SERVING THE QUANTITATIVE FINANCE COMMUNITY

 
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jsteingraber
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March 27th, 2007, 5:54 pm

Hey, I am 20 years old and am on a leave from college-freshmen. I am in washington DC, I walked the entire city today but no-one is willing to sponsor me because they only sponsor employees of the company- for the series 3 exam. I have come across a book and was told that it is a way to make a great paying career. I am still studying the book and will be ready to take the exam within a months time, but at NASD and the testing center sites it says a sponsor and registration with nasd is required. I have access to the library of congress and some really good books to expand my knowledge. But can't find a way to actually get my foot in the door without studying for four years to get a degree... I am optimistic about doing something now... Any Ideas?
 
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jsteingraber
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March 27th, 2007, 6:30 pm

I guess ya'll should ignore the other postes, I just pressed on the link to many times.
 
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KackToodles
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March 27th, 2007, 7:32 pm

Why do you need a CFA degree in the first place? The CFA degree, like a college degree, has certain time & work requirements -- it is not just passing a test. If you are in such a hurry, I suggest you skip the cfa degree and just start trading. Otherwise, you should go back to college and finish it, perhaps major in business or economics. Frankly, would you trust a 20 year old college dropout who is so eager to take all the short cuts to "invest" your retirement funds?!
Last edited by KackToodles on March 27th, 2007, 10:00 pm, edited 1 time in total.
 
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DominicConnor
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March 28th, 2007, 7:10 am

What restrciotns are there on the type of company that may sposor you ?
 
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ppauper
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March 28th, 2007, 1:03 pm

QuoteOriginally posted by: KackToodlesWhy do you need a CFA degree in the first place?he didn't say "CFA" He said "series 3" which is the commodities and futures contracts license administered by NASD
 
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jsteingraber
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March 28th, 2007, 2:20 pm

The company has to be a brokerage firm that is registered with NASD. I went to Morgan Stanley, they said they would sponsor me only if I worked for them but that, I imagine, would be hard to do unless I apply to shredd their paper or something. I only have experience waiting tables and alot of jobs require or prefer experience in terms of years...so I can't just expect to be hired. Other company's (banks) sponsor the series 6 and 63 exams, that can get you becoming a stock broker. I want to do something in Futures and Commodities.
 
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jsteingraber
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March 28th, 2007, 2:35 pm

I don't need anyone to trust in my ability to choose investment strategies. A Commodity Trading Advisor can help with that. I could for example be an Introducing Broker, who does close to nothing, or a floor trader who only executes orders. If I thought I was an expert at investing I would do it with my own funds.
 
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jsteingraber
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March 28th, 2007, 2:37 pm

Connor, are you originally from Ireland, and spent time in NY, cliff st.? by any chance
 
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dojistar
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March 28th, 2007, 2:52 pm

As ppauper points out, the Series 3 is really the CFTC's exam; it is only administered by the NASD. You certainly do not need to be sponsored by a NASD (which has nothing to do with futures) firm to take the Series 3. In fact, many of the people required to take the Series 3 don't even work for anyone else (such as floor brokers or IBs). The Series 3 is also quite easy, btw -- it's nothing like the securities equivalent, the Series 7.
 
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PDiCarterY
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March 28th, 2007, 10:29 pm

Based on my understanding, Series 3 and 63 do not need sponsorship. Therefore, if you could pay the fees on your own, then you should not have any problem. However, Series 7 and 55 do need a sponsor for you to take the exam.Best of luck...
 
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HyperGeometric
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March 28th, 2007, 10:59 pm

QuoteOriginally posted by: jsteingraberit is a way to make a great paying career.QuoteIf you're talking about the exam, then it's definitely not the right suggestion.. these exams are pretty much useless - you don't need them to get hired. Having said that, you don't need a university/college degree to become a trader (or rather do most of the jobs in this industry). From my experience, to do well on sell side, you need to be street smart as opposed to book smart to make a difference. Certainly a college dropout can do the job and might be able to do it very well. With that being said, this is not to motivate you to stay away from college (someone hires you and you might be as committed to the job as you were to your college i.e. end up leaving in a year without learning much). Fortunately or unfortunately, you're competing against top students from big schools who're book smart and street smart and have prooved their commitment and many of them end up doing quite well in the industry (some perform miserably). I would suggest going back to college, take courses that you enjoy and do very well in them. That's the best way to build confidence in yourself and get access to industry professionals and high paying jobs. If you're still adamant on working right away, become a broker (investment advisor) but don't get attracted by the stories such as ...xyz was a high school dropout, became a broker, made contacts, worked hard and soon became a millionare etc etc. Good Luck.
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