What does it take for one to be a stock broker?

Question

What does it take for one to be a stock broker?

Answer 1

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. So get out your resume and start walking the street

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 prepare 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

Good luck, go try it, you may like it

Answer 2

A degree in finance...or at least business. And a willingness to work for straight commissions. COLD CALLING. It is all sales and you will have to build your own book of business. As long as you don't mind dialing the phone book all day long it could be a great job.

Answer 3

An interest in finance, confidence, Series 7 & 65 licenses at minimum, plus other designations, depending if you want to kind of specialize.  

Usually, your brokerage house will send you to training, and you get to start out in the bull pen, making cold calls.  

=)

Answer 4

I wanted to be a stock broker too.  2 family members and a friend became stock brokers and they all say that being a broker is nothing more than a used car salesman with a college degree.

You can make money but for a long time it will be tough working for a commission and getting people to fork over their savings to you when you start.

Skip it.

Answer 5

watch and read the Pursuit of Happyness and it will become a little more clear

Answer 6

Well, you have to know a lot about stocks:

http://www.bofads.com/stories/stocks.htm