A stockbroker is someone who manages other people’s money. He or she does this by suggesting investments and also selling or monitoring the same on behalf of the individuals. This field is very competitive and is best for people who can work under stress and pressure. If you can handle the environment, then you are bound to make a kill every time just handling other people’s money.
To become a stockbroker, you will require a Bachelor’s degree in finance. It can also be a degree in accounting, business or anything that has a financial background to it. You also ought to have effective communication skills. If you have worked in sales, you will find stock broking easy to handle.
Besides the college degree, you have to pass certain exams. The exams will depend on what you want to handle. The most common include series 6 license known as Limited Investment Securities license. The exam will allow you to sell variable annuities, mutual funds and unit trusts among other investment choices. The series 7 license will give you the title stockbroker. It will allow you to sell securities including bonds, stocks and income investments that are fixed among others. It is considered to be the biggest exam in stock broking taking 6 hours to complete. And then, there is the series 63 license also referred to as Uniform Securities Agent license.
As a stockbroker, you will be working in brokerage firms. They can differ in what they offer. You can, therefore, decide to go into full-service firms, bank brokers or discount brokerages depending on what your individual preferences are. Fortunately, major cities will have brokerages. You also require being prepared to work during hours that markets remain open depending on where you are and what you are handling.
Your earnings as a stockbroker will largely depend on the economic status, your dedication, and persistence in making every minute count as you work. Some stock brokers make hundreds of dollars every year. It might not be as easy during your first years working. As you gain more experience, however, hard work will pay dividends.
Personal Attitude and Strengths:
Selling securities can be a tedious thing to try. You must be a person who knows how to convince clients to buy. Including those that are ever so afraid of taking risks. It is a job that works best for people who enjoy the art of persuasion and those with interpersonal skills that are excellent. Without these traits, you will find it very hard to make it in the stock brokerage field.
You might find that the stock broker education requirements differ from place to place. You can start by finding out what are the requirements within your locality or country. That way, you will know exactly from which point to start to make your way into the career path that you have chosen.
As a stockbroker, you would advise your clients according to your expertise and tell them how they can gain the most out of each stock they purchase. It is your analytical skills and your knowledge of the stock market that would decide if they made the right investment or not. Your credentials are banked on the accuracy of the forecasts that you make. It would be in the best interest of your customer if your focus is not on the commission you earn from each of his transactions, but how much he gains regardless of how much you might lose. Your career will significantly rely on the integrity you maintain, and the trust you gain from your customers since their decisions depends on the information and the advice you give.