Series 7, 63, 86, 87 Expiration

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motorfinger

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Hi guys,
My topic is more career-related. I’m in NY and in sell-side research and have series 7, 63, 86, 87.
I have been out of work for 1 year, and understand that the licenses will expire after 2 years if I don’t get a job with a sponsor firm.
Right now, I plan on trying something outside of Wall Street, but would really like to keep all these licenses. Really not interested in taking all the exams again.
Anyone happens to know how should i deal with this situation? I’d appreciate any advice.
Thanks!!!
 
Mine are rolling off in another few months. You can try to find a place to house them (some junk shop like Primerica probably will) but then you are somehow an employee there so you will have to deal with that baggage. Otherwise I’d search for places that would continue to sponsor you, maybe if you have a good friend who runs a shop. Otherwise, you just gotta let them go man, let them go…
I never plan on using them again, hope I dont have to, so I am cool with dropping them. Also, after going thru this stuff I feel like I could get them all in a couple weeks if necessary.
 
Register with a broker dealer who will house your licenses for you. I know a few people who do that. I used to have the 7, 55, and 63 but don’t see any reason to keep them especially when they’re so easy to pass compared to the CFA.
 
Just take the tests over again if they expire.
Not like any of them are that difficult.
Although maybe you can find that firm that will let you hang your license if you pay the appropriate costs associated with it. I still don’t see how that would be worth it though.
 
tvPM Wrote:
——————————————————-
> Mine are rolling off in another few months. You
> can try to find a place to house them (some junk
> shop like Primerica probably will) but then you
> are somehow an employee there so you will have to
> deal with that baggage. Otherwise I’d search for
> places that would continue to sponsor you, maybe
> if you have a good friend who runs a shop.
> Otherwise, you just gotta let them go man, let
> them go…
>
> I never plan on using them again, hope I dont have
> to, so I am cool with dropping them. Also, after
> going thru this stuff I feel like I could get them
> all in a couple weeks if necessary.
I actually called Primerica with this same idea in mind. Regardless that I had the 7/66, they said I would need to take/pass 6/63 and pay for their ‘training kit.’ It sounded like more trouble than it was worth so mine have expired.
It’s a big douche bag move if a company won’t hire you based on an expired license. It would be pretty simple to sign up and pass the necessary exams again (7 and 63 at least, not sure about 86 87).
 
I don’t think its worth it to try and house them
7 and 63 you can get done within a month. The 86 I believe you can get an exemption having CFA lvl 1 & 2 passed so you won’t need to take that again and the 87 is annoying with all the rules details but you just study for a few weeks if you ever need it again.
And who knows with all the layoffs I wouldnt be shocked if the time gets extended past the 2 year mark at some point
 
I had 7, 24, 55, 16, 63..all expired when I was out of the industry after 9/11..I tried to get a guy I know who is a principle at a firm, but he said he would get into trouble if FINRA found out he was parking them for a friend.
I never pursued it, but I think you can get your new firm to make an appeal for them to be re-activated if you can prove that during the time after the 2 years you were involved in the industry doing things relative to the licenses….
But I hear you, although after CFA exams, these would be cake..it still bites to have to deal.
 
I’ve got a 7 and 66 that will expire next year. The firm I work with now has a b/d as a subsidiary, but I work for an international division (though my group is regulated by the SEC as an RIA) and so I can’t technically park my licenses here. Kind of ridiculous to me, but that’s how it is.
 
these tests are beyond easy. let them expire and forget about it.
 
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