Stockbrokers can aspire to trade on the New York Stock Exchange, which is the largest stock exchange in the world, the American Stock Exchange, which specializes in exchange-traded funds, along with small and mid-sized stocks, or the NASDAQ, which is the “over the counter” stock market.
The average salary of a stockbroker can exceed $175,000 for retail stockbrokers and about twice that figure for institutional stockbrokers, while the average investment banker can take home around $850,000 in salary. and bonuses.
Characteristics of successful stockbrokers
To convince customers to trust you with their investment, you need self-confidence, sales skills, and the ability to accept repeated rejection. Stockbrokers must have integrity, along with competence and professionalism, to excel.
Employers prefer to hire mature people with good interpersonal skills, who have the ability to work independently. Successful people from other professions, who wish to make a career change, are also welcomed by employers. Employers may want to do a credit check to make sure applicants have a clean record and good credit history.
Essential qualifications and licenses
There is no stockbroker requirement for any specialized qualification, although many stockbrokers do have a college degree. A college degree in business, economics, or finance can be helpful, and one may be necessary, if you’re interested in joining one of the larger brokerage firms.
Typically, people do not become stockbrokers immediately after graduation. To become a stockbroker, you must undergo professional on-the-job training with a brokerage firm and obtain a license, after passing the General Securities Registered Representative Examination. Before you can sit for this exam, you must undergo on-the-job broker training with a brokerage firm for at least four months.
After completing the General Securities Registered Representative Exam, you may also be required to take the Uniform Securities Dealer State Law Examination in many states.
Unlike other careers, online professional training or free professional training for stock brokers cannot replace this mandatory period of work with a brokerage firm and career scholarships are not available for this practical training.
The Series 7 stockbroker exam, administered by the National Association of Securities Dealers (NASD), provides individuals with the qualifications necessary to trade in various types of corporate securities, with the exception of commodities and futures.
Posting your profile on a list of brokers on the Internet can help brokers gain visibility through search engines like Google and Yahoo and you will get more business. These listings can help clients compare brokers before they decide to relinquish their business to a particular broker.
Stock brokerage is an amazing profession and those who persist in their efforts to succeed can expect success beyond their wildest imagination.