Recently, financial advisors have obtained settlements claiming that they should have been paid for the time they spent studying for the Series 7 and Series 66 exams that are required for their jobs.
In Connecticut and Massachusetts, the rule is similar. Hours spent attending lectures, meetings and training programs is not compensable only if it is outside normal business, it is voluntary, it is not job related and no other work is concurrently performed.
Of course, studying for a Series 7 exam is job related if you are a Financial Advisor.
If you are a Financial Advisor in Massachusetts or Connecticut and weren’t paid for the time you spent studying, you many have a claim for unpaid overtime wages.