I think you should work hard at the job and leave these exams until someone says "You must take this silly exam".
I partially agree with John. You should definitely take the 7 this summer. Most asset managers would hire a college grade with a 7 over one without, simply because it saves them three months of you not contributing to the company, studying. Go for it. Will only give you a leg up. And definitely put it on your résumé.
Hi there,
I'm an Undergraduate, (junior/seniorish) Finance, and Computer Science major from the University of Maryland, College Park, this Summer, I have been lucky enough to be accepted as a summer sales and trades analyst, for JP Morgan, from any experience could I get a sponsorship from JP Morgan and take the Series 7 Exam during this summer internship.