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Financial licenses are issued by FINRA (Financial Regulatory Authority). A main focus of the general exam and the supervisory exam (the Series 7 and 24) is 'dea

by wootie 14y ago

Financial licenses are issued by FINRA (Financial Regulatory Authority). A main focus of the general exam and the supervisory exam (the Series 7 and 24) is 'dealing with the public.' The industry relies on the idea that you can trust your financial advisor. You still can't regulate ethics. Some people are just slimy; they will be slimy no matter what industry they are in.

rayiner 14y ago
> You still can't regulate ethics. Some people are just slimy; they will be slimy no matter what industry they are in. I think this is a bit defeatist. Professions can and do regulate their own culture. It's a question of having the will to do so. I'm going through the process of being admitted to the bar right now, and I have to say it's instilled in me at least a healthy fear. It's incredibly invasive. The character & fitness committee not only digs into your public data (speeding tickets, etc), but reaches back into things like expunged juvenile convictions. And it starts from Day 1. I had professors who were on the C&F committee who told me horror stories of people with $200k of debt failing to be admitted. There is a honor code culture. If there was cheating going on at my law school, it was below my radar, while it was fairly common at my engineering school. I feel medicine is the same way. I have family members who are surgeons who feel incredibly uncomfortable just when drug reps bring in lunch. Even in engineering, at least in the traditional disciplines like mechanicals, etc, (I was an aerospace major), there is a strong understanding that when you go into work, peoples' lives are on the line. I'm sure there are a lot of slimly people in these professions, but the difference is that the strong cultural condemnation forces such behavior under the radar. Meanwhile, the financial sector seems to reject the idea of professional codes of conduct as outmoded.

by wootie 14y ago

rayiner 14y ago

> You still can't regulate ethics. Some people are just slimy; they will be slimy no matter what industry they are in. I think this is a bit defeatist. Professions can and do regulate their own culture. It's a question of having the will to do so. I'm going through the process of being admitted to the bar right now, and I have to say it's instilled in me at least a healthy fear. It's incredibly invasive. The character & fitness committee not only digs into your public data (speeding tickets, etc), but reaches back into things like expunged juvenile convictions. And it starts from Day 1. I had professors who were on the C&F committee who told me horror stories of people with $200k of debt failing to be admitted. There is a honor code culture. If there was cheating going on at my law school, it was below my radar, while it was fairly common at my engineering school. I feel medicine is the same way. I have family members who are surgeons who feel incredibly uncomfortable just when drug reps bring in lunch. Even in engineering, at least in the traditional disciplines like mechanicals, etc, (I was an aerospace major), there is a strong understanding that when you go into work, peoples' lives are on the line. I'm sure there are a lot of slimly people in these professions, but the difference is that the strong cultural condemnation forces such behavior under the radar. Meanwhile, the financial sector seems to reject the idea of professional codes of conduct as outmoded.