Working as a Stockbroker in the UK is the most sought after career and offers many doors in the business world, but many people do not know how to become a stockbroker in the UK or the education requirements to become a Stockbroker. The salary normally ranges from £24,000 to £35,000 a year for starters and could rise to £80,000 for a more experience broker. Take note though that we are just talking about a average Stockbroker fixed salary that is excluding the training packages and commissions. The pay is indeed promising and we cannot blame the aspiring Stockbrokers to work hard in achieving their dream job.
Remember though that in order to get acquire such eligibility, it requires a lot of effort and hard work starting from getting a degree until you land a job plus your dedication to be in your desk at before 7:00AM while waiting for the London Stock Exchange to open at 8:00AM. This is the everyday schedule of a broker in a stressful environment. Here are some of the key points how to become a Stockbroker in the UK.
Steps to Become a Stockbroker in the U.K
Earn a College Degree
Most employers expect you to have a degree when you apply for a Stockbroker job, this is standard Stockbroker education requirement in this day and age,. Although there are no set qualifications it is an edge if you have a business related course such as Accounting, Finance, Economics, Business or Finance. In case your degree is not related to commerce, as long as you are able to show your vast knowledge in how the financial markets work then you are covered. It would be helpful if you have an experience in an investment bank or any financial security firm and to have an graduate degree to increase chances of a higher rank in the organization. Remember that you are in a fierce competition and it is always an advantage to have something extra in your resume.
You need to overcome the tough recruitment process in order to start weaving your way to a stock brokerage industry. How you obtain the job depends on how good you are in your interview plus your work experience, may it be as an internship program or a previous job. For fresh graduates, it is gauged on your summer internship experience that are offered by various firms that could even lead for a job opportunity. The others that had a work experience, positions such as investment administrator or financial analyst. These two positions will convey your exposure to the business terms and will earn you extra points.
In the UK, whether you are in London or any major cities, you need to pass the licensure examination in order to be technically called a Stockbroker. You are obliged to be a registered authorized person with the Financial Services Authority (FSA) by passing their administered examinations. There are several tests you can take and the list is available in the Financial Services Skills Council website. The basic qualifications for a broker are SII Certificates in Investment Management, Securities or Financial Derivatives and CFA Society Investment Management Certificate (IMC). After passing these two examinations then you are considered a Stockbroker and your journey to become a successful one starts.
Since you have now the eligibility, let us check the role of a Stockbroker in the UK and gather some insights in maximizing your potential. Take note that you are now a step closer to success by earning your license all you need to do is to learn techniques in becoming an expert.
What makes a Successful Stockbroker?
Learn the Basics
Your job whether it may be in a trading or advisory aspect, is to bring as many clients and assets to the company. Your daily work description includes phone calls, research, attending meetings and paper works. If we take a look at these roles it simply boils down to client interaction. How you would position the possibilities of getting huge profits out of client investment depends on your product knowledge and interpersonal skills.
Use your talent to persuade clients in awarding the deal to you. At the end of the day what counts most is the number of deals you close and the assets you bring to the company. This is also the basis of your commission when you hit the quota. It is a must that you handle each client on your best performance to gain your firm’s confidence. As soon as you leave your mark as a financial expert then you progress to the next phase, which is the Senior Stockbroker level.