So, you have always been interested in maths, finances and managing other people’s money? You are fascinated with the Wall Street and you have great social skills? Maybe you should consider a career as a professional stockbroker. Before you embark on a career in this field, you need to know that it can be extremely frustrating, but at the same time overly exciting and, most importantly, financially rewarding. However, becoming a professional stockbroker is not an easy task. It requires willingness, as well as years of formal education, internships, preparation and experience. Luckily to you, today there are numerous options offered that will help you succeed in getting skilled in such a career. Therefore, if you consider yourself young and ambitious enough, you should definitely get started on time. Here are a couple of tips on how to take every step properly. Check them out!
What does a stockbroker to?
The first thing you need to do is to learn what stockbrokers actually do. In a nutshell, a stockbroker is a medium between a buyer and a seller in financial markets all across the globe. The main goal of every stockbroker is to conduct every trade efficiently, professionally and with the best possible outcome for their client. Therefore, becoming a stockbroker requires years of experience and a complete understanding of investments, economics and other financial aspects.
What skills do I need to possess?
Becoming a stockbroker requires a lot of skills. You need to be really great with numbers and to be able to pay special attention to numerous details that could determine the outcome of a particular trade. You are also supposed to have amazing social and communicative skills, which will help you get closer to the people, convince them in something requested and to communicate the information concisely.
What are the initial requirements for getting the job?
Although not completely obligatory, some kind of formal education is necessary for getting the job as a stockbroker. In order to become a licensed stockbroker, you will probably be required to earn a college degree in finances, accounting, economics and business. What is always requested from all candidates is their knowledge in the field of statistics, mathematics and related areas. All college students interested at stock trade have an amazing chance to join a campus club or a business-related fraternity that will give them numerous instructions and provide them with an opportunity to get an internship in a local stock trade house.
Get necessary experience
As we have already mentioned, being experienced in the field of stock trade is as important as earning a degree from a college. Therefore, you should get a sponsorship by a local broker and get at least four months of work and internship. What you need to know is that salaries are really low in the very beginning, but that later, as your work experience and knowledge grow, they will also rise. Therefore, what you can do right now is to get informed about Forex trade and see how it actually works. For example, there are numerous websites where you cangather all this information and compare FX brokers.
Obtain securities licenses
In order to become a licensed stockbroker, you need to obtain standard securities licenses. First, all candidates need to pass Series 7 and Series 63, which are exams administered by FINRA. Series 7 is a seven-hour exam that is supposed to determine whether you are knowledgeable enough to become a stockbroker. It entails numerous situations and securities, including stocks, bonds, mutual funds, annuities. O
n the other hand, Series 63 is much shorter exam that assesses your knowledge in the field of transaction law and business practices. Apart from these two obligatory exams, some stockbroker houses also want to obtain Series 3, 31 for commodities and managed futures, as well as Series 65 and 66 that will enable you to become Registered Investment Adviser.
All in all, becoming a licensed broker is not that simple at all. As we have already mentioned, it can be really complicated for it requires years of continuous learning and gaining experience. However, once you go through all these frustrating exams and obligatory educational programs, you will finally understand why they are so necessary for becoming an experienced stockbroker. After all, only then will you be able to enjoy all privileges of such a career that will provide you with numerous opportunities to improve your both professional and financial status! Good luck!