The president of one of Wall Street's largest training firms says sluggish market conditions haven't slowed down enrollment in his company's exam preparation courses.
"Last year, online brokerage firms were getting a lot of people registered because anybody answering the phone had to be [Series 7] licensed," says Paul Weisman, president of Securities Training Corp. (STC) in New York (www.stcusa.com). "We have been seeing a little bit of a back off there, but the major brokerage firms really haven't slowed up on the numbers yet. So far, the wirehouse firms are indicating to us that they're not backing off on their hiring."
This summer, STC expects the same healthy enrollment numbers that the firm saw last summer, Weisman says. Total enrollment at STC in 2000 was up about 33%, according to Weisman.
"We've been finding our increases are coming from the larger wirehouses, insurance companies and banks," he says.
The company also saw an increase in courses that help brokers prepare to become supervisors, like the Series 24 and Series 4 exam preparation courses, according to Weisman.
"Of course, a larger number of Series 7 people means you need more supervisors," he says. "But the firms are also being much more diligent in making sure that people are properly supervised."
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