The question many people search for is, how do I become a Stockbroker without a degree? Years ago, Stockbrokers relied more in the person’s ability to sell stocks and close as many sales as possible. As long as you had the background of finance and sales expertise then you were covered. In those times it is just solely your trading expertise that will matter.
As the business expanded over the passing years, so is the demand for not only trading or the individual capacity to sell but also in other services and branches of the stock brokerage industry. In short aside from the buying and selling of financial commodities such as bonds, stocks, options or mutual fund comes the new version of services like stocks advisory that that necessitate a broader sense of understanding and education.
The is where the need for a degree to be a Stockbroker came from. This originated from the the firm’s perspective that in order to be an effective business advisor you need to have a degree on either Finance, Accounting, Mathematics, Economics or Statistics. What we will talk about now is the reasons why a degree is needed and finding a way, if possible, on how to become a Stockbroker without a degree.
Key skills to Become a Stockbroker Without a Degree
Be a Maths Expert
A job of a Stockbroker involves a large amount of the client’s money. It includes computations in your daily business life. Every time you explain to a client the inherent risk or possible losses of income it should be in a form of monetary figures. Now, if you have an exemplary ability with numbers even if you do not have any degree then you can bank on it. It is one of the broker’s ability that you use to your advantage. All firms will be impressed by people that are exceptionally good with figures.
Be a Sales Expert
Any financial firm prefers a college degree holder, that is a given, but take note that in the trading field what matters at the end of the day is the number of deals you have closed and clients that you added on the company’s clientele portfolio. That is our target to get the firm’s attention. You need to have an upbeat drive to sell and get as many deals as possible. This is your chance in presenting what you can offer to the company.
The only people that can survive in this industry have a strong determination and have a competitive personality to withstand any client objections. A firm then requires an individual with a strong will and aggressive personality to be always a step ahead of the competitors. This is reflected in the ways you talk to your clients and update them in a regular manner.
Utilize and Improve Your Interpersonal Skills
Your interpersonal skills are not just learnt from school. It is embedded to your personality and your tool in getting your dream. Utilize it in all interactions with your customers. In your meetings with a client you will engage in discussions and it is up to you on how to persuade them. This where your communication prowess kicks in and as soon as you gained their trust then it will be your ticket to be noticed by the firm. Perform well and build a reputation of a sales expert.
One you have built your reputation as a sales expert you now obtained your company’s confidence even though you do not have a proper degree. Showing what you can do is the best way to gain the sponsorship required to get a Stockbroker license. The two basic examinations that you can get once you have a sponsor are the Series 7 and Series 63 exam. Once you have passed the tests then you will have a license to trade financial securities.
Get Online Courses and Review Guides
Now you are one step closer to being a Stockbroker. This may be the last part however this a very crucial part. This is the make or break it scenario. The best way to overcome this is to be prepared. Remember, you do not have years of school training’s that other examinees have. What you can do instead to maximize all possibility of passing is through online exam guides. There are several websites that offer tutorials and test guide manuals to give you key point on what to study in. There are also test scenarios that you can experience to give you an idea on where to concentrate.