Career as a Stockbroker: Stockbroker is an individual who sells and buys stocks & other securities through a stock exchange or may be over the counter. He, in return, receives a commission. He is usually associated with a brokerage firm.
If you are planning to start your career as a stockbroker, you need to master some skills such as – numerical skills, cold calling skills, follow up skills, sales skills, communication skills, and of course, finance skills. It is an old saying..Want to become a stockbroker? Then, be good in numbers and good with people.
Career as a Stockbroker:-
Get a Bachelor’s Degree in finance or business administration. A bachelor’s degree is required for entry-level securities, commodities, and financial services sales positions.
Internship at brokerage firms and investment banks will boost your experience as well as chances for post-graduate employment.
Find a Sponsor around you, like if you are from United States then, FINRA (Financial Industry Regulatory Authority) will help you to take the necessary licensing exams.
Pass the examination i.e., Series 7 and Series 63 exams. Series 7 exam covers the financial topics relating to the trading of many different types of securities and Series 63 exam covers the trading of securities and state rules & laws.
- Series 7 & Series 63 (required to become a stockbroker)
- Series 65 (to become a licensed investment advisor)
- Series 66 (combination of Series 63 and 65)
If one wishes to pursue Masters in Stockbroker career, she/he needs to have completed bachelors program, internship and work experience in finance field.
Professional Areas for a Stockbroker –
- Financial Advisor
- Securities Trader
- Investment Banker
- Financial Analyst
- Financial Manager
Salary of a Stockbroker –
According to the U.S. Bureau of Labor Statistics, the median annual salary is $71,720 or $34.48 per hour. However, this can vary widely depending on a variety of factors such as company, type of broker, locality. The process of pursuing your career as a stockbroker entire process can be a time-consuming and costly adventure, but many find the financial rewards worth the initial struggle.