Becoming a broker trainee is highly competitive and requires a bachelor’s degree, preferably in business, finance, economics or accounting. Internships and passing the FINRA Series 7 exam are recommended, as well as passing other bond exams. Trainee brokers can expect a demanding work environment.
A person who wants to become a broker trainee will need to have great interpersonal skills and a strong work ethic. Getting accepted into a broker trainee program is extremely competitive and anyone wanting to become a broker trainee must have a bachelor’s degree, preferably in business, finance, economics or accounting. For a person who is still pursuing an undergraduate degree, the most efficient way to become a broker trainee is to acquire an internship at a finance company that has a broker trainee program. Upon successful completion of the internship, aspiring candidates will have an advantage over other applicants as brokerage firms want to hire people who already have a knowledge of the securities industry and documented experience.
In case an aspiring candidate has already graduated from college, the next best course of action may be to apply to brokerage firms that offer on-the-job training. These companies often sponsor new employees to take the FINRA (Financial Industry Regulatory Authority) Series 7 exam. This exam allows an individual to become a General Securities Registered Representative, which is the basic license required to become a stockbroker. Without such a license, it will be impossible to become a broker trainee, and any admission to a training program will be short-lived if the Series 7 exam is not passed within a reasonable period of time. Many companies allow candidates who want to become trainee brokers for four to six months to complete the exam.
Since competition for brokerage jobs is high, it’s usually a good idea to pass a variety of bond exams that don’t require brokerage sponsorship. For example, individuals may take the State’s Series 63 Uniform Law Examination and the Series 65 Uniform Investment Advisor Law Examination, both administered by the Securities Administrators Association of North America (NASAA), without being sponsored by a brokerage. Successfully passing these two exams will positively position anyone wishing to become a trainee broker, as it shows potential employers that the candidate is committed to the securities industry and has taken the initiative to independently take the exams.
When becoming a broker trainee, individuals can expect a competitive work environment with demanding schedule requirements. Those who are successful in their quest to become a trainee broker will be subjected to 12 business hours and a barrage of financial information. In addition to a stressful workload, the trainee broker will also be responsible for meeting the needs of experienced senior brokers.
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