation the series 7 will give you more options for employment. A series 6 lisenced person could work in a commercial bank that sells mutual funds as well as insurance companies that provide mutual funds but probably couldn't work in a full service brokerage firm. A series 7 would be required for that. (I'm speaking generally here, I'm sure that there are exceptions to that statement)
It is required that you be sponsered by someone with a series 24 lisence in order to sit for either the series 6 or 7 exam. If you are willing to pay for it yourself it wouldn't be hard to find a company to sponser you because they tend to hire a lot of people expecting many to fall by the wayside. One company that I know of personally that works like this is Ameriprise. (They use to be the financial planning division of American Express before they were spun off) They don't pay for anything until you are fully lisenced so they allow you to keep your day job while you are going thru the lisencing period. You are under no obligation to continue to work for them. If you go to a company that pays for the lisence for you they, are going to be more selective because the lisence costs over $1000 and they tend to put you on payroll immediately. I've had a series 7 lisence for about 15 years now and I've worked for Ameriprise, Wachovia bank, and Charles Schwab. Each of these 3 companies dealt with the lisencing issue completely differently. I've heard that the series 7 exam is significantly more difficult than the series 6 but I never took the series 6 so I can't confirm that. I hope this was helpful. Good Luck.

Answer 2

Series 7 is a higher level exam. Who told you to take the Series 6?
Talk to that person- you don't need it with a Series 7. Save your time and money!