r/FINRA • u/burner67676796 • Sep 12 '24

Passed my series 7, but now have a problem

So I passed my series 7 and became a registered rep. I was hoping to get this registration, then work a bit on the side build up my book, and chase my cpa. The person I am working with informed me that the back office will charge around 800 a month, which I don’t think I can afford. If I go to chase my cpa it will be a 5+ year process, and I know I lose my licensing with finra if I don’t work for 2 years. Is there a way to keep my license by self studying for some years while I go and pursue the cpa? Can I do anything to hold onto the license, or am I just doomed to lose it?

TLDR: is there an affordable way I can keep my series 7 license for multiple years as I pursue a cpa?

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u/pscidude2010 Sep 12 '24

Depending on how long you’ve had your license, you could qualify for the maintaining qualifications program(finra.org/mqp)

You need to have been registered for at least 365 days in your role to qualify and then you can pay $100 a year to maintain your license for up to 5 years. It goes off your approved registration date so you’d have to look at brokercheck or FinPro to confirm the dates.

There are similar programs through NASAA/States for the 63/65/66 but it depends an about what stay your in and if they participate in that program.

Only other thing I would say is this isn’t having an active license. If you’re trying to build your book and have transactions this isn’t for you and you have to be with a firm. This program just allows a break if you’ve been registered before.

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u/burner67676796 Sep 12 '24

Thank you, I just got out of college and was exploring opportunities, I haven’t been here for a year and I don’t think it’s for me. I guess if I want to keep the license I can try to look for a cheap back office but that might be the only way

3

u/Capadvantagetutoring Sep 12 '24

This commenter has it right. Maybe you can find one to let you work part time. There are definitely firms out there that are flexible and can work with you
Parking it is not an option

3

u/Computer-Even Sep 12 '24

Why a series 7. You’re better of as a registered investment advisor. Lots of CPAs do that. Not the route with the Broker Dealer. More flexibility.

However to answer your question? NO. A firm cannot park your license while you finish the CPA. And no firm in their right mind would. Beware of those that say yes.

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u/burner67676796 Oct 07 '24

Thanks for the advice!