Becoming a stock broker?

Question

Hi, Im a 15 year old and interested in becoming a stock broker in the Uk. I have heard that the average salary is around 70-80 thousand a year is that true !? plus I was wondering what subjects are relevent to become a stock broker and what will I have to do in college and university to fufill this ambition. Help much appreciated!

Answer 1

Most sales reps that work for Broker/dealers are not salaried, they are commission only.  And yes an average sales rep can easily maket 70-80 thousand a year

Those reps that are employed by bank brokerage outlets are salaried, they too should make 70 thousand a year.

In the US - You need to be an employee of a Broker/Dealer so they can sponsor you in order to become a licensed stock broker.  

Firms usually want college graduates, but it is not really necessary nor really a requirement but many firms like it and make it their requirement.

Bank broker/dealers usually want all the sales reps to be college graduates.

Your college major is not important, (No courses in the Academic world prepares you to be a broker).  But since your coming into the world of Finance, some of the more helpful majors would be Finance, Accounting, Economics or Statistics,

You should be good at math and have a decent idea about the stock market.

You should be good at selling, and it would help if you have an outgoing personality.

So if you‘re good at sales, or have a good sales background in place of a college degree, you’re part way there.

Try to get with any major brokerage firm they will put you through an in-house training program, which is primarily getting you ready to take the necessary test for licenses. You will need a Series 7 which is a General Securities Brokers test, and a Series 6 which is just for state approvals.

Most brokerage firms, except bank B/Ds, will put you on salary and once you have passed the test, they will slowly take you off salary and put you on commission basis pay out. Banks will usually keep you on salary.

If you have your choice, you’re always better going to work for a regular B/D rather than a bank - You will learn, faster, better and the proper way of how the industry works. As a broker for a B/D you can always find another B/D that will hire you or at the worse, you can always work for a bank.

But if you’re Bank B/D trained and licensed, it’s very difficult to go work for a regular B/D

RAYSOR has given you some bad information, stock brokers ARE NOT corporate entities they are individuals that work for a registered broker/dealer

Answer 2

You can't actually become a stockbroker. A stockbroker is a corporate body. You could be an authorised person associated/employed by a stockbroker. You need to pass the Registered Representative exams.

Contact the Securities Institute, I am sure they have some relevant information/advice for you.

Answer 3

Develop your people skills along side your studies. Traditionally stock brokering requires a lot of selling and friendliness. In college try to become a salesman of something.