How do you become a stockbroker? Get more insights on how to become a stockbroker. The article explores on the best training and education requirements for you to be a stockbroker. This is one of the notable careers in the financial field all over the world.
Stockbroker Training Information
This is one of the hottest careers in the financial field and it has attracted large numbers of trainees who have realized its importance. Like other careers, you need high level of education and training for you to deliver quality services that are required by brokerage firms. Though it was once possible to become a stockbroker without an advanced degree, those days are long behind us.
A Bachelor’s degree has become mandatory for anyone who is interested in this field. Firms are looking for graduates who hold relevant or related degree courses such as Finance, Mathematics, Economics, Statistics, or Accounting among others.
Stockbroker Education Requirements
There is no clear connection between education and the securities business. This is why in earlier days everyone, including stockbrokers, with no degree was eligible to conduct the business as long as the firm realizes its profit motives. Due to mounting pressure and different dynamics, firms have realize that graduates are the best people to employ since they are in better place to manage their job responsibilities.
Due to the raising demand for this career, there are many graduates on the market and firms are now showing a strong preference to hire Masters in Business Administration (MBA) holders with a focus in Finance or those who hold a Masters in Finance (M. Fin.) graduates. New hires with Masters degrees are quite often paid higher wages and given superior benefits compared to the bachelor stockbroker degree holders. It is also believed that MBA holders have greater exposure as compared to the collage interns and fresh graduates.
Stockbroker Training Program
Top academic qualifications are currently mandatory for you to be hired by any reputable well-paying firm. Business related stockbroker university courses such as economics, mathematics, finance and statistics are key to any recruitment process involved.
Stockbroker schools available are only to sensitize you on the basics regarding the field and also ensuring your communication skills are meet the necessary standards among other qualities an employer need for a stockbroker trainee. Stockbroker entry level jobs are available for both the interns, graduates and MBA degree holders.
Once you hire on with a brokerage, most firms will initiate a stockbroker training that will enable you to fully secure your position after passing the Series 7 Exam. Most employees begin as juniors and assistants before they are promoted to senior positions that are more flexible.
Stockbroker Duties and Licensing
You need a license for you to be recognized as a qualified and certified stockbroker and the licensing test does not carry with it academic prerequisites. This is why, at lest theoretically, individuals without a collage degree may manage to become stockbrokers from time to time. In the United States Series 7 and Series 63 exams are mandatory for you to be recognized by the Financial Industry Regulatory Authority (FINRA).
- As a stockbroker, depending on your job level you should handle clients and convince them to purchase or sell stocks or other securities provided by the firm you are working for or with.
- Making of financial consultations with the clients to make them reach solid decisions on buying of security products provided by the firm.
- Connecting of clients to the senior managers through making of calls and advising customers appropriately.
- Conduct serious businesses on behalf of the firm while you have been posted to various fields for sourcing clients.
- Analyze and predict market trends of the securities. This enables the firm to make appropriate projections for future transactions.
- Handling critical matters that may require high pressure and risk tolerance and achieving solutions that benefit the firm.
You might have realized that becoming a stockbroker requires determination and focus for you to achieve your goals and objectives. It is, however, possible to do in relatively little time if you already have a the right educational background. If, however, you feel the need to go back to school first, check out our list of top business schools.