Professional stockbrokerage is a very exciting field or career path, although stressful, but financially rewarding. To become a stockbroker, it requires education and some relevant associated training as well as commitment to the financial success to co-workers, the firm and clients, according to Investopedia. The following is a complete guide for those interested in this profession. It will assist you to understand the basics and critical details that someone should possess to become a stockbroker. This article outlines the job responsibilities as a stock broker, duties to encounter, the skills required and the steps to undergo in order to enter the field.
What a Stockbroker Does
Stockbrokers are intermediaries who create a connection between the seller and a buyer in the financial market all over the world. They should understand money, overall financial situations, and investments and have a way of conducting trades quickly, efficiently and strive to give best outcomes possible for the clients. For instance a stockbroker can negotiate a deal, trade or sell a certain product/commodity, stocks, financial instrument for clients and in some cases give their clients advice on both long-term and short-term investments.
Skills a Stockbroker Should Possess
Anyone who is interested in becoming a successful stockbroker, like any other profession, must have certain interests, skills and traits. They should be good in mathematics with numbers in simple terms and have the ability to pay close attention in details. Being an advocate who is strong enough for customers means that you should have great people skills, which includes the ability to communicate information in a very clear and in depth way.
The following are the steps that a person who wishes to become a stockbroker should be prepared to undergo.
Earn a Degree in Finance or Business
Most stockbrokers start their career paths by acquiring a degree in college or a university. In any case a lot of brokerage houses require that their traders or perhaps an entry level for their brokers should be at least a degree in accounting, economics, finance or business preferably. Additionally, for those who already have a degree in any of the mentioned areas, Master’s in Finance or a Master in Business Administration, would be a valuable advancement in this career line.
Experience and Sponsorship
Stockbrokers need to be licensed by relevant authorities in their location. To get this mandatory license, an individual must have a minimum of four months brokerage employment and be sponsored by another broker who is already licensed. Most beginners get no payments during such internship.
Pass the Series 7 and Series 63
In the United States stockbrokers are required to pass series 7 and series 63 examination as part of licensing. These examinations are designed to weigh brokers understanding and their knowledge of the brokerage field including laws and business practices. In some states or varying firms might need additional licensure whatsoever.
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Network and Apply For Job To Get Hired
Finally, after you have gone through the above steps now you need to apply to firms and go to the interview to get a job. There exits so many brokerage houses you can choose from each holding its unique characteristics and a pool of clients services.
