A person interested in becoming a broker trainee should have excellent interpersonal skills as well as a strong work ethic. Acceptance into a broker trainee program is extremely competitive, so anyone interested in becoming one should have a bachelor’s degree in business, finance, economics, or accounting. The most efficient way to become a broker trainee while still pursuing an undergraduate degree is to obtain an internship with a financial firm that offers a broker trainee program. Aspiring candidates will have an advantage over other candidates if they complete the internship successfully, as brokerage firms prefer to hire people who already have a working knowledge of the securities industry and documented experience.
If a prospective candidate has already completed college, the next best course of action may be to apply to brokerage firms that provide on-the-job training. New employees are frequently sponsored for the Financial Industry Regulatory Authority® (FINRA) Series 7 examination by these companies. This exam qualifies a person to become a General Securities Registered Representative, which is the first step toward becoming a stock broker. It will be impossible to become a broker trainee without this license, and any admission into a training program will be temporary if the Series 7 exam is not passed in a reasonable amount of time. Many companies give candidates who want to be a broker trainee four to six months to finish the exam.
Because there is so much competition for brokerage jobs, passing a variety of securities examinations that do not require sponsorship from a brokerage firm is often a good idea. Individuals can take the North American Securities Administrators Association® (NASAA®)-administered Series 63 Uniform Securities State Law Examination and the Series 65 Uniform Investment Advisor Law Examination without being sponsored by a brokerage firm. Passing these two exams will put anyone interested in becoming a broker trainee in a good light, as it demonstrates to potential employers that the candidate is dedicated to the securities industry and took the initiative to take the exams on their own.
Individuals who work as broker trainees can expect a competitive work environment with demanding schedule requirements. Those who succeed in their quest to become a broker trainee will face 12-hour workdays and a barrage of financial data. A broker trainee will be responsible for meeting the needs of experienced senior stockbrokers, in addition to a stressful workload.