Stockbrokerage is a highly unpredictable career, but that is part of its allure. It’s never the same for two places, as there are various requirements for certain places. So now, if you are an aspiring Stockbroker in New Jersey, then read on for in this article we will enumerate the things you need to know on How to become a Stockbroker in New Jersey.
In general, Stockbrokers in the United States are directly accountable to the Financial Industry Regulatory Authority (FINRA), specifically in its Central Registration Depository (CRD). But in order to serve clients in New Jersey, one must be specifically licensed by the New Jersey Division of Public Affairs, Bureau of Securities.
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Take Qualifying Examinations
Now in order to get licensed by the above mentioned institutions, there is an examination you have to pass. This would be the Series 7 Exam, also known as the General Securities Representative Examination. In order to register for this test, you have to get a brokerage firm to sponsor you. Your sponsor firm would be the one to submit your requirements to the CRD. FINRA requires an $85 charge for the exams, and your sponsor firm may or may not pay this for you.
Upon passing the Series 7, you will then become a licensed Stockbroker who could solicit clients in New Jersey. Beyond that, you only need to pay the annual charge of $60 in order to renew your license.
Stock Broker Salary New Jersey
Aside from requirements, Stockbrokers also vary in salary depending on their place of practice. In New Jersey, the average annual income of Stockbrokers is $93,640. Some places in New Jersey like Wayne pay more than other places, but in general they are all close to the average annual salary. Of course there are variable considerations such as commissions, bonuses, etc.
As you have probably noticed, a bachelor’s degree is not a requirement to be a Stockbroker. However, it definitely puts you to an advantage against your competition. That being said, here are some recommended universities for aspiring Stockbrokers in New Jersey.
Recommended Colleges in New Jersey
- Rutgers Business School – Rutgers Business School is definitely a top choice, as they offer courses in Economics and Business Administration – two of the most helpful majors to have for aspiring Stockbrokers. Acceptance rate to Rutgers stand at 42%. It is a state university which would cost you roughly $61,596 to attend. Aside from Economics and Business, you might also want to consider getting a degree in Finance, Accounting, or Information Systems. All of these would help you become successful in the field of Stockbrokerage.
- Stillman School of Business – Another school to consider would be the Stillman School of Business in the Seton Hall University. Accounting and Finance are the areas of concentration in this school. Those living in New Jersey would be paying roughly $7,560 to attend, while those coming from out of the state would have to pay $18,654. These are relatively cheap rates, perfect for those who are not that set out financially but would still want to become a successful Stockbroker in New Jersey.
To summarize all that was said: get licensed by taking examinations and fulfilling requirements and get a degree on various related courses to Stockbrokerage such as finance and marketing, accounting, economics, etc. Good luck on your career!