Fulfilling your dream of becoming a Stockbroker requires hard work and patience. This occupation can give you professional growth and financial stability in the form of earnings, but first you get the income of a junior Stock broker salary. In short this is a job that will require you much of your time but in the end can give you success in life. It is a most sought after occupation with a stiff competition and everyone wants to be the topdog, but first you must start as a trainee, a junior, we answer the question, How to Become a Junior Stockbroker?
The question is, how can you make sure that it is indeed the right career route and will give you opportunities in the future? What do you need to acquire to be successful in this kind of business? The answer is quite simple, training, planning and strategies to becoming a junior Stockbroker.
Guide to Becoming Qualified a Junior Stockbroker
At the start of your career, you need experience and you can get it through training and work hard. on a Junior Stockbroker job description, it is mention you will rely on your senior broker to act as your mentor. This means that you will still be under the care of your senior broker and all major decisions should come from him, but the bottom line is you get to experience what the possible scenarios are as a full fledge broker and gain knowledge through it.
The first work that you may encounter is getting appointments for your senior broker. You will have an experience of talking to prospective clients through a call or personal appointments once it is scheduled then you will be instructed accordingly on what to do.
Get a Good School and Do Well in Academics
The most coveted title of being a Stockbroker comes with great preparation and relevant Stockbroker knowledge. Surely, when you apply you will be in a place for full of broker aspirants with the main goal of getting a job. Now it is time for you to show what you got and impress your interviewer. How can you achieve it? Aside from your communication skills, the first information firms are checking is your educational background.
This may not be necessary for smaller firms but still a plus when you are being compared with other applicants. These is the reason why some broker is taking their education very seriously. Before, this not a requirement but right now in a competitive and stressful industry you need to be on top of the broker’s list.
Research the Firm’s Background
Apply to as many firms as possible. Check all the background to get the best possibilities. Starting your apprenticeship means starting your broker portfolio and will be added in your experience. Bear in mind that all all top earning brokers came from the lower ranks themselves. They started from being a junior Stock broker and later on proved their worth in the industry, so start from getting your training and exams done.
Once hired, you will be given a series of on the job training and the firm will assess your capability. This is a good chance for you to build connections through your performance. In this stage you will be given series of small time clients that you need to offer the product. Normally it comes in the form of bonds, stock option or other investment securities.
On job trainings are the firm’s way of accessing your suitability for the job. The tip is, close as many sales as possible. This way you are increasing your points and the firm can start noticing you. When your performance meets their expectations, you will be given job opportunities. Some top selling trainees may be given promotions. There are cases where the junior closes large quantities of the deals and are offered firm managerial positions or partnership.
This is one of the firms’s ways to ensure the job description to be given to you in future. Same as with another field of work, you will be tested first before you will be given work tenure. Normally the firm will give small numbers of low budget clients or a prospective one. Now it is up to you on how to get the deal close. Your knowledge will be measured along with your interpersonal skills. Being a Stockbroker is not just purely educational background. You should also have the ability to withstand the high pressured environment.
Communication Skills and Sales Prowess
Performance was mentioned but what is really the key points of having a job well done? How would you persuade your client on buying the securities you are offering? Now comes your communication skills. Empathized with clients if they had a bad day,explain further if they have some confusion with the investment or just merely stay with them and chat for a while.
These seem simple things though you can use this to your advantage. Try to get their confidence and exude honesty and transparency. These are the the most basic traits that our top sales representative is using. Their interpersonal skills are excellent that the client cannot help but trust them even with their hard earned money.
Get a License
Towards the end of Stockbroker training, you may consider getting your license. You need a sponsor to apply to licensing examination. You have to pass your Series 7 and Series 63 examination to be technically called a broker and ascertain the probability of getting a position in large firms. These are basic requirements in order to get the title of being a Stockbroker although there are other exam you can get to add to your Stockbroker profile. Once you have the license you are now ready to explore the field of brokerage industry. This time not just a trainee or a Junior Stockbroker but a full time qualified Stockbroker.
Now, it is up to you on how to get your senior impressed. If you get lucky you may even have the chance of promotion or be offered a partnership if you really have the potential. Let us check the prerequisite of becoming aStockbroker to further improve your chances of not just getting your dream job but also being good at it. Remember, each individual Stockbroker goes through being a junior, but the end result is a handsome Stockbroker salary.