Stock Analysts Sweat Over New Test
WASHINGTON POST — 5/20/2004
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Thousands of analysts, regardless of experience, must pass tests on rules and regulations,
as well as the basic tools of their craft by April [2005]. …Series 86 tests tools
such as stock-valuation techniques. …Series 87 focuses on regulations, including
new rules on conflicts-of-interest and disclosure…
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“At least 3,000 people must take the exam,” estimates Paul Weisman, President of
STC who held their first class for the exams this week. “This is a hot button. For
the high-powered analysts who doesn’t pass, this would be devastating.”
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Rookies are Bullish
RESEARCH — 10/1/2002
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According to Securities Training Corp., nearly two out of three people preparing
to take the Series 7 exam believe the stock market will recover somewhat during
the next year...
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[STC President Paul] Weisman says, "given what Wall Street and the country have
been through in the past year, we're looking at surprisingly few people with doubts
about their future in the industry. The men and women who are new seeking to become
brokers take a long view."
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Well, Honestly!
WALL STREET JOURNAL — 9/27/2002
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With all the problems plaguing brokers these days, some sales reps may feel the
need to brush up on their ethics. Soon they'll be able to through a new course from
Securities Training Corp...
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Donna Merer, assistant vice president of marketing services, said the course is
too new to guage what the ultimate demand will be, but she expects many firms will
make it a madatory part of their training.
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'We expect it to be very, very popular in light of what's going on in the industry
today,' she said.
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Career Building Put on Hold
CRAIN'S NEW YORK BUSINESS — 8/5/2002
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Securities Training Corp., headquartered in lower Manhattan, provides classes for
Series 7 and other professional licenses for Wall Street firms. President Paul Weisman
says... that his customers have become more price conscious, doing comparison shopping
and inquiring about less-expensive online programs -- one area of the business experiencing
growth right now.
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New Broker's Defy Clichés
RESEARCH — 8/1/2002
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According to Securities Training Corp., a full 60 percent of the people studying
for their Series 7 exam in New York and California aren't coming straight out of
college...
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"Prospective brokers were formerly accountants, athletes, bankers, business owners,
marketers and salespeople," says Paul Weisman, STC president. "And coming as they
do from finance, entertainment, insurance, not-for-profit, technology, the Internet,
and other industries, they bring a wide range of experience to their new profession."
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Taking Lesson from Wall St. Slowdown
CRAIN'S NEW YORK BUSINESS — 7/15/2002
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In his 22 years with STC, President Paul Weisman has seen bear markets before and
lived to tell about them..
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He is drawing on those experiences to craft a strategy that includes pushing into
new markets. In recent months, for example, the company has added to its roster
15 continuing education courses in insurance and accounting...
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STC client Rebecca Ray is an example of the wisdom of that move. The senior vice
president and director of training at life insurance firm American Skandia Corp.
says that the recession did not affect her company's business with STC. "The relationship
is as strong as ever," she notes.
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"We are able to ride out the bad times," Mr.Weisman says. "We know our business."
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His confidence comes from having been in the business for 33 years. STC doubled
its revenue from $13 million at the beginning of the 1990s to $27 million in 2000,
its best year.
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Mr. Weisman is hoping to flirt with that record next year and says he will add staff
once clients begin hiring. "We're not a luxury item. We're a basic necessity for
firms needing securities training."
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Ask Annie Career Advice Column
FORTUNE MAGAZINE — 6/10/2002
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The brokerage biz is peculiar...you must first get hired by a securities firm, which
then sponsors you in getting your bona fides...They'll send you for the training
you need to prepare for the Series 7 licensing exam, administered by the National
Association of Securities Dealers. (For a little taste of what the training typically
covers and what the exam is like, go to www.stcusa.com, the Website of Securities
Training Corp. -- the biggest Series 7 training company -- and click on 'Demo Area.')
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Brokerage Leading Indicator Shows Drop
ON WALL STREET — 1/1/2002
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Securities firms are still planning to recruit and train new brokers in 2002, but
at a level that's off about 20 percent from the peak years of the late 1990s, according
to Securities Training Corp. (STC), in New York.
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While the numbers of those preparing to take Series 7 and Series 6 exams are down
by about one-fifth, more brokers probably will take courses to prepare for the Series
65 and Series 66 exams to become investment advisers. "For those prep courses, our
registrations increased 7% and 11%, respectively, in 2001," said Paul Weisman, president
of STC.
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"Compensating in part for the cutbacks at brokerage firms were commercial banks,
insurance companies as well as accounting and tax preparation firms, all of which
now want Series 6 and Series 7 licenses for their people," Weisman said.
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Fewer Candidates For Securities Licenses Expected In '02
DOW JONES NEWSWIRE — 12/6/2001
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WASHINGTON -- The largest stockbroker exam training company said Thursday it believes
the number of rookies who seek securities industry licenses will decline next year
by 20% from the peak years of the late 1990s...
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Securities Training Corp., a New York company that trains prospective brokers for
their National Association of Securities Dealers Series 7 qualifying exams, said
in 2001, its class registrations declined 30%. The company, which trains more than
60% of the NASD exam takers, attributed the drop-off to a decline in rookie broker
recruitment at major Wall Street firms...
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"Most firms froze their training programs last year. While there was movement between
firms, there wasn't a lot of new rookies coming in," said Paul Weisman, president
of Securities Training.
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Securities Industry Continues Effort to Diversify Workforce as Number of Women
and Minorities Grow
SECURITIES WEEK — 11/12/2001
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The Securities Industry Association released a survey at its annual meeting in Boca
Raton, FL, last week indicating many member firms have implemented formal diversity
programs and that the number of minorities and women in the business has grown in
the past few years...
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New York-based Securities Training Corporation has also found that more women are
seeking their securities licenses. STC President Paul Weisman said that about 40%
of those taking the firm's classes to prepare for the NASD Series 7 exam are now
women, up from 30% a year ago.
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''The percentage of women entering the securities industry has been growing steadily
for years, but you wouldn't know it simply by looking at the exchange floor or trading
platform,'' Weisman said.
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Weisman noted that a recent survey of the firm's Series 7 candidates found women
are much more likely than men to use the registered representative license to become
asset managers, financial planners or investment advisors, while men tend toward
retail brokerage, trading and investment banking.
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Weisman said that those areas sought more by women are more consultative and allow
more flexibility in work, such as working from home or dealing with clients face-to-face.
He said this puts women at the cutting edge of the trend throughout the securities
industry.
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