Effective November 2, 2009, amendments to NASD Rules 1022 and 1032 require individuals whose activities are limited to the investment banks and principals who supervise such activities to complete the new Limited Representative-Investment Banking Qualification Examination (Series 79 Exam). Individuals whose activities require enrollment as an Investment Banking Representative will be required to complete the Investment Banking Representative Qualification Examination (Series 79) or obtain a waiver.
FINRA has developed this exam to give a more targeted assessment of the work functions performed by the individuals that fall within the registration category. The exam will be needed in lieu of the current General Securities Representative (Series 7) exam or comparable examinations by the individuals who perform the work functions explained in the new enrollment category. Any person whose activities exceed those of the Investment Banking Representative registration category must separately qualify and register in the appropriate category or types of sign up attendant to such activities.
Rule 1032 has an exception for member firms that operate training programs where certain new employees are exposed to the firm’s various business lines by revolving among departments, including investment banking. Individuals currently working as a general securities principal supervising investment banking activities as explained in Rule 1032(I) have the same six-month period during which they may opt into the Investment Banking Representative registration. Those individuals who choose to opt in will maintain their Series 7 or Series 7-equivalent registered representative sign up in addition to the Investment Banking Representative registration.
The certification exam consists of 175 multiple-choice questions. Candidates are allowed 300 minutes (five hours) to consider the exam. Candidates shall receive an informational break down of their performance on each section of the exam, with their overall rating and move/fail status at the completion of the exam session. Firms may decide to use the content outline to structure or prepare training material, develop lecture seminar and notes programs, and as a training aide for the candidates. The evaluation questions are distributed among four major functions reflecting the entire knowledge, skills, and abilities required of an investment banker.
Detail on this content of each of these four major job functions, the duties from the job functions and the data essential to perform the tasks is included in the written text of the content outline. The questions used in the evaluation will be up to date to reveal the most current interpretations of the guidelines and regulations on which they are structured.
Questions on new rules will be added to the pool of questions because of this examination within a reasonable time frame of the effective times of those guidelines. Questions on rescinded guidelines will be deleted promptly from the pool of questions. Candidates will be asked questions only regarding rules that are effective at the right time they take the exam. The test is administered as a closed-book exam.
Severe fines are imposed on applicants who cheat on FINRA-administered examinations. The proctor will provide scratch paper, an exhibits reserve, and a simple electronic calculator to applicants. These items must be coming back to the proctor by the end of the session. The Investment Banking Representative Qualification Examination will be administered at test centers operated by Pearson VUE and Prometric professional testing center networks.
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A Uniform Application for Securities Industry Registration or Transfer Form (Form U4) must be posted to FINRA via Web CRD in order to register an individual as an Investment Banking Representative. For new employees, a company must submit a full-Form U4 application to ask for the sign up and some other documents required for registration.
Hedge finance resources are growing quickly, and London plays host to 12 of the biggest hedge money in the global world. Most hedge fund managers are successful former traders or fund managers highly, who have gone it alone. Graduates would normally need at least 2 yrs experience before moving into this area, but if they are doing the rewards can be quite high.
Donald is an Analyst at Barclays Investment Bank or investment company. He is happy to be approached on LinkedIn. Networking is important and can help you be successful with your application’s especially. If you have been in connection with someone working for the organization then you have additional information to back up your case for why they should employ you.