Financial Services Industry Training

The financial services industry is highly regulated and requires people working within the field to have professional training within the field. There are several exams and tests required by those working in the financial industry. Depending on the financial career chosen occupation, you will have different classes and exams to choose from.

History of Financial Services Industry

Starting in the 1930s the financial services became more heavily regulated. Part of the regulation was due to the institution of many different exams that train brokers, traders, assistants and managers. They are trained in a variety of areas, including financial products and services, industry compliance, regulation rules, professional development and new financial trends.

Types of Training

The most common exams taken by those in the financial services industry are the Series 7, Series 66 and the Series 24. The Series 7 exam is the most comprehensive exam, and once it is passed the test-taker is then qualified as a general securities representative. The Series 66 exam is taken after the Series 7 exam and qualifies some as a financial adviser and broker. The Series 24 is taken by people who are looking to become a manager at a brokerage firm.

Length of Training

Studying for the exams takes three to six months and registration should be done well in advance of the test date. The test can take anywhere from two hours to all day, depending on the exam and complexity of the test.

Benefits and Considerations

Taking these exams can increase chances for promotions, give people the ability to work on commissions, gain a higher salary and be more marketable within the field. It is important to remember that while taking the test can help advance a career, a test can only be taken so many times within a certain time frame. Also, if a company is paying for the exam, they may not want to pay for re-taking tests if they are not passed.