A lot of people enter the stock brokerage industry every year. Truly, the career path has become bigger and more competitive. This is exactly why there is a separate department for each state just to oversee the stockbrokers and financial planners in that area. So if you are an aspiring stockbroker in South Dakota, it is with the local South Dakota Department of Labor and Regulation, Division of Securities that you need to be registered with. And for you to be licensed to actually solicit clients in South Dakota, the following steps are necessary to be taken:
Take Qualifying Examinations
There are licensure exams like the Series 7 exam that you cannot take without the sponsorship of a broker-dealer firm based in South Dakota. Once you find a local broker-dealer firm and they see potential in you, they might also have other prerequisites before they sponsor you. Make sure you accomplish those as well!
As mentioned earlier, there are exams like the Series 7 and the Series 63/66 that you have to pass before you get your license. Refer to your sponsor firm for more details
Once you already have your license, it would automatically be renewed every year unless you file for formal withdrawal of license. You would also be required to complete the Securities Industry Continuing Education Program under the local department of labour and regulation.
Recommended Colleges in South Dakota
- University of Phoenix – The National American University can be found in three different locations, and they are Ellsworth AFB, Rapid City and lastly Sioux Falls. The university offers an associate degree, a bachelor’s degree, a master’s degree and an MBA degree to students who are interested to enrol in their institution. The students can choose from the following courses that aim to enhance their skills and capabilities as a stockbroker: accounting, administration, hospitality management, human resources management, It management, international business and marketing. The university, in its efforts to reach more students, offers some of their programs online.
- Bob Jones University – The Colorado Technical University can be located at Sioux Falls. The university offers the students the following levels of educational attainment: an associate degree, a bachelor’s degree, a doctoral degree, a master’s degree and an MBA degree. They offer the following business-related courses: accounting, administration, human resources management, IT management and real estate. Just like the National American University, the Colorado Technical University offers some of their programs online to accommodate more students.
So again, you need to secure sponsorship from a South Dakota-based broker-dealer firm, and then you can take the qualifying examinations so you would formally be licensed to solicit clients in the South Dakota area. After that, you have to be on top of things by being aware of the ongoing requirements and continuing education necessary to be annually registered under the stockbrokers’ industry in South Dakota. Good luck out there!