Question: With all the news about scandals going on in the mutual fund industry, I expect people will be leaving the industry and there will be opportunities. I am wondering if someone like me with integrity should consider becoming a sales representative for mutual funds. Is the job and training similar to that of stockbroker?
— Tracy

Response: Both stockbrokers and mutual funds sales staff are designated registered sales representatives by the National Association of Securities Dealers (NASD). After passing the Series 63/Uniform Securities Agent State Law Examination, they can serve as agents of a member firm.

Mutual funds sales representative are required to have a Series 6/Investment Company Products license. It authorizes them to provide advise on a limited number of financial products including mutual funds and variable insurance funds.

Most investment service firms also like to hire mutual fund sales representatives who have a Series 7 license, also required for stockbrokers.

Job Description
Mutual funds sales representatives evaluate customers' financial needs, current holdings, and available investment capital and help clients identify their financial objectives. Stockbrokers use their knowledge of securities, investment plans, market conditions, and regulations to help determine the risks and rewards for various financial avenues.

Like stockbrokers, when a customer account is created, fund representatives inform the client of the conditions under which the account will be maintained and how customer requests such as withdrawal of funds will be executed.

Employment Outlook
Above average growth is projected through 2010 for Securities, Commodities, & Financial Service sales personnel. Growth occurs when there is a rise in personal incomes and an increased participation in the stock market, especially in individual retirement accounts (IRA's).

Further, according to the California Employment Development Department, a trend towards institutional trading should add to future job opportunities.

Licensing Requirements
According to my research, an investment firm must sponsor you as a candidate before you can take the registration examination. This sponsorship can be done after completion of a training program or immediately upon hire. The employer usually offers a preparation class for the examination and they may pay for test registration fees.

NASD provides an online listing of exam locations with approximately five in the Los Angeles County area including Culver City. The Series 63-exam fee is $70 and Series 6-exam fee is $60. For further information on licensing requirements, contact:
National Association of Securities Dealers
Los Angeles District Office
300 South Grand Avenue, Suite 1600
Los Angeles, CA 90071
(213) 627-2122
www.nasdr.com
This is a regulatory agency for the securities industry and for virtually all U.S. securies brokers and brokerage firms. The agency provides an online listing of company members.

Earnings
In Los Angeles beginning annual earnings are based on commission and are approximately $40,000.

Job Resources
There are approximately 100 mutual funds and related firms in the Los Angeles County that you could contact for training and/or employment. For example:
Northwestern Mutual
888 W 6th St Ste 200
Los Angeles, CA 90017-2728
(213) 243-7000
www.northwesternmutual.com
This is a mutual funds company, which has four locations in the Los Angeles County area and provides an online listing of employment opportunities including investment representatives. According to a representative, prospective investment representative must go through a selection process, which includes a career profile test and interview before getting sponsored. Upon selection, the candidate must complete a three-day preparation course for both the Series 6 and Series 63 licensing examinations.
Met Life Internship Program
501 US Highway 22, Area 3E-25
Bridgewater, NJ 08807
(800) 638-5433
www.metlife.com
This company offers a wide range of products and services including mutual funds and annuities. They have approximately 10 locations in the Los Angeles County area. Newly licensed financial services representatives are trained by a mentor on a variety of topics including prospecting and selling. He added that most financial services representatives have at least a bachelor's degree in related area including business.

The following is an online career resource for placement mutual funds sales positions:
Mutual Fund Careers
www.mutualfundcareers.com
This is an online career resource for mutual fund and investment professionals, which provides an online listing of employment opportunities. Registrants can post an online resume. Additional resources include a link to related professional associations including Securities Industry Association.

Professional Resource
State Department of Corporations
Sacramento, CA
(916) 445-3062
www.corp.ca.gov
Los Angeles Office
(213) 576-7650
The Securities Regulation Division (SRD) oversees the offering and selling of securities as well as the licensing and regulation of registered representatives pursuant to the Corporate Securities Law of 1968 for the state of California.

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Susan W. Miller, M.A., is a National Certified Career Counselor, a Certified Vocational Evaluation Specialist and holds diplomate status on the American Board of Vocational Experts. She heads California Career Services, a private practice career counseling firm in Los Angeles.

E-mail career questions you'd like answered in this column to info@californiacareerservices.com or visit California Career Services at www.californiacareerservices.com.