How to Become a Stock Broker
Stock Broker Job Description
Skills and Qualities of a Stock Broker
Stock Broker Salary
Influential Stock Brokers
Leading Organizations for Stock Brokers
Top Cities for Stock Broker Jobs
Other Careers of Interest
Many brokerage firms offer internships to promising students, who, if successful, have the potential to be offered full-time jobs upon their graduation.
In most cases, getting an MBA (Masters in Business Administration) is the best course for a potential stock broker, following the completion of a Bachelor's degree.
On the job training is also important for a potential stock broker. Most employers offer some form or other of intensive training, including specialized business models, which must be learned, as well as regular rotation among the different departments in a brokerage firm. This is in order to give the potential broker a well-rounded look at the business.
A license may also be required in some states. Brokers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA) as soon as they have passed the General Securities Registered Representative Examination (also known as the Series 7 Exam) administered by FINRA. They may take this test only after they have been employed by their firm for more than four months.
Some states may also require a second examination as well as the former; the Uniform Securities Agents State Law Examination measures the potential broker's knowledge of the securities business, the current customer protection requirements and the necessary and required record-keeping procedures. Luckily, most firms offer the relevant courses to help their employees pass these examinations.
Investment companies can often find other clients within the company itself who are willing to buy or sell the same security. If not, the stock broker will place an order with a floor broker at an exchange. Sometimes a stock broker will trade the stock on an electronic network through use of the internet and teleconferencing in order to reach potential buyers abroad or in different parts of the country.
The stock broker charges a fee for this service. He may earn a bonus by finding a lower price for the security than the investor stated. He may also work on commission, which means the more money he earns for a particular investor the more he will be paid in his wages.
The most important part of a stock broker's job, however, is undoubtedly the act of finding clients and subsequently building a lasting customer base to work from. After a stock broker has established their reputation, referrals from satisfied clients will prove to be an important source of potential new business.
The ability to readily understand and be analytical with numbers is perhaps paramount and certainly important. Stock brokers are often entrusted with great amounts of money and personal information, so most, if not all, employers will take great pains to make sure that applicants have an exemplary credit history and a spotless record in all other respects. High levels of self-confidence and the ability to be able to handle frequent rejection are important for success as well. Stock brokers must be able to display confidence for their investors so as to garner their complete trust in matters dealing with their money. A good personality and the ability to communicate effectively are important in this regard.
The ability to work independently is immensely important for a stock broker. Many employers often prefer to hire those who have achievements in other professions within the financial industry.
Sales experience, particularly the expertise that goes along with working for commission in areas such as real estate or insurance, is a much-looked for element in a potential stock broker. Other firms prefer to employ people straight out of college after a successful internship, with the intention of molding them into their idea of an ideal employee.
Martha Stewart worked as stock broker for several years before starting her lifestyle business with the profits.
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