Series 7

• The Series 7 examination is composed of 250 questions and an additional 10 trial questions that are being tested to see if they should be used in future exams. The comprehensive examination covers the following topics:
  
  Equity Securities
  Debt Securities
  Options / Derivatives
  Trading Markets
  Customer Accounts / Margin
  New Issues
  Investment Companies / Retirement Plans
  Regulations
  Taxes / Tax Shelters
  Analysis
  
  

Series 63

• Some states require the Blue Sky examination, which was formerly known as the Series 63. If the state does require this exam you do not need to pass the Series 7 or Series 6 exam first. The Series 6 limits what you can sell; generally it will be mutual funds and annuities, not securities. The Series 63 exam is required of anyone who will solicit securities orders in those states. The only states that do not require the Series 63 are:
  
  Colorado
  District of Columbia
  Florida
  Louisiana
  Maine
  Maryland
  New Jersey
  Ohio
  Puerto Rico
  Vermont
  
  

Education

• You do not need a college education or any type of experience to become a licensed stock trader. You will be given 120 days with a firm to study your materials to pass the examination. This is known as your 120 day-window.
  
  

Training

• Most of the knowledge a stock trader receives is on the job. Some companies require training before working with the general public but most are decreasing or eliminating this, since it has not been proven to make traders more successful. Merrill Lynch, for example, offers training only after you have been on the job for a year and met certain assets and sales goals. Morgan Stanley Smith Barney offers one week of training.
  
  

Experience

• You do not need experience in finance or economics to become a licensed stock trader. Being a stock trader is a sales position and having the ability to sell is a big requirement. Some firms give an exam to test inhibition and sales ability before they will hire candidates.