One very unique characteristic of the brokerage field is that it is never the same for two different people in two different places. You would learn that some places pay more than others, as well as it is much easier to enter the field in some places compared to others. So now this article would mainly be for those who are aspiring to become a stockbroker in the Michigan state. We will try to cover everything you have to know and accomplish in order to achieve success in the Michigan playing field.
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Take Qualifying Examinations
First, you might want to secure a bachelor’s degree in Finance/Economics or any related course. It is not a strict requirement to become a stockbroker, but it is a preferred qualification for broker firms. And you would need one to sponsor you for one of the required licensure examinations, which is the Series 7 exam. There is another required licensure exam which is either the Series 63 or the Series 66 exams, but for these tests, there is no need for a firm sponsorship. You can schedule these exams to be taken at Michigan testing centres; you can most certainly find one near your area.
Stock Broker Salary Michigan
Now, if you are thinking twice because there’s a lot to accomplish before being a full-fledged stockbroker in Michigan, just stay at least long enough to hear what the average stockbroker earns in Michigan. Of course, there is a huge range in terms of salary since there are variable numbers there such as bonuses and commissions, but on average, a stockbroker in Michigan earns around $70,000 in a year. If, however, you manage to top the ranks among the 7,000-something stockbrokers in Michigan and be part of the top 10%, your average annual income could amount up to $150,000.
Recommended Colleges in Michigan
As mentioned earlier, in order to be part of the top stockbrokers, your edge would be in your education and experience. So now, we have two university recommendations where you could get your related bachelor’s degree.
- Ross Business School – First would be the Ross Business School over at the University of Michigan. It is a relatively expensive school, averaging $55,000 to attend. However, the rewards for this top school post-graduation are truly immense. You could expect an average post-graduation salary of more than a hundred thousand dollars. Their concentration on business and finance courses would do you good in the field of brokerage, too!
- Michigan State University – Another good university to attend would be the Michigan State University, which houses the Eli Broad College of Business. With their concentration on business courses, you’d be sure to learn things that would be helpful once you’re already in the field. Of course, you should also keep in check that you are getting the right amount of out-of-school experience. Universities like this one have fraternities, sororities, and organizations that could truly help you widen your circle and expand your networks – something you really should be doing when starting your career as a stockbroker. You could do all this for $29,000 at the Eli Broad College of Business.
If you want to pursue your career as a stockbroker, remember the following: get a degree, take examinations and gain more experience. Best of luck to you!