Over 70% of small businesses in America are currently in debt. It may take the guidance of professionals who understand finances to turn the struggling businesses into profitable ventures.
Professionals in the securities industries are required to sit for a series of examinations administered by the Financial Industry Regulatory Authority (FINRA.) The qualifying exams ensure individuals demonstrate their competence in their specific field. Taking and passing the exam is a pre-requisite for obtaining the FINRA Investment Banking License.
FINRA Exam Sponsorship
Some FINRA licensing exams require that members of FINRA sponsor securities professionals before they sit for the tests. Sponsorship involves selecting an active financial securities firm that is a member of FINRA. The sponsoring firm submits your application to the authority and pays for your exam fees.
The submission opens a 120-day window for you to sit for your series examinations. When the window elapses, you may have to pay for a second filing. If successful, you then complete the registration with the sponsoring firm assuming the responsibility of supervising your broker-dealer activities.
FINRA and Broker-Dealer Exams
FINRA licensing exams cover a broad range of topics, ensuring candidates are competent in fields such as markets, securities, FINRA rules, and regulations from other self-regulating organizations. SIE and Series 63 exams do not require any sponsoring program. Series 7, 79, and 82 require a FINRA exam sponsorship before you can take the test.
A series 79 sponsorship is suitable for professionals that advise on investment banking covering mergers and acquisitions, financial restructuring, and public investment banking. You may sit for the exams in place of series 7 on general securities. A series 82 sponsorship accredits you to a limited private securities offering representative. You may need to contact experts to guide you on the examinations you should take, depending on your business model.
How to Apply For Sponsorship
The process begins when you complete the FINRA Form U4. The application requests for detailed information on but not limited to.
- Personal demographic details.
- The examination series you are applying for.
- Your professional designations.
- Your addresses for the past five years.
- Employment history.
- Declaration on bankruptcies and other financial statements.
- Disclosure on civil and criminal cases.
On completion, your sponsoring firm then uploads a digital copy to the FINRA Central Registration Depository and pays for your fees. The sponsor is also responsible for counterchecking and does a complete background check to confirm the information provided is correct. The omission of critical information may lead to statutory disqualification.
Sponsoring Programs from Industry Experts
A relationship with your sponsoring firm ensures that you can learn from professionals who have been in the industry for a long period. As a candidate, you can access informed and timely support to guide you through the registration process, allowing you to focus on passing the qualifying exam.
Bridge Capital Associates offers FINRA Exam sponsorship for the series 79 and series 82. As the sponsoring firm, the company acts as your compliance supervisor, streamlining your regulatory compliance as you conduct your financial securities business.