To become a stockbroker, a college degree, passing required exams, and good communication, computer, and organizational skills are necessary. Pursuing an MBA in finance is recommended, and brokerage firms often recruit from top MBA programs. Success requires dealing with all types of personalities and succeeding under stressful conditions. The job has risks, but financial returns can be excellent.
Brokers make stock purchases, bond purchases, annuities or share purchases in other investment vehicles. Your work may also include demystifying financial jargon or trading concepts, financial advice or estate planning advice. If you want to become a stockbroker, you will generally need a college degree, a graduate degree, and a passing score on the required exams.
Typically, if you want to become a stockbroker, your bachelor’s degree will be in economics or finance. In some cases, you may choose a different major if you have a large number of finance, economics and business related courses that you have taken electives. Also, if you want to become a stockbroker, a Master of Business Administration (MBA) degree in finance is usually recommended. The MBA is something potential stockbrokers like to see because it shows that you are serious about having a career as a stockbroker.
Landing a job as a stockbroker can be difficult; however, pursuing an MBA typically offers an advantage, as brokerage firms often go to the top-level MBA programs to interview students for broker training programs. If you don’t attend a top MBA program, chances are your MBA program will at least have knowledge of the various brokerage firms and their broker training programs. So your MBA program or the career services staff at your college’s business school can usually help you identify and apply for a training program. Stockbroker training programs are not easy.
For example, in the beginning, you will probably have to make a lot of phone calls, attend social events and create a lot of networks in an attempt to find clients. You are expected to learn about the broker you work for and learn about the broker’s product offerings. In addition, you will be required to pass certain exams that the broker usually sponsors you for. For example, beginning brokers must obtain a passing score on the General Securities Registered Representative Exam (GSRRE Series 7) given by the National Association of Securities Dealers (NASD). Other exams you should take include the Securities Agents State Law Exam (USASL Series 63 exam) and the Uniform Investment Adviser Law Exam (UIALE Series 65 exam).
Success as a stockbroker usually requires certain traits. For example, if you want to become a stockbroker, it helps if you have good communication skills, computer skills and organizational skills. If you want to become a stockbroker, it also helps to be very ambitious, able to deal with all types of personalities and succeed under stressful conditions.
Pursuing a career as a stockbroker has many risks. For example, although you sometimes get paid minimum wage, you usually get paid commissions. It’s true that if you can tolerate high risks and if you’re good at your job, the financial returns can be excellent. Also, if you are a successful stockbroker, you can accumulate a large sum of money in just a few years, which means that you can retire much earlier in life than most people.
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