Welcome to StockbrokerPro and congratulations for a well done decision of becoming a stockholder. Your dream job is one of the promising careers and offers great opportunities in the future. It is indeed a fast paced industry and many aspire to be one of the coveted title of being a stockholder. But what are really the requirements and preparation you need to be a successful broker with the highest possible salary every month? One of the questions that could come to mind is what the job description covers or maybe the salary range of a typical stockbroker? There are a lot of questions asked and that is when we go in the picture. It is our job to help you find out everything you need starting from the degree you should consider taking, the best school to get your education down to the tips in becoming not just a stockbroker but also a successful one.

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Learn How to be a Stockbroker

If you have decided to become a successful stockbroker, brace yourself for the hard work you need to do to pursue your dream. Your desired career route requires patience and time. Preparation, like with anything you do, will ascertain your effectiveness in the field you have chosen. These may sound tiring but in the end the you will gain financial stability since this career route offers a wide range of business opportunities and professional growth.

Before, stockbrokers are not required to earn a degree or get any specific courses. All you need to have is a strong personality and a business background. As the industry expands and the more positions are open, today, you need to have at least a bachelor’s degree in subjects relating to Finance, Economics, Accounting, Mathematics or Statistics. The best degree though that covers broader subjects related to stocks is a Financial degree. Take note though that there is no specific degree needed. As long as you have one then you are covered.

Everything you need to know about the field is available in our website. Just click the link and you can gather information like the stockbroker typical salary, or the best school to enroll for your business degree.

Educational Requirements

Although there is no formal education required for this field, brokerage firms though are looking for a degree holder of any business or finance courses. These are the educational background that can get the firm’s attention upon your application as a broker trainee. That is the reason behind the preference of aspiring brokers to finish graduation under Finance, Economics, Business, Accounting, Mathematics and Statistics.

One other tip is to get an internship during your last year in college. During summer many brokerage firms hire students as interns. This a chance to practice what you learned in school and enhance the possibility of getting hired right away. This could end up in a full time employment if you are deserving. After graduation, you already have your bachelor’s degree and can apply for any entry level position. Once you have your experience as a junior broker you can pursue MBA to be qualified for a higher position. Aside from a broker’s experience and performance, firms are most likely to give higher positions to a broker that has an MBA. It is the firm’s expectation that an MBA degree holder is more exposed to the real business environment and will could handle pressure better. In short, it is your edge against all other applicants if you have MBA, thus giving you better starting salary, bonus or training packages.

Training Requirements

Employers provide intensive on the job training packages to stockbroker trainees. You will learn all vital selling techniques and enhance your strategy in analyzing financial securities while familiarizing yourself in the firm’s products and services. You may also be required to constantly be transferred from one department to another to make sure that you have learned all the tools and trade of the profession.

Licensing Requirements

You cannot be called a stockbroker unless you have passed both the Series 7 exam and Series 63 examination and have your license. The licensing requirements vary from state to state but these two are the basic. Both the exams are administered by FINRA (Financial Industry Regulatory Authority). You need to get a FINRA member sponsor firm and have at least 72% to pass the Series 7 or General Securities Representative Exam. On the other hand, the Series 63 or the Uniform Securities Agent State Law Examination requires at least 43 out of the 60 questions to pass.

Certification

It is not mandatory but your employer might recommend the CFA certification (Charter Financial Analyst). To be eligible to get the certification you must have a bachelor’s degree with four years of working experience. You must pass three exams from subjects like accounting, economics, asset evaluation and portfolio management. This certificate has a positive impact on your future client.

Personal Requirements

In order to be effective in selling a financial product to the clients you need to possess the traits and personality suited to attract client’s trust and money. These are interpersonal skills that will aid you in closing the deal.

  • Persuasion
  • Sales prowess
  • Excellent communication skills
  • Flexibility
  • Honesty, reliability and transparency
  • Analytical skills
  • Ability to withstand pressure and take split second decisions

What are the career advancement opportunities for Stockbrokers?

The answer to your success is excellent performance. At the end of the day, the more the number of accounts you could accumulate, the higher the chance of getting promoted. As a start every Stock Broker starts from being an individual accounts up until it increases and would later on include large institutional accounts like banks. Once you have performed well you may be offered to take few tests before being awarded with a promotion like a portfolio manager. Partnership opportunities are also available as long as you work hard to get it.

Future prospect for stockbrokers

The stock brokerage industry job outlook is promising and job opportunities seem everywhere for a deserving broker. As per the research conducted by the BLS (Bureau of Labor Statistics in the US, the industry’s growth is expected at 15% between 2010 to 2020. Still, the competition is always there so make sure to take time in learning the tips to become a stockbroker and increase your chance of landing a job.