Anyone hold their Series 6 (or any other investment) license?

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SportsAndLady

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35,632 posts
Dec 19, 2012 3:48 PM
I'm scheduled to take my series 6 exam this Friday, and my 63 after the new years..took off work the next couple days to get ready for this sucker.

Investments probably isn't something I want to get into full-time, but at my job it's a way of earning a little extra commission on top of what I make. Not to mention, my bank/company is willing to pay for it so might as well try.

Anyone take it recently? Any tips to prepare?
Dec 19, 2012 3:48pm
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sleeper

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Dec 19, 2012 4:48 PM
Coffee is for closers only.
Dec 19, 2012 4:48pm
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raiderbuck

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Dec 20, 2012 12:18 PM
Yea, I've passed both, with the 63 the most recent. I don't remember much about the 6 test, but for the 63 it's all about "Exceptions to the rule". Knowing and identifying what is or is not a security, issuer, broker/dealer, or agent is key. Knowing the exceptions to those rules will help you breeze through that test.

When I studied, I made sure I listed all information surrounding "Securities" under one section, and then I'd do the same for Issuer, Agents, etc.,. It really helped me structure my studies instead of trying to cram everything in at once. I will say that the 63 is easier than the 6. Good luck!
Dec 20, 2012 12:18pm
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Fred Flintstone

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Dec 20, 2012 12:21 PM
My wife has a ton of the financial licenses. I can't keep track of all of them, I know she has her 6,7, 63, 65 and she is a chartered mutual fund consultant.
Dec 20, 2012 12:21pm
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Con_Alma

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Dec 20, 2012 12:22 PM
I have a series 24.

Don't waste your time with a 6. You might as well get your 7.
Dec 20, 2012 12:22pm
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raiderbuck

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Dec 20, 2012 1:08 PM
Con_Alma;1347883 wrote:I have a series 24.

Don't waste your time with a 6. You might as well get your 7.
I doubt he's doing it for shits and giggles. It's probably required from his employer (to be eligible for the extra commission).
Dec 20, 2012 1:08pm
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like_that

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Dec 20, 2012 1:25 PM
sleeper;1347474 wrote:Coffee is for closers only.
Reps.
Dec 20, 2012 1:25pm
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SportsAndLady

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Dec 20, 2012 8:07 PM
Con_Alma;1347883 wrote:I have a series 24.

Don't waste your time with a 6. You might as well get your 7.
Again, I won't be using these licenses much further in my career, I just am eligible for a "free ride" to obtain them, so ill be trying for them.

When I refer business, instead of getting practically nothing, ill get a cut of the commission..and I refer a ton of business, so might as well get paid.

Don't think ill pass, however...just haven't got in enough studying and this stuff is like a foreign language to me.
Dec 20, 2012 8:07pm
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Con_Alma

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Dec 20, 2012 9:30 PM
raiderbuck;1347918 wrote:I doubt he's doing it for ****s and giggles. It's probably required from his employer (to be eligible for the extra commission).
Most people who make you eligible for commission are not just placing mutual funds. If you are going to spend the time on learning the regs the series 7 also licenses you for individual securities and it's no more time on your part. If you get the 7 you can also receive commission on everything the 6 covers which are basically just funds or sub-accounts in a VA.

If you are going to spend the time on studying for a 6 you should just take the 7 test.

It has nothing to do with shits and giggles. It's about getting more bang for your buck.
Dec 20, 2012 9:30pm
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SportsAndLady

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Dec 20, 2012 10:49 PM
Con_Alma;1348319 wrote:Most people who make you eligible for commission are not just placing mutual funds. If you are going to spend the time on learning the regs the series 7 also licenses you for individual securities and it's no more time on your part. If you get the 7 you can also receive commission on everything the 6 covers which are basically just funds or sub-accounts in a VA.

If you are going to spend the time on studying for a 6 you should just take the 7 test.

It has nothing to do with shits and giggles. It's about getting more bang for your buck.
I have no 'buck' in this. My company pays for it. I'm not going into this field. I'm not going to sell mutual funds. I refer my clients to an investment advisor, and he solicits the sale. I get paid a piece of the pie, with a 6 license.

Not to mention, I can't just "take the 7 instead of the 6"...I need to get my 6 and succeed before they will sponsor the 7.
Dec 20, 2012 10:49pm
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Con_Alma

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Dec 21, 2012 6:16 AM
SportsAndLady;1348352 wrote:I have no 'buck' in this. My company pays for it. I'm not going into this field. I'm not going to sell mutual funds. I refer my clients to an investment advisor, and he solicits the sale. I get paid a piece of the pie, with a 6 license.

Not to mention, I can't just "take the 7 instead of the 6"...I need to get my 6 and succeed before they will sponsor the 7.


??? You are the only one that has a "buck" in this....you time studying. It's time that you are investing. Get more bang for you buck.

Maybe your just not getting the fact that they cover they same material. There's no reason to study for the 6 and then latter take the seven and have to study again. Just take the 7 now. Any employer who knows what they are going isn't just going to allow this but rather they would encourage it.
Dec 21, 2012 6:16am
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SportsAndLady

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Dec 21, 2012 8:48 AM
Con_Alma;1348437 wrote:??? You are the only one that has a "buck" in this....you time studying. It's time that you are investing. Get more bang for you buck.

Maybe your just not getting the fact that they cover they same material. There's no reason to study for the 6 and then latter take the seven and have to study again. Just take the 7 now. Any employer who knows what they are going isn't just going to allow this but rather they would encourage it.
Lol you clearly do not know how my industry works. But hey, thanks for letting me know what I already know!

I'm going to go into work on Monday (yeah, gotta work xmas eve...) and tell my regional manager that he better sign me up for the 7 next weekend because Con Alma on the internet said you don't know what you're doing just having me take the 6 and 63.
Dec 21, 2012 8:48am
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Con_Alma

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Dec 21, 2012 8:54 AM
SportsAndLady;1348491 wrote:Lol you clearly do not know how my industry works. But hey, thanks for letting me know what I already know!

I'm going to go into work on Monday (yeah, gotta work xmas eve...) and tell my regional manager that he better sign me up for the 7 next weekend because Con Alma on the internet said you don't know what you're doing just having me take the 6 and 63.
????


I've never said they don't know what they are doing. I work in the industry. I was trying to help you understand that if you put the time in studying for the 6 you might as well take the seven for it more value to you and it will keep you form investing even more time in the future if you choose to take the 7.

They seven enables you to do everything the 6 does.
Dec 21, 2012 8:54am
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SportsAndLady

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Dec 21, 2012 8:55 AM
Con_Alma;1348494 wrote:????


I've never said they don't know what they are doing. I work in the industry. I was trying to help you understand that if you put the time in studying for the 6 you might as well take the seven for it more value to you and it will keep you form investing even more time in the future if you choose to take the 7.

They seven enables you to do everything the 6 does.
I don't want to do everything the 6 goes..I want to get paid on my referrals THAT IS ALL CON ALMA. The 6 will allow me to do that.

I understand that "if i'm going to take the 6 might as well take the 7 and save the time studying" I get that...but it's not my decision. I don't pay for all this, and I certainly do not make the decisions.
Dec 21, 2012 8:55am
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Con_Alma

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Dec 21, 2012 9:00 AM
SportsAndLady;1348495 wrote:I don't want to do everything the 6 goes..I want to get paid on my referrals THAT IS ALL CON ALMA. The 6 will allow me to do that.

I understand that "if i'm going to take the 6 might as well take the 7 and save the time studying" I get that...but it's not my decision. I don't pay for all this, and I certainly do not make the decisions.
I understand.

You will get paid on your referrals with either license. Nothing changes for you nor for whomever is making the decision. Nothing changes at all. That's the point.
Dec 21, 2012 9:00am
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SportsAndLady

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Dec 21, 2012 9:22 AM
Con_Alma;1348497 wrote:I understand.

You will get paid on your referrals with either license. Nothing changes for you nor for whomever is making the decision. Nothing changes at all. That's the point.
Except the monetary cost it takes to take the 7
Dec 21, 2012 9:22am
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Con_Alma

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Dec 21, 2012 9:25 AM
Yeah, you probably shouldn't be intersted in taking it. I was wrong.
Dec 21, 2012 9:25am
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sleeper

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Dec 21, 2012 10:21 AM
/Con_Alma'd
Dec 21, 2012 10:21am
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SportsAndLady

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Dec 21, 2012 10:56 AM
sleeper;1348556 wrote:/Con_Alma'd
Haha I finally know what this means now
Dec 21, 2012 10:56am
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raiderbuck

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Dec 21, 2012 12:12 PM
If S&L's employer is anything like mine, then the 7's reserved for Financial Advisors, or the independent advisor's assistants. The folks who hold the 6 are only eligible for referral credit. Not really commission from the sale of the mutual fund. My employer was pretty clear about who gets what, and hey they were paying so I didn't argue.

But if I ever wanted to go into the FA role, I could just as easily get my 7 and other appropriate licenses.
Dec 21, 2012 12:12pm
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SportsAndLady

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Dec 21, 2012 12:20 PM
raiderbuck;1348631 wrote:If S&L's employer is anything like mine, then the 7's reserved for Financial Advisors, or the independent advisor's assistants. The folks who hold the 6 are only eligible for referral credit. Not really commission from the sale of the mutual fund. My employer was pretty clear about who gets what, and hey they were paying so I didn't argue.

But if I ever wanted to go into the FA role, I could just as easily get my 7 and other appropriate licenses.
Yup. This is exactly right. I highly doubt they'd let me get my 7 right now. Not one person in my position (over 45 of them in my region) has their 7. It's just not something you'll need to do your daily duties detailed in the job description. You'll need a 7 if you become a financial advisor, investment executive, etc. in which case I've seen 2 people be allowed to get their 7, because they were getting ready for a jump to that position. Soon as they got their 7, they were gone.
Dec 21, 2012 12:20pm
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Con_Alma

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Dec 21, 2012 12:24 PM
I would suggest that's a duplicated effort on their part.
Dec 21, 2012 12:24pm
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SportsAndLady

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Dec 22, 2012 11:32 AM
Well I got a 75% yesterday, so I passed. Onto the 63. I'm NOT too thrilled about studying for this; heard it's a bitch.
Dec 22, 2012 11:32am