The long anticipated Series 79 Exam has been approved by the SEC. This registration has created a new "Limited Representative" license for Investment Bankers. Information released to the public regarding the Series 79 license can be found by clicking HERE.
FINRA analyzed the jobs of entry-level bankers and their supervisors, and developed this new competency exam to provide a more targeted assessment of the job functions performed by associated persons who fall within the new category. The Series 79 exam will be required in lieu of the current Series 7 Exam by those who act as investment bankers. Any person whose activities go beyond investment banking must separately qualify. For instance, an investment banker who occasionally effects trades in non-exempt securities for retail customers would have to be Series 7 licensed in addition to the Series 79 following the “opt-in” period (See below).
Transition "Opt-In" Period For Series 79
For six months, ending May 3, 2010, reps as well as new investment banking applicants will be able to register as an Investment Banking Representative if they have passed the Series 7 exam by simply opting in to the Investment Banking Representative registration on an amended Form U-4. Individuals who choose to opt in will maintain their Series 7 registered rep status in addition to the new investment banking registration without taking an exam! Should you choose to Opt-In and qualify by sitting for the Series 7, we offer Series 7 Training in several formats. Order TODAY!
May 3, 2010 is the Cut Off Date. After May 3, 2010, anyone wishing to work in the investment banking business will have to pass the Series 79 Exam. But be aware that a passing score on the Series 79 Exam may change.
Multiple forms of the Series 79 examination will be administered and a passing score will fluctuate moderately from exam to exam. It’s entirely possible that a candidate could score a 72% and fail, then on a subsequent attempt score a 71% and pass! The pass point for a Series 79 exam will be indicated on the score report following the exam.
Series 79 Training Coming Soon!
AB Training Center is working diligently to provide Series 79 training materials and classes SOON. Check back for updates!
This information provided is based on state laws and regulations, and is subject to change. While TrainingCenter makes every effort to make sure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.
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FINRA analyzed the jobs of entry-level bankers and their supervisors, and developed this new competency exam to provide a more targeted assessment of the job functions performed by associated persons who fall within the new category. The Series 79 exam will be required in lieu of the current Series 7 Exam by those who act as investment bankers. Any person whose activities go beyond investment banking must separately qualify. For instance, an investment banker who occasionally effects trades in non-exempt securities for retail customers would have to be Series 7 licensed in addition to the Series 79 following the “opt-in” period (See below).
