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CTA - Series 3, Series 7, Series 9, Series 10, Series 56 NASD exams certifications
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CTA - Series 3, Series 7, Series 9, Series 10, Series 56 NASD exams certifications

  #1 (permalink)
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CTA - Series 3, Series 7, Series 9, Series 10, Series 56 NASD exams certifications

Hi all,

I'm considering getting NASD certified and would like to solicit feedback from those who have or haven't. In particular, I am looking for any primary advantages (and disadvantages) to becoming certified. I know some of the legal things, I am more interested in your experiences.

Normally, I would never consider there to be a downside to being certified, but a trader once told me he purposely did not take his Series 7 due to liability. I'd like to explore that more and get your input.

Let me know.

Mike

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  #2 (permalink)
Quick Summary
Quick Summary Post

List of FINRA exams: http://www.finra.org/industry/compliance/registration/qualificationsexams/registeredreps/p011051

Series 3 (National Commodity Futures Examination)
120 multiple choice questions; 2 hours and 30 minutes testing time. This examination is required for registration by the National Futures Association.
(you can receive a total of 125 questions, 5 questions will be used as 'test' questions but will not count for the total test score, NFA uses this to see if the new questions are good)

Series 7 (General Securities Representative)
250 multiple choice questions - administered in two parts of 125 questions each; 3 hours testing time for each part. This registration qualifies a candidate for the solicitation, purchase, and/or sale of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts. There is a mandatory break of 30 minutes in between 3 hour morning test and 3 hour afternoon test.

Series 9 and 10 (General Securities Sales Supervisor)
200 multiple choice questions. The testing time is 1 hour and 30 minutes for the Series 9, which contains 55 options questions. Four (4) hours are allowed for the Series 10, which has 145 questions covering FINRA, New York Stock Exchange, Municipal Securities Rule Board, and Securities and Exchange Commission rules. This registration is appropriate for individuals required to register as principals to supervise sales activities in corporate, municipal, and options securities, investment company products, variable contracts, and direct participation programs. In addition to branch office managers, regional and national sales managers may also register in this capacity.


Last edited by SLYCK; December 23rd, 2011 at 06:05 AM.
 
  #3 (permalink)
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Here is the FINRA website and a list of exams:

FINRA - FINRA Registration and Examination Requirements

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #4 (permalink)
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+1

metaltrade....

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  #5 (permalink)
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One of the big downsides to getting registered is you have to pay the professional level for stock quotes and such. Futures quotes are about the same price. Another downside if you become a CTA is the CFTC will want to come in and audit to see what you are doing.

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  #6 (permalink)
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The series 7 is a six hour exam. Three hours, a half hour break, and another three hours. Stocks, Bonds, and Options.

Series 3 is for futures.

It is a great education and some would say - one should not trade without it.

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  #7 (permalink)
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Is series 3 also for forex ?

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  #8 (permalink)
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mainstream View Post
The series 7 is a six hour exam. Three hours, a half hour break, and another three hours. Stocks, Bonds, and Options.

Series 3 is for futures.

It is a great education and some would say - one should not trade without it.

That is what brings me to the thread question --- I thought I would get certified "just to be certified", having gone through the motions, etc. Besides, never know when I want to open a hedge fund

But, I would like to fully explore all the disadvantages of being certified as well, can you name any that have not been mentioned already?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
Elite Member
Chicago, IL
 
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Platform: Kinetick Ninja Trader <7>
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It's all where you see yourself. I was at a bar the other day and happened to meet a professional trader from Morgan Stanley. He was in town buying a proprietary execution platform from a coder.

I did it because I'd like to eventually mange funds for clients, you learn what are traditional capital preservation investments and the tax implications of different strategies.

For example there are some variable life insurance policies that have historically returned 24% on the cash value of the policy minus the cost of insurance in a given year. There is no downside risk to such a policy. You have to have a 6 or 7 to sell variable life and annuities products.

There are many, many other options available to someone with the professional certifications than without.

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  #10 (permalink)
 R.I.P. 1960-2010 
 
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I learned a lot taking the 7 & 3 exams and the Annuity exams, 63 is worthless, but necessary if you work in the industry. Was even asked to teach as I got very high scores on both. But never did that.

Since, I do not hold myself out a being active I see no downside, as far as I can tell. When I open an account I tell them what I have done and I have been considered the same a normal investor.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
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