Stockbrokers buy and sell stocks, bonds, annuities, and other investment vehicles. Financial jargon or trading concepts may be decoded, as well as financial advice or estate planning advice. To work as a stockbroker, you’ll typically need a bachelor’s degree, a master’s degree, and a passing score on the required exams.
If you want to work as a stockbroker, you’ll need a bachelor’s degree in economics or finance. Granted, if you have a large number of finance, economics, and business-related electives, you may be able to change your college major. A Master of Business Administration (MBA) degree in finance is also recommended if you want to work as a stockbroker. The MBA is something that prospective brokerages look for because it demonstrates your commitment to a career as a stockbroker.
Obtaining a job as a stockbroker can be difficult; however, having an MBA will give you an advantage because brokerage firms frequently visit top graduate MBA programs to interview students for stockbroker training programs. Even if you do not attend a top MBA program, your MBA program is more than likely to be aware of the various brokerages and their stockbroker training programs. As a result, your MBA program or the career services personnel in your college’s business school should be able to assist you in locating and applying for a training program. Stockbroker training programs aren’t easy, to be sure.
For example, in order to find clients, you will most likely have to make a lot of phone calls, go to social events, and do a lot of networking at first. You will be expected to become familiar with the brokerage firm you work for as well as its product offerings. You’ll also have to pass certain exams that the brokerage firm will usually pay for. Beginning brokers, for example, must pass the National Association of Securities Dealers’ General Securities Registered Representative Examination (GSRRE Series 7 Exam) (NASD). The Uniform Securities Agents State Law Examination (USASL Series 63 exam) and the Uniform Investment Advisor Law Exam are two other exams you must pass (UIALE Series 65 exam).
Success as a stockbroker usually necessitates a set of skills. If you want to be a stockbroker, for example, having good communication, computer, and organizational skills is advantageous. If you want to work as a stockbroker, you should be ambitious, able to deal with a wide range of personalities, and able to succeed under pressure.
A career as a stockbroker is fraught with dangers. For example, while you may occasionally be paid a small salary, you are more likely to be paid commissions. Granted, the financial payoff can be excellent if you can tolerate high risks and are good at your job. Furthermore, if you are a successful stockbroker, you could amass a large sum of money in a short period of time, allowing you to retire much earlier than most people.