Worth taking SIE Exam in law school? Forum

[MrLions]

I'm a rising 3L (T-30, median) with a Biglaw position lined up in banking/financial services. I'm starting to wonder whether I'd rather work as a trading analyst at a financial institution. If so, is there a benefit to me taking the SIE exam? You don't need a broker-sponsor, and once I pass I may be able to market myself to banks for one of their MBA-level positions. Thoughts?

[gekko]

The SIE is basically 1/2 of what the series 7 used to be, which is now administered in two parts as the SIE and the Series 7 "top off." The SIE allows you to do nothing on your own other than signal a potential interest in the field to employers, but I'd say that going from the legal side to trading is exceptionally rare. I'd recommend you read "FIASCO" by Frank Partnoy about his time as a derivatives trader after Yale Law.

I'd go ahead and take the 65 if I wanted to go into private wealth management at an advisory firm, potentially learning the material for the CFP on your own since a JD gives a waiver for the 7 classes needed to sit for it. Any role that requires the 7 such as trading is going to put you through a training program including receiving the SIE, 7 (top off) and 63 in a structured format. Having the SIE already won't be "bad" but I wouldn't expect that to get you anything. A trading role is not easy to come by and a law degree is not the most likely path... I'd ask yourself if you are open to other areas of financial services where a JD may be an asset rather than totally irrelevant.

[MrLions]

The SIE is basically 1/2 of what the series 7 used to be, which is now administered in two parts as the SIE and the Series 7 "top off." The SIE allows you to do nothing on your own other than signal a potential interest in the field to employers, but I'd say that going from the legal side to trading is exceptionally rare. I'd recommend you read "FIASCO" by Frank Partnoy about his time as a derivatives trader after Yale Law.

I'd go ahead and take the 65 if I wanted to go into private wealth management at an advisory firm, potentially learning the material for the CFP on your own since a JD gives a waiver for the 7 classes needed to sit for it. Any role that requires the 7 such as trading is going to put you through a training program including receiving the SIE, 7 (top off) and 63 in a structured format. Having the SIE already won't be "bad" but I wouldn't expect that to get you anything. A trading role is not easy to come by and a law degree is not the most likely path... I'd ask yourself if you are open to other areas of financial services where a JD may be an asset rather than totally irrelevant.

Thank you for the response, Gekko. That book looks awesome--just ordered it off Amazon. I passed the SIE last week and am waiting for my 65 book to arrive. I didn't know about the JD waiver--good stuff. At this point I think I'm just interested in finance for my own personal sake and would like the have to certifications as a back up plan in case I ever want to transition out of law.

[gekko]

Sounds good. I think you'll like FIASCO. I would strongly consider keeping "finance" as an option if you want a potentially different lifestyle later on. Since you're taking the 65, I'll assume eventually being at an RIA is an option. I know a few people who have moved in that direction due to the desire for a "lifestyle practice."