Useful subjects include: business management economics finance maths There's a lot of competition for places, so it'll help if you have some relevant work experience. Skills in a second language can also help you to find a job. What it takes Skills and knowledge You'll need: excellent verbal communication skills maths knowledge analytical thinking skills knowledge of economics and accounting the ability to use your judgement and make decisions customer service skills the ability to use your initiative persistence and determination to be able to use a computer and the main software packages confidently.
What you'll do Day-to-day tasks In this role you could research financial markets and the latest trading figures work closely with investment analysts generate new business and develop close relationships with clients manage and review client portfolios give advice on risks instruct stock market traders, to achieve the best market prices meet profit, new business and retention targets keep up to date with tax and financial legislation. You could work in an office. Career path and progression Look at progression in this role and similar opportunities.
Career path and progression With experience and a good track record you could progress to become a trader, relationship manager or fund manager. You could also become a partner or set up your own business.
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Not what you're looking for? As you are pursuing your degree, look for internship opportunities. Many brokerage firms will hire interns during the summer to work in their offices. In addition to providing a real-world application for their knowledge, internships also create invaluable connections for when you're ready to find a job after graduation.
This is also a great way to get access to additional job training that many brokerage firms provide to new stockbrokers, giving you a competitive advantage over other candidates in the job market. Related: Definitive Guide To Internships.
To become a licensed stockbroker, you must be sponsored by a Financial Industry Regulatory Authority registered firm or other regulatory authority. Obtaining a sponsor generally means being hired by an investment bank or brokerage firm. To become a stockbroker, you must develop and be able to demonstrate a deep understanding of financial markets, accounting practices and regulations. The Series 7 exam consists of multiple-choice questions that must be completed in minutes.
It must be combined with a separate Securities Industry Essentials Exam that consists of 75 questions and lasts minutes. Other exams may be required for the stockbroker to trade certain things. Some states also require certain exams, such as the Series 66 or Series You'll have to check to determine which exams are required in your specific state. Here are a few of the most frequently asked questions about being a stockbroker:.
Stockbrokers can become very successful over the course of a career. One of the major pros of this job is that you earn a base salary that can be significantly enhanced by commissions and bonuses. A stockbroker needs a number of both hard and soft skills, including:. Related: Hard Skills vs.
Soft Skills. According to the Bureau of Labor Statistics, employment for commodities, securities and financial services sales agents is projected to grow four percent from to , which is approximately the same rate as all occupations.
The high pay that's associated with these positions draws more applicants than there are openings, which is why there is intense competition for openings. Certification can make you more competitive for jobs, as can obtaining an MBA. If not, then take some classes on Udemy to learn them.
These are essential skills that you need to learn to be successful. So, start learning them now. It would be helpful if your degree is business or economics related. Additional classes in statistics and quantitative analysis are also beneficial.
Some brokers choose to get their MBA, as well. This will make you a stronger job candidate and create greater earning potential.
An educational background in financial markets and accounting principles is step one to becoming a stockbroker. If you are on the fence about going back to school.
I would recommend getting a degree online. Having a Finance or Business degree will definitely put you ahead of the competition. BUT be careful, don't get a degree from a sketchy online school. I recommend getting it from Coursera. You can see all their Business Degrees Here. In order to take this exam, you have to be sponsored by a firm that is a member of FINRA or another regulatory authority. But wait a minute — you have to get a job before you can get the license to become a stockbroker?
Once you find a firm that will sponsor you, the firm will apply for you to take the exam by filling out a special form.
The Series 7 is a difficult test consisting of questions that you have minutes to complete. Recently, it became combined with a separate Securities Industry Essentials SIE Exam, which consists of 75 additional questions and lasts minutes. They are not easy… So Practice! In addition to the Series 7, you will need to pass the Series 66 and Series 63 exams to be registered in your state.
For instance, you would have to take the Series 53 in order to be able to buy and sell municipal bonds. Also, even if not required by their firm, some stockbrokers will get additional certifications to land higher-paying positions in the industry. Now that you know what licenses you need to get, the next step is to find a firm that will sponsor you. Make you sure subscribe to a reliable question bank. Tip : for finding jobs and internships faster, use a site like Jobscan.
These internships will not only be a great learning experience to get your feet wet in stockbroking…. By the way: internships are not just for college students. Even as a graduate, you can benefit from getting an internship in a stock brokerage. The best type for you will depend on your comfort level with sales, and how much independence you need when brokering deals.
You will also likely be provided with desk space, business cards, and marketing and administrative support. While these types of firms provide the most overhead support, they are also the most restrictive in the types of products that you can sell.
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