Stockbrokers play such an important role in any economy, which is why they are given close regulation. As you may notice, each U.S. state has a different local department that oversees the stock brokerage industry just for that department. This is because different states also have different qualifications before they issue licensed for aspiring stockbrokers.
So if you are a resident of Utah and you want to be a stockbroker there, you must abide by the requirements set forth by the Utah Department of Commerce, Division of Securities and a self-regulatory organization (SRO). Some of the requirements are as follows:
Take Qualifying Examinations
Okay, technically, there are no strict requirements for a college diploma in the stock brokerage industry. However, since you need a local broker-dealer firm to sponsor you, you have to be at par with professional stockbrokers for the firm to be able to see your potential. If possible, get your related field degree from the following recommended schools:
After finishing your college education, you should be encountering minimal to no problems finding a Utah-based broker-dealer firm as your sponsor. Once you gain sponsorship, you could already take the Series 7 qualifying exam for aspiring stockbrokers. Your license would come upon passing said exam as well as any additional requirement as advised by your sponsor firm.
Upon licensure, you would be required to pay an annual renewal fee, but most of the time, sponsor firms take care of this. Double check if indeed, your sponsor firm does. Continuing education is another requirement, as you are required to complete all elements of the Securities Industry Continuing Education Program.
Recommended Colleges in Utah
- DeVry University – DeVry has a lot of branches across the United States, and for good reason. They offer comprehensive career paths by having degree programs in Accounting, Administration, Entrepreneurship, International Business, Marketing, and Public Administration. Anyone of these courses would give you a lot of information about how the economy and the market works – something that you really need to master as a future market expert (that’s what stockbrokers sometimes get called.) Some courses in DeVry are also offered online, so if virtual classes are your type, this could be the best option for you!
- University of Phoenix – UP is well-known for its top-rank quality education in courses like Accounting, Administration, Entrepreneurship, and Marketing. If you should choose any of these courses and enrol in UP, you’d be sure to graduate with comprehensive knowledge about how the U.S. economy actually works. Tuition fees are reasonable, plus you get the chance to meet a lot of people via the popular fraternities and sororities that UP hosts and recognizes.
So, there you have it! For one to become a stockbroker in Utah, he/she needs to finish at least an undergraduate degree, find a sponsor firm, take the qualifying examinations, get licensed, and accomplish the qualifications needed to annually renew that license. Good luck out there, future Utah stockbroker!