Broker-dealer firms hire stockbrokers as their securities sales representatives. Most of the time, they are amply rewarded especially financially. This is why there are a lot of people who enter the industry every year. Regulation has become difficult, in effect. It is the reason why stockbrokers in the U.S. are licensed and limited per state. For instance, stockbrokers based in Montana are directly under the supervision of the Montana Commissioner of the Securities and Insurance. Each state has different requirements to license stockbrokers, and for those who want to practice in Montana, here is what you need to accomplish:
Take Qualifying Examinations
There is a qualifying exam for all aspiring stockbrokers in the United States – the Series 7 exam. However, you need a broker-dealer firm to sponsor you to be able to take this exam. If the firm of your choice sees potential in you, there’d be no problems. Your sponsor firm, as a prerequisite for graduation, would also require either the Series 63 or the Series 66 exam.
Your firm would most definitely have training programs or entry-level stockbrokers like you. You have to diligently attend these since it’s the only way you could learn what you have to learn in the industry.
As a newbie, you do not have much advantage in terms of experience. What you can bring to the table, however, is a college diploma. See, it is not a prerequisite to getting a license, but it would definitely give you an edge over other stockbrokers. And since you are in the Montana area, here are some universities recommended for you:
Recommended Colleges in Montana
- The University of Montana – The University of Montana can be found in Montana, Montana. They offer the following levels of educational attainment: an associate degree, a bachelor’s degree, a certificate, a doctoral degree, a master’s degree, a MACC degree and an MBA degree. The university will not let you down with the wide array of courses that you can choose from to help you succeed in your stockbroker career: accounting, administration, entrepreneurship, hospitality management, human resources management, IT management, international business, marketing and music/entertainment/sports management.
- Montana State University-Billings – The Montana State University-Billings is located at wait-for-it Billings! Okay, kidding aside. The university offers an associate degree, a bachelor’s degree, a certificate and a master’s degree. So it is up to you to decide what you would like to get. As for the courses that the state university is offering you can choose from accounting, administration, human resources management, marketing and music/entertainment/sports management. The university is also offering some of its programs online so as to cater to students who have part-time jobs.
So remember: you have to get a broker-dealer firm to sponsor you, then you have to pass the qualifying exams, get on-the-job training, and then you could start earning as a stockbroker in Montana! Good luck on your future career!