I am in Junior in college and want to become a financial advisor when I graduate. Should I start studying for the series 7 now?

Answer 1

Great question! In order to sit for the series 7 exam, you must work for a company in the investment industry so they can "sponsor" you. Meaning they will open your exam window and allow you to take it. You can't take the series 7 without a sponsor.

There is another exam that you need to take first, called the SIE (Securities Industry Essentials), that you can take without a sponsor. You should start with the SIE - study and pass it while you're in school. You'll be ahead of the curve compared to other candidates applying for positions with those firms. Many firms also offer unpaid summer internships that will build your experience and resume. Once you're hired, many of the firms have free training programs towards passing your series 7, or discounts on series 7 materials. Good luck!