Simpler Series 7s (and Fresh Industry Talent?) Are Almost Upon Us
August 20, 2018
Howard Diamond Quoted
By Miriam Rozen
In less than two months — on Oct.1 — when Finra is scheduled to launch its new streamlined competency exams, get ready for a dramatic change. For the first time in the history of the industry self-regulator, anyone more than 18 years old — including students and aspiring broker-dealer representatives, even if they have not yet been hired by financial firms — may take a Finra entrance exam. No firm affiliation is necessary.
Finra “took out some duplicative sections,” he says. Diamond applauds the opening of exam opportunities for test-takers not affiliated with firms yet. The new policy is “a great idea to entice more people into the industry,” Diamond says.
But few broker-dealer employers have begun to focus on the prospect of new pool of candidates who on their own initiative undergo the testing, he says. The employers will do so eventually, Diamond predicts.