Something tells me you’re on the right track if you’ve heard of Gordon Gekko. Jordan Belfort could be a better fit for you, though. As for romanticizing stockbrokers, the silver screen has done its share.
Anyone who has ever dreamed of going to sleep each night next to an ocean of cash knows how alluring that may be.
Keep in mind, however, that a third of first-year stockbrokers end up quitting the business and going in a different direction because the occupation needs a lot of time and energy.
This is a profession that will need you to work long hours and under pressure. You’ll probably spend the day on the phone, attempting to market stocks to potential customers as well as present ones.
This job necessitates some level of formal education. First-year internships and internships at successful companies and training programs are extremely difficult to secure.
Education
In college, you may want to choose a business or finance degree. A master’s degree particularly an MBA – master of business administration will provide you an advantage over the competitors.
Here’s everything you need to know:
- Business
- Communication
- Speech writing
- Accounting
- Finance
Instructional courses/Enrollment
Internships in the brokerage industry are comparable to training programs. Even if you are employed by a reputable firm, you will not be permitted to practice as a licensed stockbroker unless you pass the following exams:
- Series 7 is a general securities license that allows individuals to sell stocks and other financial instruments.
- To pass this test, you’ll need to be familiar with specific state statutes and regulations.
When a company hires you for a certain job position, they could need your passing results on these examinations as part of their training process. In order to sit for a test, you must be 18 years old.
To begin working as a stockbroker, you must wait two years after passing your test in order to be recruited as a licensed professional.
If you fail to start working for a company after passing the exam, your license may be canceled for non-use and you will have to re-test. Until you have completed the registration process, you cannot begin soliciting clients.
A thorough background check, fingerprints, and other documents are required by FINRA the Financial Industry Regulatory Authority in order to become a member.
Expectations for a job
While creating your own money and helping others do the same, if you’re sincere about it, this is a win-win situation.
Investment advice is provided by a stockbroker in exchange for a portion of the client’s investment proceeds, of course.
Doing a great job will get you more money from your clients, more business from your firm, and a gold-plated boat for you and your team.
Outlook
In the period from 2012 to 2022, the U.S. Bureau of Labor Statistics projects that employment in securities, commodities and financial services would rise by 11%.
Investment banking advice services are in great demand and are expected to remain so for some time.
The typical yearly salary for financial services agents was estimated to be $71k in 2012, according to the most recent available data.
A look at the Hollywood films above will show you how much money can be made without any regard for human decency or morality.
