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| *Ostroff, Fair and Company>>>Financial Services |
May lose active series 7 license. Does this close opportunities for me? |
I've been working at a financial services company in a position that doesn't support my series 7 license and I'm about to lose it after 2 years of getting it. I really like where I work and I would hate to leave the job just to keep my license active. Would I be foolish to lose my active license? Or in the long run, does it still matter if you have a lot of experience under your belt? I never took a sales job and I'm not sure if it would be lucrative enough or not. no way would i lose my license! what kind of place wont hold your license? you should def try to get PT work at a firm that will hold it. You can't legally "park" it anywhere. Even if you think you may take a non-producing position it still helps to have a license if you want to be in brokerage. If you don't want a position where a series 7 is required, then it really doesn't matter if you have one or not. I "used" to have a series 7 and did find when I looked for work again that required it companies were willing to sponsor me. Some companies though will not consider you at all if series 7 is a part of the job requirementl I did decide not to go back into the investment field. I lost my licensing because although promised they'd keep my license active, I did move into an affiliated sales position that did not require series 7 so they would not hold. You could look for an independent broker dealer who may agree to hold your license for you. To make it legit you can offer to work for them a few hours a week or one evening part time assisting with paperwork or relaying info to clients. When you say your company doesn't support your series 7 licencese, does that mean they aren't a broker dealer where you can keep it active? If they are, you can pay the annual fees to keep your license active, which I would recommend because you may want to use it in the future and not have to go through all the study and testing requirements. I am not sure why you got the license if you aren't in the some form of securities business but if that is the industry you want to work in, you will have to have a license to do so. Registered principal and OSJ I had a similar thing happen to me three years ago when I took my current job, which I love. I would say let the license drop and stay at a job you like. It is hard enough to find a job, even harder to find one you like. Companies will not sponsor a series 7, 6, or whatever if your position does not require use of the license. It costs them money to sponsor you, so why should they pay if you make them no money using it. |
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