Exactly.
People really don't seem to grasp how difficult broker training is. It requires an extraordinary effort. He wouldn't have had time to do much of anything else. Not only did he have to do the 9 to 5 work on the phones trying to round up clients for his firm, he had to study to pass the general securities exam (Series 7), and that's no small task. It's a six hour exam split into two sessions, and there are some 250 questions. And trust me, the questions are difficult. The exam covers everything from the various laws that have been passed to regulate the industry, to specific questions about a myriad of investments that a broker may deal with (stocks, mutual funds, ETFs, options, bonds), questions about options strategies, ethics, etc. When I took it, I was told about 40% of the people taking it the first time fail it. That was back in 2007. I don't know what the percentage is now, but clearly a lot of people are unable to meet the requisite 72% passing score. Once Chris passed the 7, he'd have to then take the state law exam, which allows a broker to do business in the individual states. It covers various issues that might differ from one state to the next, like Blur Sky laws. Back then, he'd likely have taken the Series 66. I took the 63. That exam is three hours, if my memory serves me. I was lucky enough to work the overnight shift at my firm, and the few slow hours I had a night allowed me to study more. I studied about 30 hours a week for approximately three months in preparation for the exams. I basically worked, studied, and slept, and had no life otherwise.
Never for the sake of peace and quiet deny your convictions-Dag Hammarskjold
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